gHello. British bosses’ confidence in the economy “fell off a cliff” in September as concerns about the UK’s recovery from the pandemic mounted, according to the Institute of Directors (IoD).
The IoD Economic Confidence Index, which measures the net positive level of optimism in the UK economy among directors, posted a value just below zero (-1 pc) last month.
This is a drop from highs of +22 pc in July 2021 and marks the lowest level since early February, at the height of the third lockdown.
Three-quarters of IoD members expected their costs to be higher next year compared to the past 12 months.
Meanwhile, 57% expected their income to be higher.
5 things to start your day
1) The poorest should not bear the brunt of the costs of switching to green energy: Poorer households are most likely to suffer if Britain increases its gas bills to finance its switch to green electricity, a government infrastructure czar has warned, as energy prices soar records.
2) Soaring inflation is expected to trigger three rate hikes next year: Markets are bracing for up to three Bank of England interest rate hikes next year to keep inflation from spiraling out of control after the economy rebounded faster than expected in the second quarter.
3) Inside the Awakened Ozy Media Society: Hit by identity theft allegations and inflated audience figures, Ozy Media struggles to stay afloat
4) Jeff Bezos’ rocket company, Blue Origin, accused of “toxic” culture: Jeff Bezos’ rocket company Blue Origin has been accused of fostering a “toxic” culture in which senior executives sexually harassed staff and, in one case, “physically tampered with” an employee.
5) Oxford boss Nanopore is worth Â£ 60million as shares soar on his London debut: Managing Director Gordon Sanghera has retained his stake in the genetic sequencing specialist, which has raised Â£ 350million. The company’s shares have gone from their initial listing price of 425p to over 600p, valuing Oxford Nanopore at Â£ 4.6bn
What happened during the night
Asian markets fell on Friday after Wall Street’s worst monthly loss since the start of the pandemic.
Tokyo slipped 2% and the Australian benchmark sank 2.3%. The Shanghai and Hong Kong markets were closed for holidays.
The S&P 500 ended September down 4.8%, its first monthly decline since January and the largest since March 2020.
Tokyo’s Nikkei 225 lost 590.83 points to 28,861.83, while the S & P / ASX 200 lost 2.3% to 7,165.10. Kospi in Seoul lost 1.4 pc to 3,026.87. Shares also fell in Taiwan and Southeast Asia.
Business : JD Wetherspoon (Annual results)
Economy: Manufacturing PMI (UK, US, EU); personal consumption expenditure index (WE)