According to the Institute of Directors (IoD), business leaders are eager for information on how and when the coronavirus (COVID-19) lockdown will ease as fears grow over the long-term outlook for the UK economy.
A survey of 1,000 directors carried out by the IoD showed that confidence is at a record low. The survey asked directors about their organisation’s prospects over the coming 12 months and revealed a net balance of -22%.
Meanwhile, business leaders’ net confidence in the economy overall decreased to -69%, the lowest level yet recorded by the survey, with investment intentions for the year ahead also hitting the lowest figure ever collected by the IoD.
Commenting on the survey, Jon Geldart, Director General of the IoD, said: ‘Over the last few days the clamour from our members for information on how, and when, coronavirus-related restrictions will begin to lift has increased substantially.
‘Directors from all parts of the UK need to make plans for riding out this tempest, but they can’t get very far if they have no idea what will be happening in a few weeks’ time.
‘It’s in everyone’s interests to get the economy off life support when it’s safe to do so. Business leaders know this will not happen all in one go, but that’s why it’s even more important to tell them what they need to prepare for.’