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British Biz Confidence at Five-Year Low

The third straight quarterly decline indicates 2008 will be a tough year. Larger companies are more pessimistic than smaller ones

Business confidence in Britain has fallen to its lowest level since 2003, a new study from the Institute of Chartered Accountants in England and Wales (ICAEW) will reveal today.

The ICAEW said its index of business confidence had fallen for the third quarter running, but warned the rate of decline had quickened appreciably since the beginning of the year, amid growing concerns that a recession in the US could tip the world into an economic slowdown.