Reeves returns from China to new crisis in top UK business confidence amid economic woes
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A survey by Deloitte of the chief finance officers of major companies has revealed that business confidence is at one of its lowest points since the Covid-19 pandemic. Rachel Reeves is flying back from China to London facing a new serious warning as Deloitte reported that business bosses’ confidence is at one of its lowest points since the Covid-19 pandemic in 2020.
![[Peter Kyle, secretary of state for science, innovation and technology, appearing on BBC1’s ‘Sunday with Laura Kuenssberg’ (Jeff Overs/BBC/PA)]](https://static.independent.co.uk/2025/01/12/12/cee66c2a9cab263e1e77182aa9a6aa17Y29udGVudHNlYXJjaGFwaSwxNzM2NzY5MTM2-2.78668128.jpg)
After suffering a barrage of criticism for going ahead with her controversial trip to China, the chancellor is being told that her management of the economy is under question from some of the country’s biggest companies. To make matters worse she may be forced to fire her City minister Tulip Siddiq over allegations of taking gifts from her aunt and deposed Bangladesh leader Sheikh Hasina when she was in power.
![[Tory shadow chancellor Mel Stride said that the chancellor’s visit to China is ‘tone deaf’]](https://static.independent.co.uk/2025/01/12/12/cdf844acc41c767c9b6a62ebb39d7f0cY29udGVudHNlYXJjaGFwaSwxNzM2NzcxMzE4-2.76461012.jpg)
According to the survey of 63 chief finance officers (CFOs) at major companies a net 26 per cent reported feeling more pessimistic about the prospects of their business than three months ago, marking the first time sentiment has tipped into negative territory since the second quarter of 2023.
The survey is the 70th quarterly survey of Chief Financial Officers and Group Finance Directors of major companies in the UK. Those surveyed include the CFOs of 29 FTSE 350 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas.
