Business confidence in Wales is at its lowest level than at any time in the last ten years, a new report published today by chartered accountancy body ICAEW has found.

And confidence among businesses in Wales is also lower than the UK as a whole, ICAEW’s Business Confidence Monitor™ report for Wales, published today (Thursday) shows.

Ongoing Brexit uncertainty is likely to be a key factor dampening business sentiment in Wales.

Other concerns for Welsh businesses include customer demand, which 41% of companies say is a growing issue. Businesses are also having problems with late payments, with 30% reporting them as an increasing source of difficulty.

Businesses in Wales have modest sales projections for the forthcoming year, with growth in exports and profits likely to be lower.

However, firms report that sales growth has been fairly stable and export growth is faster than a year ago, and in both cases these are outpacing the UK averages.

Martin Warren, ICAEW Regional Director for Wales, said:

“Business confidence in Wales has declined to a 10-year low, and is lower than in the UK as a whole.

“We hope that the new government will ease the strain on businesses and bring some much-needed stability to the economy.”