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News Article - 12 December 2006
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Accountancy professionals believe that the UK's economy may have reached its peak, a new study has shown.

Research conducted for the Institute of Chartered Accountants in England and Wales (ICAEW)/Orange Business Confidence Monitor highlights that recent rises in interest rates are impacting upon business sectors which depend on consumer spending.

The overall confidence index fell from +6.2 to +5.2, marking the second consecutive decrease, while optimism in the wholesale, retail, manufacturing and engineering sectors were the hardest hit.

ICAEW's chief executive Michael Izza said: "Our members have stated that confidence is falling in crucial sectors of the economy. We're seeing that consumer sectors have become more pessimistic."

He added that the effect of the interest rate increases upon the economy and government finances was of particular concern to the institute's members.

However, earlier research for Lloyds TSB Corporate Markets Business Barometer suggested that business' confidence in the country's economy surged in January.

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