The story the media isn’t telling: falling business confidence in the budget


1:12 pm - July 19th 2010

by Sunny Hundal    


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Last week a major survey showed that confidence in the economy is falling sharply.

What was extraordinary about the latest Markit/ CIPS UK (PMI) survey was that the fall in confidence related to the upcoming Conservative budget.

And so while the national media is breathlessly repeating the Tory line that our deficit is unmanageable, what they’re paying little attention to is how Tory cuts are weakening our recovery.

The survey also showed that business confidence for future activity suffered its greatest monthly drop in its 14-year history.

CIPS CEO David Noble said:

June’s data painted a worrying picture for the UK services sector as confidence suffered a serious blow following the government’s emergency spending cuts. Purchasing managers voiced grave concerns that budget cuts and VAT rises will tip the scales and amplify the likelihood of the UK slipping back into recession.

And here’s Paul Smith, senior economist at Markit,

While we continue to look for a 0.4 to 0.5 per cent rise in GDP for Q2, this may well already represent a peaking in the recovery cycle. Confidence declined to the greatest extent in 14 years of data collection in reaction to the government’s austere emergency Budget, with concern expressed that the fiscal tightening could push the country back into recession.

Indeed, the less positive outlook appears to be already affecting decision-making, with some clients reportedly reluctant to commit to new business at the present time.

In fact, the Financial Times reported that the fall in business confidence was bigger than either after 9/11 or the Lehman brothers bank crash.

It also reported that the balance of those reporting rising optimism among services firms fell to 29%.

And yet you’ll see none of this reported in the mainstream media.

Today – Ireland had its ratings downgraded by Moody’s rating agency. Ireland was the one country that followed the “austerity drive” plan to the letter, with severe cuts made across the board to apparently save the economy.

“Today’s downgrade is primarily driven by the Irish government’s gradual but significant loss of financial strength, as reflected by its deteriorating debt affordability,” Dietmar Hornung, Moody’s senior credit officer and lead analyst for Ireland, said in a statement.

This is what Conservatives here are leading us into. And then, they’ll try and blame that on Labour too.

Update: I’ve also been pointed to this press release headlined: Talk of cuts provokes record fall in optimism.

Any further evidence needed?

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About the author
Sunny Hundal is editor of LC. Also: on Twitter, at Pickled Politics and Guardian CIF.
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Reader comments


I think that the economy going south again was inevitable, and in itself won’t actually harm the Tories too much. If anything it may be a boost – remember Nelsons article about how ‘depressingly well’ the economy was doing? The Tories were probably hoping for more economic problems they can use as an excuse to hammer home the budget, and leave the blame on Labour.

What the Left needs to be doing is demonstrating how this is directly the fault of the Tory budget, and nothing to do with ‘Labour profiligacy’, and also fighting the battle of what should be done. Obviously the Tories, backed up by the press, will argue this is further evidence of the need to cut, tighten belts and so on. We need to win the battle that this is caused by the cuts, and that further cuts will be no solution.

I thought you lefties thought Corporations were evil anyway?

The Irish downgrade is not BECUASE of austerity, but delayed and mitigated by the austerity program. Post hoc ergo propter hoc…

The downgrade reflects the facts on the ground, not vice versa: I doubt if the spreads moved much.

This is just seeking evidence to fit your priors, and as such represents a catastrophic failure of understanding of international bond markets.

As for a PMI survey: The businesses selling to government (the ones we’re talking about here) are obviously going to be unhappy. To pretend this means BUSINESS in general hates the budget is ridiculous. Another epic Fail.

Well of course. The media is nothing more than the propaganda arm of the rich elites and the far Right. There is no reason why the budget has to be paid down in 4-5 years. It is being done for purely ideological reasons. They, like the tories see this global crises as an opportunity to slash social welfare budgets across the world, and redistribute the savings upwards towards the richest 20% in tax cuts that they hope will follow. This is something they have wanted to do for the last 50 years, it is just that the recession has given them the opportunity. In America the so called deficit hawks are saying that cuts in social welfare must be made. But funnily enough the Bush oil wars, and the Bush tax cuts are things they have no problem with. Take those out of the budget, and you would hardly have a problem. The rich elite see govt as fine as long as it is funding the corporate military complex and that the poor and middle class are the ones paying the taxes.

In a corporate state, the state media is the corporate media.

What’s new? The chickens are starting to come home.

I’ve previously posted links here to earlier warning commentary in the business and financial press about Osborne’s emergency budget:

Martin Wolf: Two brave gambles in a huge fiscal tightening:
http://www.ft.com/cms/s/0/c4c18be4-7e5e-11df-94a8-00144feabdc0.html

Chris Giles: Osborne delivers kill or cure Budget
http://www.ft.com/cms/s/0/de6ba960-7dde-11df-b357-00144feabdc0,dwp_uuid=ec12e25a-624a-11de-b1c9-00144feabdc0.html

And The Economist also warned of the downside risks as well as providing an illuminating comparison between the Darling and Osborne prescriptions for paying down the deficit:

The meaning of austerity
http://www.economist.com/node/16439052

Uh huh. This has already been linked by a couple of widely-read blogs but just in case anyone missed it…

[moderated out]

Well we’re seeing fiscal tighening without any promise of monetary expansion from the BoE. If Cameron had been savvy enough to strike a deal with Mervyn King we might not see such dreadful figures, but no, he’s going to tank the economy becuase he’s a lightwieght.

What the Left needs to be doing is demonstrating how this is directly the fault of the Tory budget, and nothing to do with ‘Labour profiligacy’, and also fighting the battle of what should be done.

agreed!

[moderated out]

10. Flowerpower

One bit you left out of the CIPS statement that might usefully be included in this discussion, particularly as it pertains to CIPS’ explanation for the figures:

Due to a sharp slowing down of new export orders, the PMI dipped to 57.5 from last month’s 58, but employment grew at its fastest pace since February 1995 and domestic markets remained steady.

In other words, the dip was caused by the troubles in the Eurozone, not by Osborne’s budget.

Nice try at diversion flowerpower – which isn’t to be expected – but you purposefully ignore this:

“Purchasing managers voiced grave concerns that budget cuts and VAT rises will tip the scales and amplify the likelihood of the UK slipping back into recession.”

“Well we’re seeing fiscal tighening without any promise of monetary expansion from the BoE.”

With interest rates set by the BoE at 0.5% the scope for more monetary expansion is limited to quantitative easing – what Daily Mail readers before the election were apt to refer to as the Zimbabwe solution.

Some economists – such as Roger Farmer – have already suggested that we are heading towards stagflation. With so much prevailing uncertainty about where the demand is coming from to replace the public spending cuts, businesses are reluctant to expand output. If so, the consequences of additional demand from whatever sources are more likely to be price rises than more output and jobs.

Bob B.

There’s lots of room for monetary stimulus left. http://www.themoneyillusion.com central banks are just being too conservative.

They’ve built up a lot of credibility central banks, so if they say “we are going to reinflate the economy to catch up with trend growth” people wil believe them. If we want inflation (and we do) then we can have it.

14. Luis Enrique

If the “economy was always going to head south … “, or some such argument, why the sudden deterioration in business confidence now? Bob asks what’s new? Well, this big dip in confidence is new. You may explain it by business people not paying attention, and only recently reading writing that has long been on the wall, or you can interpret it (I think, more realistically) as a pretty rapid reaction to new information, being just how aggressive the Con Dem cuts are. We knew some time ago that we would see cuts, we knew they planned an Emergency Budget etc. We did not know they were going to go quite as crazy as they have (talk of 40% cuts in some departments) . I don’t see that there is any recent deterioration of the global economic outlook that is sharp enough to explain this confidence drop, I think it has to be down to domestic news, and I think it tells us the businesses think the Tory budget is going to hurt the economy.

I wonder if these guys are having second thoughts: http://news.bbc.co.uk/1/hi/uk_politics/8436965.stm

If they are not, one has to ask just whose interests they represent.

No great surprise here.

The only reason that the corporate sector is presently able to post such a large net saving is because of the government’s deficit. Take that away and the consequences for business in the UK are obvious.

Presumably Osborne expects us to believe that massively cutting spending and so squeezing business profits is going to lead to a surge in fixed capital formation. Laugh or cry–who can say?

Luis–surely that’s the only plausible explanation?

Left Outside:

Unfortunately, Scott Sumner is a (conservative) lunatic. Central banks cannot simply inflate because the supply of money is demand determined. I.e. no demand for credit = no monetary easing. Wanting is not enough.

18. Luis Enrique

oh, neatly contradicting my last comment, I learn this is not a UK-specific thing.

Confidence has just fallen off a cliff in the US too.
http://www.ritholtz.com/blog/2010/07/a-quick-observation-on-u-of-m-sentiment/

19. Flowerpower

Sunny @ 11

But even after the cuts, real terms public spending is still going to be higher in 2011-1012 than in any year under Labour from 1997 to 2008/2009. So your purchasing manager friends really shouldn’t be so worried.

Scott Sumner is a conservative lunatic, but when him Krugman and (2002) Bernanke are all saying “Central Banks can do more” I think its reasonable to think that central banks can do more.

I’d be interested in a slightly more wordy explanation from you as to why I’m wrong.

“But even after the cuts, real terms public spending is still going to be higher in 2011-1012 than in any year under Labour from 1997 to 2008/2009”

“Even after the cuts”? I don’t think this makes sense. Can you expand?

22. Luis Enrique

LO

I think vimothy is wrong. Central Banks can inflate by 1. announcing they are increasing the inflation target and 2. printing lots of money and giving it to central and local government to spend like crazy, buying up all outstanding government debt with printed money and then tearing up the bonds. I don’t think that would fail to inflate the economy, just because demand for credit is low. Summer might be nuts to think that’d be a good move, but he’s not nuts to say it can be done. Imho.

19, I’ve not seen the stats for that, got a source?

Are you refereing to nominal spend (i.e. cash) or real spend (i.e. inflation adjusted)?

It is also going to be way off trend as although Govt is still going to be a large percentage of our economy (relative to say Hong Kong or the US) it will still be way below trend.

Left Outside:

The Central Bank determines the price of overnight funding. In normal times, that’s basically its single solitary policy instrument. Scott Sumner says that if the CB so desired it, it could have any rate of inflation. But how? Something about NGDP futures? I asked Scott exactly this question; his response was basically nothing more than asserting its feasability.

All the CB can do is set a price for funds, adding or subtracting liquidity in support of its target (i.e. changing the composition of the private sector’s risk free portfolio–more non-interest bearing debt relative to interest bearing debt or vice versa). If this then leads to an “expansion of the money supply” (i.e. if this causes the private sector to increase its demand for credit at that price), we will see a recovery in nominal income and some inflationary pressure.

There are some obvious flaws, then: we’re already near the zero lower bound (0.5%); demand for credit is not supply.

Luis:

The CB does not give money to anyone. It determines the ratio of very liquid to less liquid assets in the private sector’s risk free portfolio. Sumner doesn’t get it, but smart monetarists like Stephen Williamson do.

26. Luis Enrique

vimothy

OK, I’ll try again. Coordinated action by a collection of institutions, including but not limited to the central bank and central government, can raise the inflation target, print money, buy government debt, direct government spending etc. This, I think, is what people refer to when they say “the central bank could inflate the economy”. See: quantitative easing.

I’m not sure which bit of this story you are claiming cannot happen.

I agree that if the government printed up, I dunno, £0.5tn and handed it directly to the population, then we could build up a recovery in nominal income and net worth.

We could even do this a la MMT without offsetting bond issuance.

However, central banks do not do this–central banks conduct OMOs–this is fiscal policy.

Dunno what QE is supposed to be a good example of–some asset price inflation in the UK? It failed pretty miserably in Japan. Banks can always get the reserves they need from the CB, so adding to excess reserves doesn’t remove a constraint on lending.

28. Luis Enrique

vimothy

I can’t work out whether you are just being pedantic about what the central bank technically does, or actually denying that the basic possibility of the govt paying its way by printing money, thereby inflating the economy, which is colloquially referred to as “the central bank inflating the economy”

29. Flowerpower

@ 21 vimothy

“Even after the cuts”? I don’t think this makes sense. Can you expand?

Yes. Follow the link below and look at the first graph (Total Managed Expenditure £bn, real terms, 2008-9 prices) and you will see that spending only breached the 600 bn line in 2008/9 and that for the rest of the period from now until 2013-14 spending is ABOVE that line.

That means that these supposedly callous Tories – even after three years of cutting – will still be spending more in real terms than Labour did in 2007/8.

This – as various commenters have been saying on this blog for some time – is the great weakness in Sunny’s “cuts narrative”,
because the cuts aren’t taking us back to the stone age, they’re (slowly, in increments) taking us back to 2007 levels of public spending, which was itself higher than any previous year of Labour spending.

http://tiny.cc/iops6

@2. Jackart

This is just seeking evidence to fit your priors,

Which is exactly what you are also doing from your end of the political spectrum.

So why should we listen to you?

31. DisgustedOfTunbridgeWells

Oh Sunny you daft bastard, you’ve obviously been foiled by an elaborate hoax.

Businesses LOVE tory governments, look it up.

The survey is obviously a joke, or was done by policy exchange.

Today – Ireland had its ratings downgraded by Moody’s rating agency. Ireland was the one country that followed the “austerity drive” plan to the letter, with severe cuts made across the board to apparently save the economy.

Didn’t happen, bond markets love austerity, you’re obviously mistaken, again.

‘I can’t work out whether you are just being pedantic about what the central bank technically does, or actually denying that the basic possibility of the govt paying its way by printing money, thereby inflating the economy’

Are those really my only two choices?

If so, I guess it has to be the former.

‘which is colloquially referred to as “the central bank inflating the economy”’

But this is certainly not what I call “monetary stimulus”–which was the basis of my response to Left Outside, and indirectly to Scott Sumner. Monetary stimulus is ultimately about encouraging private credit growth by bringing down interest rates. I call the government spending money, whether funded by bond sales or seigniorage, fiscal policy.

If we can compress LT rates further, monetary stimulus will be helpful if there is demand for that credit at those rates, but I do not think that this demand is a given.

I look at the corporate sector’s massive net saving position and I think that it is not the fact that rates are too high that has caused the massive collapse in fixed investment: rates are not high, and in any case, the funds for investment are already there.

Anyway, it was not my intention to be pedantic–or to annoy

All due respect,

v

33. Luis Enrique

ah OK, I’m with you. Sorry, was talking cross purposes. Yes, I agree the distinction between fiscal and monetary policy is ambiguous when you’re talking about “unconventional” MP, like a helicopter drop, or seignorage funded govt spending, which is a bit more like fiscal policy than monetary. I agree the scope of conventional (lowering rates) MP has gone, is that what Sumner was advocating? I thought it was more the unconventional-more-like-fiscal policy, but I confess I’ve never really taken the time to follow his stuff.

No one can justifiably accuse the FT of keeping quiet about fragility of the recovery or the potential risk downstream of a stagnant economy or another recession. Monday’s edition carries two heavyweight pieces:

Martin Wolf on: Why the battle is joined over tightening
http://www.ft.com/cms/s/0/f3eb2596-9296-11df-9142-00144feab49a.html

Lawrence Summers on: America’s sensible stance on recovery
http://www.ft.com/cms/s/0/966e25b8-9295-11df-9142-00144feab49a.html

Summers, previously the Treasury Secretary in the Clinton administration and then an economics prof at Harvard, is billed as: President Barack Obama’s chief economic adviser and director of the White House National Economic Council.

35. Flowerpower

5 minutes on Google tell me Sunny’s been cherrypicking again:

BUSINESS confidence is starting to return to Yorkshire, as more enterprises expect to grow in the next 12 months, according to new research issued by Yorkshire Bank.
More than a third of businesses (36.6 per cent) questioned in the bank’s latest business confidence survey say that they are either confident or very confident of growing by summer 2011.
http://www.yorkpress.co.uk/news/business/news/8267241.Business_confidence_on_the_up_in_Yorkshire/

Most medium-sized businesses in Bristol and across the South West are upbeat about their prospects over the next 18 months, despite their fears that a full recovery in the region’s economy remains at least a year away. Two-thirds of these firms, in the £5million-£100 million turnover bracket, expect to grow between now and the end of 2011.
http://www.bristol247.com/2010/07/16/bristol-business-confidence-up-despite-recovery-fears/

There are growing signs that business confidence is returning to Scotland. A survey from the Clydesdale Bank suggests that it’s currently the highest in the UK. It comes the day after the Scottish Government released figures show the third successive quarter of growth for exports.
The bank’s business confidence survey found that more than half (56 per cent) of Scottish companies believe their business will grow in the next 12 months
http://biztech.caledonianmercury.com/2010/07/02/scottish-business-confidence-highest-in-uk/

BUSINESS confidence is returning to the North West, with a growing number of companies looking for growth opportunities in the next 12 months, according to new research.More than half (51%) of the North West companies surveyed in Yorkshire Bank’s latest business confidence survey are either “confident” or “very confident”
http://www.thebusinessdesk.com/northwest/news/27166-business-confidence-returning-says-survey.html?news_section=4170

Um Flowerpower,

I’ve not had time to check your links, but I’ll take it at face value that some regions are seeing improving business confidence.

But what you have presented is not a rebuttal.

The information you provide is folded into the national survey results presented by Sunny. For all your good news, there is bad news of a greater magnitude to offset it.

Sorry, but parts are not separate from the whole they are part of it.

@35

Thanks for those quotes from the press.

The nagging problem about the optimistic gloss is that those reports might well reflect the effects of the fiscal boost to the economy administered by Darling’s budget of 2009. After all, the public spending cuts prescribed in Osborne’s budget of 22 June don’t start to bite until spring next year onwards. Pre-crisis, the conventional wisdom was that interest rate decisions by the Monetary Policy Committee of the BoE take two years to work through so it wouldn’t be surprising if there were similar lags in the effects of fiscal policy decisions.

Several recent economic entrails are not encouraging:

Business investment in the first quarter of this year was 7.7% down on the same period last year:
http://www.statistics.gov.uk/cci/nugget.asp?id=258

“Britain’s trade deficit in May reached its widest level since before the collapse of Lehman Brothers in September 2008, underlining fears that the UK will not be able to export its way back to economic health.”
http://www.ft.com/cms/s/0/9c096f3e-8b36-11df-a4b4-00144feab49a.html?ftcamp=rss

Both those series need monitoring because the hope and expectation is that rising private sector spending and net exports will make up for the cuts in public spending. The question is what will happen if they don’t?

Boy these Tories are living in fantasyland…

39. Flowerpower

@ 36 Left Outside

what you have presented is not a rebuttal.

The information you provide is folded into the national survey results presented by Sunny.

Nice try, but NOT.

My surveys spoke to real entrepreneurs, chief execs and business principals.

Sunny’s survey canvassed the views of the third erk in each purchasing department.

Pays to speak to the organ grinder, not the monkey.

40. Richard W

39. Flowerpower

@ 36 Left Outside

‘ what you have presented is not a rebuttal.

The information you provide is folded into the national survey results presented by Sunny.

Nice try, but NOT.

My surveys spoke to real entrepreneurs, chief execs and business principals.

Sunny’s survey canvassed the views of the third erk in each purchasing department.

Pays to speak to the organ grinder, not the monkey. ‘

Lol, the The Markit/CIPS Purchasing Managers’ Index (PMI) is the gold standard for measuring business confidence. It is what the BoE and all the top financial institutions use. They have panels of executives reporting to Markit what is happening in their sector of the economy. There are reasons why the indices might be adjusting that does not signal doom. However, rubbishing a respected financial information organisation like Markit is silly.

The latest forward view on house prices is hardly optimistic:

“Property prices will not recover for another decade and should be viewed as ‘risky assets’, according to PricewaterhouseCooper’s Economic Outlook report.”
http://www.telegraph.co.uk/finance/economics/houseprices/7886145/UK-house-prices-not-set-to-recover-for-another-ten-years-says-PWC.html

“Leading accountant Deloitte has warned that UK house prices will fall by a third by the end of 2010. In a report released today it says: ‘We now expect UK house prices to fall by about a third by the end of 2010 with severe adverse effects on household spending and investment.’”
http://www.thisismoney.co.uk/mortgages-and-homes/house-prices/article.html?in_article_id=448236&in_page_id=57#ixzz0tYly30BP

Thanks Richard W!

My point still stands. Sunny offered a comprehensive national survey you offered parts of that survey, there are a number of ways you can be right, but there isn’t a way you can be correct using only the information which you have provided.

To several above, including Sunny:

What the Left needs to be doing is demonstrating how this is directly the fault of the Tory budget,

The problem with demonstrating that proposition is that it isn’t true. It can certainly be spun to look true, but it still won’t be.

What happens next will be in part caused by slightly hysterical Cameroon economic policies. But it will equally be in part caused by 13 years of Labour spending money on the wrong things, and 20+ years before that of Tories giving money to their mates effectively for free. [1]

We’ve had two booms in the last 40 years and neither was created, nor even well managed, by the incumbent government. [2] In fact, both the Tories and Labour took the money from their boom and used it for short-term partisan re-engineering of the country. And in both cases, that left the commons fucked by circumstance.

I’m hoping that a coalition will not repeat the mistakes of majority government.

I’m remain to be convinced that this coalition will be the one that gets it right, because of the LDs serious votes/seats deficit and how weak that makes them in the internal fight. Cameron just wants to keep control away from the back-bench Slavering Tendency and is happy using LD votes to do it. The Liberal Democrats want to see a more healthy country. These two are not the same and Cameron has almost no reason to give them anything real; if they split the coalition, he wins the next election. Right now, the one big gun junior partners have is in the hands of their seniors.

I’ll be interested to see if they try and get it back again.

[1] Use of North Sea oil and gas revenues which had been earned by Labour’s investments in the 60s and 70s to allow the vast scale privatisations of the 80s. No-one can realistically argue that the net result of that was to make a number of private citizens who just by chance happened to vote Tory staggeringly wealthy.

Also, I should note that Labour did quite a lot of this as well, under the title ‘Public Private Partnership’, then rebranded to ‘PFI’. Between PFI and bloody stupid regulatory law with all its expensive trappings one sees the NuLabour translation of Thatcherite quangos.

[2] Or even by government at all. In fact, governments on both sides of the Atlantic tried their level best to kill both booms in infancy, for purely political reasons; the people making money were not the people paying the politicians.

I am, I know, simplifying, but the fuel behind global [3] boom A was the generic PC hardware revolution and everything that it did to create the global micro-electronics industry as we know it today. Boom B was the Internet/mobile phone boom. In each case a massive property value escalation followed in step a few years behind. In both cases, the government tried to crush the people creating the money; one lot were south Asian hardware pirates and the other lot were spotty middle-class software pirates, not an $800 suit among them.

[3] The British boom A also represented the arrival of profit from 20 years of draining investment in the North Sea. [1]

Richard W @40:

They have panels of executives reporting to Markit what is happening in their sector of the economy

This the key to your disagreement with LO.

What he’s saying is that people who make things, small to medium enterprises which actually achieve something day by day, through working their asses off, are starting to see improvements. Speaking as a small-business owner that is certainly true of my experience. My company has just created 7 jobs in a town of 2.5k people, since May (for example).

If you ask people in my position, you will get at minimum three more answers than people you asked. It’s how small businessmen are; unique, and opinionated.

What Sunny’s saying is that executives, members of the class of people who do not make anything except money, are saying that confidence is way down. And the view they’re expressing is almost as coherent as, say, the view expressed by the Tax Payers Alliance on tax policy.

The difference is that there are a bunch of reasons for top level executives to say confidence is down when it isn’t; yet! Highest of which being that if the right people say it’s down, then after two news cycles it is, and then the ‘right people’ stand to make money. Ooh, I wonder if that’s what a vested interest means?

No-one at my level in the economy makes money if confidence actually does fall. Some people at their level will. Go figure.


Reactions: Twitter, blogs
  1. Liberal Conspiracy

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  2. Derek Bryant

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  3. Simon Davies

    Business confidence fell more after ConDem budget than after 9/11 and Lehmans Brothers crash – http://bit.ly/brzZO7

  4. Stuart Vallantine

    RT @DerekJohnBryant: RT @libcon The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  5. Phil BC

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  6. Andrew Holland

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  9. Oxford Kevin

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  10. Chris Stagg

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  11. Altany

    RT @Averyps: RT @libcon The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  12. Ashley Bullard

    As UK consumer confidence in #budget waivers so too does business confidence – LIbCon post: http://bit.ly/aCKGnL #ukpolitics #ConDemNation

  13. Jonathan Davies

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  14. Adam Shulman

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  15. The Green Party

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  17. John West

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  19. ADinfinitum

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  21. Sam Maher

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  22. Justin McKeating

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    RT @TheGreenParty: RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  25. sunny hundal

    What's extraordinary is that business confidence fallen MORE than after 9/11 or Lehman bros crash http://bit.ly/aCKGnL

  26. Sean Kippin

    RT @sunny_hundal: What's extraordinary is that business confidence fallen MORE than after 9/11 or Lehman bros crash http://bit.ly/aCKGnL

  27. George Allwell

    RT @chickyog: Looks like business isn't that impressed with the Tory Government… http://bit.ly/9aoy0d

  28. Adam Shulman

    RT @sunny_hundal: What's extraordinary is that business confidence fallen MORE than after 9/11 or Lehman bros crash http://bit.ly/aCKGnL

  29. Nadia

    RT @sunny_hundal: The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  30. Matt Leys

    This is a must-read RT @chickyog: Looks like business isn't that impressed with the Tory Government… http://bit.ly/9aoy0d

  31. Douglas Boyd

    RT @sunny_hundal: The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  32. Kevin McNamara

    what is this? #condemnation fucking over the economy? RT @libcon http://bit.ly/9z7J28

  33. George Allwell

    RT @libcon The story the media isn’t telling: falling business confidence in the budget http://bit.ly/9z7J28

  34. Laura

    RT @sunny_hundal: The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  35. Matt Bolton

    RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL < this is scary

  36. Mehdi Hasan

    RT @sunny_hundal: What's extraordinary is that business confidence fallen MORE than after 9/11 or Lehman bros crash http://bit.ly/aCKGnL

  37. Divyesh Ruparelia

    RT @sunny_hundal: What's extraordinary is that business confidence fallen MORE than after 9/11 or Lehman bros crash http://bit.ly/aCKGnL

  38. Vegan Panda

    RT @libcon The story the media isn’t telling: falling business confidence in the budget http://bit.ly/9z7J28

  39. Divyesh Ruparelia

    RT @sunny_hundal: The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  40. David Christie

    RT @sunny_hundal: What's extraordinary is that business confidence fallen MORE than after 9/11 or Lehman bros crash http://bit.ly/aCKGnL

  41. Liverpool Green Pty

    RT @TheGreenParty: RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  42. Clint Pearson

    RT @mattleys: This is a must-read RT @chickyog: Looks like business isn't that impressed with the Tory Government… http://bit.ly/9aoy0d

  43. linda nicklin

    RT @sunny_hundal: The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  44. Martin Shovel

    RT @libcon: The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  45. Colette Harris

    RT @TheGreenParty: RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  46. Martha Mackenzie

    RT @sunny_hundal: What's extraordinary is that business confidence fallen MORE than after 9/11 or Lehman bros crash http://bit.ly/aCKGnL

  47. Adam Fish

    Tory economics do not work, say businesses & credit rating agencies: http://bit.ly/aCKGnL (via @sunny_hundal)

  48. Lewis

    Interesting > RT @chickyog: Looks like business isn't that impressed with the Tory Government… http://bit.ly/9aoy0d (via @mattleys)

  49. puerhan ???

    RT @TheGreenParty: RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  50. Hal Berstram

    RT @TheGreenParty: RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  51. Donna Pret

    The story the media isn't telling: falling business confidence in …: And so while the national media is breathle… http://bit.ly/cyikKs

  52. Little Metamorphic O

    RT @libcon: The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  53. Peter Kenyon

    Has the Labour front bench seen this? Falling business confidence in the budget | Liberal Conspiracy http://goo.gl/hcDC

  54. House Of Twits

    RT @PeterKenyon Has the Labour front bench seen this? Falling business confidence in the budget | Liberal Conspiracy http://goo.gl/hcDC

  55. Just_Clive

    RT @PeterKenyon: Has the Labour front bench seen this? Falling business confidence in the budget | Liberal Conspiracy http://goo.gl/hcDC

  56. Chris Paul

    RT @houseoftwits: RT @PeterKenyon Has the Labour front bench seen this? Falling business confidence in the budget | Liberal Conspiracy http://goo.gl/hcDC

  57. jimthehedgehog

    RT @libcon: The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  58. Roger Batsford

    RT @TheGreenParty: RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  59. Andy Sutherland

    RT @sunny_hundal: What's extraordinary is that business confidence fallen MORE than after 9/11 or Lehman bros crash http://bit.ly/aCKGnL

  60. John Wadsworth

    RT @TheGreenParty: RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  61. NewLeftProject

    RT @libcon: The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  62. Soho Politico

    RT @libcon: The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  63. Alun Davies

    RT @libcon: The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  64. Lee

    RT @libcon: The story the media isn't telling: falling business confidence in the budget http://bit.ly/aCKGnL

  65. King-ed Politics

    RT @houseoftwits: RT @PeterKenyon Has the Labour front bench seen this? Falling business confidence in the budget | Liberal Conspiracy http://goo.gl/hcDC

  66. Steve Trow

    RT @TheGreenParty: RT @sunny_hundal The story the media isn’t telling: falling business confidence in the budget http://bit.ly/aCKGnL

  67. Speech! Speech! « Though Cowards Flinch

    […] the Tory media is breathlessly repeating the Tory line that our deficit is unmanageable, we get this extraordinary stuff from the latest Markit/ CIPS UK (PMI) survey about the fall in confidence related to the […]

  68. The Bickerstaffe Record » Blog Archive » VAT speech

    […] the Tory media is breathlessly repeating the Tory line that our deficit is unmanageable, we get this extraordinary stuff from the latest Markit/ CIPS UK (PMI) survey about the fall in confidence related to the […]





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