Survey finds 25% of UK companies cuts budgets as business confidence falls to two-year low.

The Guardian reports:

Published on Monday, the quarterly Bellwether survey found that 25% of UK companies reported that they cut their budgets in the first three months of the year.

‘The latest report reflects the unsettled nature of the economy at present and hence the figures reveal a hesitancy that is not surprising,; said Nicola Mendelsohn, president of the IPA. ‘However we must remind ourselves that this downgrade is still markedly less severe than that seen throughout 2008 and 2009.’

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