Business confidence dropped to 0.2 on the index in Q4 2024, marking its lowest point since Q4 2022, as reported by the ICAEW's Business Confidence Monitor. This decline impacted all sectors, notably retail and wholesale, which experienced the most significant drop at -6.2 on the index. The survey revealed that 41% of businesses identified the increasing tax burden as a prominent challenge, the highest in the 20-year history of the BCM, rising from 29% in Q3. The ICAEW emphasized the importance of the government prioritizing actions to enhance business conditions and boost investment in the UK.