POLL: Business confidence bounced back from Brexit shock in August

Business confidence bounced back from a Brexit shock in August, according to figures from polling group YouGov.

Business confidence rose to 109.7, recovering from a reading of 105 in July, according to a report from YouGov and the Centre for Economics and Business Research.

Confidence in the future is still lower than before the vote to leave the European Union in June, when it was at 112.6.

The sterling's drop to 30-year lows against the dollar has boosted confidence in exports, according to YouGov.

The August data comes "from an improvement in business expectations for the next 12 months in terms of capital investment, revenue from domestic sales and revenue from exports," YouGov said. The data is drawn from a survey of over 500 business decision makers each month.

Here is the chart:

It is not the only set of figures to have surprised post-Brexit.

Sterling soared higher on Thursday after the latest PMI data from the British manufacturing sector surprised to the upside.

The data, the second set released since the Brexit vote, came in at a reading of 53.3, against an expectation of 49, and a previous reading of 48.3 in July.

But business confidence has not translated into economic optimism.

According to the YouGov figures, the proportion of businesses with a pessimistic view of the economy has almost doubled since Brexit.

In June, 25% said they were pessimistic about the coming 12 months, a figure that rose to 49% in July and only dipped to 45% in August.

Here is the chart: