British businesses have slowed their investment plans as confidence in the UK economy slips.

Expectations among businesses for investment growth remain well below the rates of 2014 and 2015, according to the latest Institute of Chartered ­Accountants in England and Wales Business Confidence Monitor.

The membership body’s research found that current levels of investment showed no signs of picking up, along with staff development budgets, which were growing at a much slower pace than revenues.

The lack of investment was blamed on the fact that confidence among firms had fallen back into negative territory, reversing the gains made in the second quarter of the year. The index fell from 6.7 in the second quarter to -8 in the third quarter of the year, similar to levels at the beginning of 2017.