The Institute of Directors has heaped further misery on George Osborne with a new survey of its members. The findings include:

65% of respondents see little prospect of the UK emerging from recession this year

44% have postponed investment decisions because of continuing business and economic uncertainty

69% said that government efforts to reduce tax complexity had been ineffective, and 54% that reforms geared toward reducing taxation had been ineffective.

Graeme Leach, chief I o D economist said: “Low confidence leads to delayed decisions, and delayed decisions further undermine economic confidence – it’s a vicious cycle,”

How to break out of that vicious cycle is the big question facing the Chancellor moving into the autumn.