The Institute of Directors' (IoD) quarterly Business Opinion Survey found just 4% were more confident about their firms' business prospects going forward, down from 24% in the last report at the start of August.

The global financial crisis was blamed for hitting sales by 15% of those quizzed, the BBC reported.

Meanwhile, a separate study by Lloyds TSB bank also found that business confidence is waning, especially in the industrial and service sectors.

The report blamed the strong pound, slower growth in the eurozone and higher energy costs for the plunge in confidence, Ananova reported.