Lloyds Bank barometer shows rise in London business confidence
Research from Lloyds Bank Commercial Banking has shown that business confidence in London increased in July, rising by 7 points to 47% after dipping in June.
The bank’s latest Business Barometer, which surveys 1,300 businesses each month and explores economic trends regionally and nationwide, found that businesses were feeling confident about their prospects and the wider economy.
Confidence among London firms about their business prospects increased by 5 points to 54%, while optimism over the wider economy reached 39%, up by 8 points from June. This was higher than the UK’s overall confidence over business prospects and the economy, which stood at 34% and 25% respectively.
The boost in confidence is set to lead to an increase in hiring activity, with 59% of London businesses planning to recruit more staff over the next 12 months, up by 11 points from the previous month. Business confidence across the UK as a whole reached 30%, up by 1 point from June.
London businesses were also found to still be feeling positive about Brexit, with 21% saying that they feel that it will have a positive impact on their expectations for business activity, the same percentage as in last month’s Business Barometer.
Commenting on the report, Lloyds Bank Commercial Banking’s Regional Director for London and the South Mark Burton said: “This month’s uplift in business confidence marks a return to the consistently high level of optimism we’ve seen in the capital since the start of the year, despite a short dip in June.”
He added: “More importantly, we’re seeing this confidence reflected in hiring intentions as firms look to bolster their workforce in readiness for the growth in business activity they anticipate for the year ahead.”