London business confidence higher than rest of UK, research shows
The latest Business Barometer from Lloyds Bank Commercial Banking has shown that businesses in London are the most confident in the UK, despite concerns over the economy.
The research, which surveys 1,200 businesses every month, also showed that London businesses are resilient despite uncertainties and are set to go ahead with their hiring plans, with 48% expecting to recruit more workers over the next 12 months. This is up by four points from last month.
Overall confidence among businesses in London stood at 40%, the highest of all other UK regions featured in the research.
The barometer also showed that businesses across London are optimistic about the effects of Brexit, with more than 20% believing that it will have a positive impact on their expectations for business activity.
Outside of London, business confidence was found to be the highest in the North of England, with overall confidence reaching 35% in the North East, North West and Yorkshire.
Commenting on the results of the barometer, Lloyds Bank Commercial Banking’s Regional Director for London Paul Evans said: “Despite having concerns about the economy, confidence among London firms is the highest in the UK.
“As a result, business leaders are planning to invest in ensuring they have the right talent to drive long-term growth.”
He stated that this resilience is encouraging, considering the uncertainties that businesses face on everything from the UK’s future trading relationships to the expected rise in interest rates.