Confidence in the UK slips, says Lloyds TSB
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Confidence amongst British businesses slipped for a second month in a row, research from Lloyds TSB reveals.
In its monthly Corporate Markets business barometer, the bank found that overall business confidence fell two per cent last month to 27 per cent, its lowest level since June.
Eleven per cent of firms are expecting business activity to decline over the next 12 months, while 47 per cent expect it to remain unchanged. More people were optimistic about the economy compared to three months ago with a four per cent increase in October to 65 per cent.
Confidence levels amongst industrial firms jumped 21 per cent to 40 per cent in October, but distribution firms, including retailers, suffered a drop in confidence, down five per cent to 17 per cent.
Lloyds TSB Corporate Markets chief economist Trevor Williams says: “Business confidence has recovered sharply from the lows at the turn of the year, however it is still below its long term average. But current levels of business confidence are consistent with a recovery in economic growth, albeit a gradual one.”
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