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Business confidence reaches new low, says Lloyds TSB

Businesses’ confidence in their trading prospects has slipped to a new low, the Lloyds TSB Corporate Markets Business Barometer has found.

Lloyds’ July survey found business confidence was at its lowest level since the barometer began in 2002.

The balance of firms who believe their trading activity will increase, rather than decrease over the next 12 months, has fallen to 22 per cent, which is a 10 per cent drop on June’s balance and the lowest level in the survey’s six year history.

Chief economist Trevor Williams says: “There’s a strong relationship between business confidence and the actual performance of the economy. And, with so many firms remaining downbeat, we can expect UK economic growth to remain weak well into next year.”

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