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A new report has revealed that UK hiring expectations have continued to climb for the sixth consecutive month, reaching the highest level in three years.

The latest Lloyds Bank Business Barometer also found that despite business confidence seeing a slight decline, it still remains above the historical average of 28%.

According to the data, confidence was particularly strong within the hospitality (63%, up from 38%) and transport (53%, up from 37%) sectors.

Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking, commented on the findings, “A sixth consecutive monthly increase in employment expectations alongside an increase in pay growth predictions continues to highlight the resilience of UK businesses despite a slight dip in overall business confidence. With Covid-19 restrictions having now been significantly eased in parts of the UK we can have further confidence in firms’ outlook for the UK economy.”

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Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, added, “Despite the fall in business confidence in eight of the UK’s regions and nations in July, the recent trend has been for an improvement since the start of the year.

“There remains a fair degree of uncertainty on employment, skills, international trade and inflation, but with both retail and manufacturing confidence at historically high levels and the strengthening of the hospitality and transport sectors, reflecting the further opening of the economy, we should be cautiously confident about the coming months and we remain by their side on their road to recovery.”

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