Latest figures show that business confidence is at an eight-year high, resulting in over half of firms expecting to increase their headcount.
This is back up after a drop in June, with 62% of businesses reporting stronger activity (up from 53% in June), while just six per cent predicted weaker trading prospects – down from nine per cent.
The latest Lloyds Bank Business Barometer also revealed that all monitored sectors reported an improvement, in particular retail, which rose by 25 points to a post-pandemic high of 60%.
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Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking, said, “This month shows that businesses are feeling more confident, buoyed by their positive trading prospects and economic outlook. Retail-focused businesses were the main driving force behind the positive rise in trading prospects and these results tally with the improvement we have seen in consumer confidence.
“With the data suggesting that businesses may have taken a more cautious approach in June, next month will be one to watch to see if the renewed sense of optimism continues.”
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