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Business confidence in Essex continues to rise

28 Jun Business confidence in Essex continues to rise

Business confidence in the East of England rose 19 points during June to 13 per cent, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the East of England report higher confidence in their business prospects at 29 per cent, up 26 per cent since May. When combined with their views on the economy, this gives an overall confidence of 13 per cent.

Businesses’ hiring intentions show a net balance of 23 per cent of businesses in the region expect to hire more staff during the next year, up 23 points on last month.

Across the UK, overall confidence grew three points to 13 per cent as firms’ confidence in their own prospects grew five points to 22 per cent, while their economic optimism also grew by three points to five per cent.

The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.

David Atkinson, regional director for the East of England at Lloyds Bank Commercial Banking, said: “It’s great to see confidence in the East of England bounce back in June, following a dip last month.

“A growing number of firms in the region are expecting to hire in the next year, showing that they’re happy to back their push for growth with investment.

“We’re committed to working by the side of businesses as they do that, which is why we’ve pledged to lend up to £1.7 billion to the region’s businesses this year.”

Across the region, a net balance of 17 per cent of businesses say they feel that the UK’s exit from the European Union is having a negative impact on their expectations for business activity, down 18 points on a month ago.