Lloyds Bank has issued a message to business customers in an alert saying UK business confidence has climbed one point to 52%, its highest level since 2015, with thousands affected
Lloyds Bank has issued a “cautious” alert, impacting thousands of customers. The high street bank’s latest report for business customers reveals that UK business confidence has risen by one point to 52%, the highest level since 2015.
Business confidence is up one point to 52% with hiring intentions on the rise for the third consecutive month. Despite persistent price pressures, the services sector experienced the most significant boost in confidence, increasing by 11 points, according to Lloyds.
Welsh firms remain the most optimistic for the second month running. Hann-Ju Ho, a senior economist at Lloyds Commercial Banking, said: “This continued upward trend reflects a growing sense of cautious optimism across the UK economy, underpinned by both improved trading prospects and broader economic sentiment.” On similar news, Lloyds Bank users have reported not being able to access the mobile banking app.
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He added: “Despite ongoing cost pressures, firms are positioning for growth, particularly in services where hiring and investment plans are accelerating. Overall business confidence remains buoyant, with firms well placed to take advantage of opportunities such as new markets, adopting new technology and workforce expansion amid evolving market conditions.”
Paul Kempster, managing director for commercial banking coverage at Lloyds Business and Commercial, added: “July’s figures show that businesses are looking to the future. While confidence isn’t rising evenly across all sectors and regions, it’s encouraging to see positive sentiment holding well above the long-term average.”
He explained: “As confidence builds, we remain committed to supporting firms with a range of financial services to help them achieve their growth ambitions.”
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Interestingly, it has been revealed that 60% of all businesses surveyed expect to hire more staff in the coming year, compared to 14% anticipating reducing employee numbers. Wage growth expectations declined by two points, too, which is the first decrease in three months with 34% forecasting average pay increases of 3% or more.
It comes as Lloyds Bank revealed living in these historic locations will cost a first-time buyer an average £280,582, up 2% over the last year. Overall, property price growth in market towns has risen 24% over the past five years, and slightly more for those who are looking to purchase a property for the first time, at 26%.