East Midlands business confidence stays at three year high

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Business confidence in the East Midlands remained steady during May, matching April’s three-year high of 40%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the East Midlands reported lower confidence in their own business prospects month-on-month, down nine points at 31%. When taken alongside their optimism in the economy, up nine points to 48%, this gives a headline confidence reading of 40%.

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

When it comes to jobs, a net balance of 25% of businesses in the region expect to increase staff levels over the next year, up 11 points on last month.

Overall UK business confidence rose four points in May to 33%, a fourth consecutive month of growth. The reading comes after non-essential retail and hospitality firms reopened their doors to customers. Businesses reported an increase in optimism about their own trading prospects, up two points month-on-month to 28% and their confidence in the economy grew by six points to 38%.

Firms’ hiring intentions also rebounded to pre-pandemic levels with 14% of UK businesses expecting to make new hires in the next 12 months, the highest reading since

 link source - East Midlands Business Link General

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