East Midlands business confidence on the rise

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Business confidence in the East Midlands rose five points during May to 40%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the East Midlands reported higher confidence in their own business prospects month-on-month, up six points to 40%. When taken alongside their optimism in the economy, up five points to 41%, this gives a headline confidence reading of 40% (vs. 35% in April).

Looking ahead to the next six months, East Midlands businesses identified their top target areas for growth as investing in their team, for example through training (36%), evolving their offering (36%), and entering new markets (33%).

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. The data for this edition was collected between 1–16th May, before the UK general election was announced.

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In May, overall UK business confidence reached its highest level since 2015 – rising by eight points to a net balance of 50%.

Businesses showed increased optimism in both their trading prospects (up nine points month-on-month to 54%) and the economy (up seven points to 46%). Firms’ trading outlook was the most optimistic in seven years, while economic optimism

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