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Business confidence in the East Midlands fell 10 points during August to 52%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Although East Midlands businesses’ confidence in the economy climbed three points to 53%, their confidence their own business prospects fell 25 points month-on-month to 50%. When taken together these figures give a headline reading of 52% (vs. 62% in July).
Looking ahead to the next six months, businesses in the East Midlands identified their top target areas for growth as investing in their team, for example through training (34%), entering new markets (32%) and evolving their offering, for example by introducing new products or services (31%).
A net balance of 44% of businesses in the region also expect to increase staff levels over the next year – the same proportion as in July.
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
National picture
The East Midlands’ confidence remained above the UK average, which was unchanged from July in August at 50%.
UK firms’ confidence in the overall economy increased two points to 47%, offsetting marginally weaker confidence from businesses in their own trading prospects, which fell
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