Tuesday 01st December 2020
Home General Business News Fears over economy take toll on business confidence

Fears over economy take toll on business confidence

E-mail Print PDF

Businesses in the East of England reported a brighter view of their own prospects in October but overall confidence fell when taken alongside views on the wider  economy and more firms are planning to shed jobs, according to a Lloyds Bank survey. Taken before this week's lockdown was announced, the bank’s business barometer shows firms' confidence in their own prospects rose to 5 per cent, up one point on September.

But overall confidence in the East dipped by three points to -8 per cent  although this was still the second highest of any UK region. Meanwhile, a net balance of 11 per cent expect to reduce staff levels over the next year, more than in the previous month. Nationally overall confidence dropped seven points in October to -18 per cent, reflecting a sharp fall in optimism and ending a picture which had been steadily improving since May.

David Atkinson, regional director for the East of England at Lloyds Bank Commercial Banking, said: “With parts of the region moving to a tier two lockdown this month, it’s unsurprising to see confidence dipping slightly. That said, businesses in the East of England have proven their resilience during this crisis and it’s encouraging to see some reporting a more positive outlook towards their own business prospects.” Confidence in the hospitality and arts & leisure sector fell sharply.

Last Updated ( Monday, 02 November 2020 13:57 )