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Rebound in confidence in August as firms look forward to growth

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Business confidence in the East jumped to its highest level in three years in August and hiring intentions strengthened thanks to improving prospects helped by the easing of Covid restrictions, particularly in the services sector.

After a dip in July, confidence re-bounded in August and rose 14 points to 39 per cent, according to a business barometer survey from Lloyds Bank Commercial Banking. Firms in the region recorded higher confidence in their own business prospects and were significantly more optimistic on the outlook for the economy.  Meanwhile, a net balance of 19 per cent of businesses in the region expect to increase staff levels over the next year, up 15 points on last month.

Dave Atkinson, regional director for the East of England at Lloyds Bank Commercial Banking, said: “Following a slight dip in July, it’s encouraging to see businesses across the East of England report such high levels of confidence this month. Businesses’ plans to recruit are also positive, a clear indicator companies are continuing to enjoy the return to more normal trading conditions and are looking ahead to future growth opportunities.” All UK nations and regions had a positive confidence reading in August. Services confidence rose by 8 points to 36 per cent - the highest level since January 2018 - and confidence in both manufacturing and construction also picked up by 7 points to 40 per cent.

Last Updated ( Tuesday, 14 September 2021 07:05 )