Business confidence in the East climbed seven points during October to 40 per cent as firms’ faith in their own prospects strengthened and the outlook for the economy improved, according to a business barometer survey from Lloyds Bank Commercial Banking.
Meanwhile, the balance of firms expecting to increase staff levels over the coming year jumped 15 points on last month to 24 per cent. The upturn reflected an improvement of three points in confidence at the national level to 39 per cent. Following a weakening in September, the retail and service industries both saw an increase in business confidence in October although manufacturing confidence was unchanged.
Construction fell for a second month in a row. Dene Jones, regional director for the East of England at Lloyds Bank Commercial Banking, said: “October is possibly the most important month in the East of England’s economic calendar, as the harvest season moves into full swing and the region’s rich agricultural sector works to yield results. With confidence above the national average, it shows that firms are seizing on it.”
