According to the latest survey findings of the Lloyds Bank Business Barometer, British businesses have reached a high in hopes that the economy is recovering strongly to pre-pandemic levels.
What was found?
- Overall, business confidence across UK firms rose to 36% (up by 6 points) – this is promising since it is the highest level in over four years
- Employers in the North West and East of England that took part in the survey, had the biggest jump in confidence
- Firms from the sectors of manufacturing, services and construction shared greater optimism of the economy’s recovery
- Business confidence for that in Northern Ireland turned positive from being negative in the monthly results prior (now at 18%)
- Confidence was seen with an increase in Scotland (34%) and Wales (19%) too
- Businesses expect to come back stronger in 2022, all down to better trading prospects
It is thought that optimism comes from the vaccine rollout, the loosening of lockdown restrictions and changes to self-isolation rules, which work in the favour of many businesses.
Despite this, caution remained for inflation and staff shortages. Most recently there are problems due to a shortage of HGV drivers, hitting hard on retail stores, the hospitality sector and logistics and meat processing industries. Three regions also saw confidence declines, but just slightly; West Midlands, East Midlands and Yorkshire & The Humber.
The Lloyds Bank Business Barometer is a monthly survey, involving 1,200 firms in the UK.
BBC News share more here.