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Confidence falls among East Midlands businesses

The confidence of East Midlands business dropped by 12 points during April, new figures have revealed.

According to the latest Business Barometer from Lloyds Bank Commercial Banking, confidence fell to 6 per cent during the month.

Companies in the region reported lower confidence in their business prospects, down 14 points to 15 per cent. When combined with their views on the economy overall, this gives an overall confidence score of six per cent.

Businesses’ hiring intentions show a net balance of six per cent of businesses in the region now expect to hire more staff during the next year, down 22 points on March.

Lloyds Bank added that a net balance of 24 per cent of businesses said they feel that the UK’s exit from the European Union is having a negative impact on their expectations for business activity, compared with 16 per cent a month ago.

The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.

Amanda Dorel, regional director for the East Midlands at Lloyds Bank Commercial Banking, said: "In March, businesses in the East Midlands experienced a jump in confidence and were among the most confident in the UK.

"It’s disappointing to see things drop slightly this month, with less firms planning to recruit or invest in their business. 

"However, what we are seeing first-hand is that local business owners are continuing to achieve success and realise their ambitions by responding to the opportunities that are emerging.

"To support that strategy, and as part of our commitment to helping Britain prosper, we have pledged to lend up £2.5bn to East Midlands businesses during 2019."


Source: Insider Media

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