Research from Lloyds Bank Commercial Banking has shown that business confidence in London remains the highest in the UK, despite falling five points during October to 37 per cent.
Whilst hiring intentions amongst City-based firms remained unchanged for 38 per cent, they reported lower confidence in their business prospects, which fell three points to 44 per cent, and lower economic optimism, down eight points to 29 per cent.
The Business Barometer, which questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide, revealed that, on a national level, overall confidence has fallen 10 points to 19 per cent, its sharpest fall and its lowest level all year.
Regional Director for London at Lloyds Bank Commercial Banking, Paul Evans, comments: “Concerns over the UK economy appear to be the main driver of the dip in confidence that London firms have reported this month.
“It seems clear that uncertainty over the UK’s future trading relationships is weighing on many businesses, but it is encouraging to see that firms’ confidence in their own prospects and their plans to create new jobs remain robust.”
At Beavis Morgan, we have extensive experience of providing specialist advice and planning to small and medium sized (SME) businesses and we are on hand to assist you to remain profitable and increase your net worth.
For information about how we can assist by putting processes in place to lessen the impact of Brexit on your business, contact Steve Govey or your usual Beavis Morgan Partner. Our SME business experts are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities.