London business confidence increased in August
Business confidence in London increased four points during August to 41 per cent, as the city looks to recover from the pandemic.
Companies in the city described higher confidence in their own business prospects month-on-month, up 14 points at 43 per cent, according to the latest business barometer from Lloyds Bank Commercial Banking.
Businesses’ optimism in the economy was down six points to 39 per cent, resulting in an overall confidence reading of 41 per cent.
London was among areas with the highest proportion of businesses expecting to increase staff levels over the next year with a net balance of 28 per cent looking to recruit.
The capital was behind only the North West (39 per cent) and North East (34 per cent).
The nation’s overall business confidence rose six points in August to 36 per cent, the highest level recorded since May 2018.
The services industry saw the greatest month-on-month increase, with confidence rising by 8 points to 36 per cent, the highest level since January 2018.
There were also rises in confidence in both manufacturing and construction, which were boh up seven points to 40 per cent, despite supply chain disruption.
Retail confidence increased by two points to 34 per cent, below a recent high in May.“
After a slight dip in July, it’s encouraging to see London business confidence back on the up, and firms feeling buoyant about their trading prospects and reporting plans to increase headcount,” Mark Amis, regional director for London at Lloyds Bank Commercial Banking, said.
“As the vaccination drive continues apace and restrictions on international travel are eased, the capital’s world-famous tourism and hospitality sectors will be hoping the outlook remains positive,” Amis added.