UK business confidence hits 20 year high
A new report from Lloyds claims that business confidence in the UK has reached its strongest level since January 1994 on the back of rising expectations for orders, sales and profits in the next six months.
Companies are now more optimistic about the economy than they have been at any point since January 2007 and are signalling that they intend to boost staff numbers, suggesting that employment could rise in 2014.
Investment intentions have climbed to their highest point for 19 years and export prospects are also rising, with firms increasingly targeting Asia-Pacific markets.
According to the study, confidence has increased across all regions, in particular the North and the West Midlands, as well as in all sectors.
What’s more, in light of growing hopes for exports, weak UK demand is no longer such a worry – a third of firms surveyed have concerns about domestic markets, a significant drop from July 2013 when nearly half of respondents said it was the biggest challenge they faced.
The twice yearly report, now in its 22nd year, canvasses the views of 1,500 businesses across the UK.