BUSINESS confidence in the East of England climbed 26 points during July to 61%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies in the region reported higher confidence in their own business prospects month-on-month, up 19 points at 58%. When taken alongside their optimism in the economy, up 34 points to 64%, this gives a headline confidence reading of 61% (vs. 35% in June).
A net balance of 38% of businesses in the region also expect to increase staff levels over the next year, up 11 points on last month.
Looking ahead to the next six months, the East’s businesses identified their top target areas for growth as evolving their offering, for example by introducing new products or services (50%), breaking into new markets (47%) and investing in their team, for example through training (34%).
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
Overall UK business confidence climbed nine points in July to a net balance of 50% – the same as in May when confidence reached an eight-year high.
Businesses’ confidence in their own trading prospects rose 12 points to 56% – the highest reading since April 2017. Meanwhile, confidence in the economy climbed six points to 45%.
The East of England closely followed Wales and the East Midlands (both 62%), which were the joint-most confident UK regions or nations in July.
