London’s Businesses Feeling Cheery: Confidence Hits 56%
According to the latest Business Barometer from Lloyds Bank Commercial Banking, a sentence jury of the city’s mayors and managers is buzzing with optimism. Between the 1st and 15th of November – before the big Autumn Statement drop – all‑hands talk in London’s offices climbed a whopping nine points, settling at a solid 56%.
What’s Making Them Tick?
- Own Business Outlook: Companies are feeling more upbeat about their own prospects, up four points to 60% from the previous month.
- The Economy Itself: The city’s collective view of the economy jumped 15 points, reaching 53%.
These two halves together create the headline confidence score of 56% – the highest you’ll find anywhere in the UK during this time.
Growth Hopes for the Next Six Months
- Refining Offers: 37% want to evolve what they sell.
- New Markets: 37% plan to diversify into fresh arenas.
- Investing in People: 35% aim to boost their teams.
Staffing Outlook
A net 46% of businesses expect staff to grow over the next year – a jump of eleven points from last month, showing that people are still the company’s favorite asset.
Why It Matters
The Business Barometer, surveying around 1,200 companies row by row each month, gives folks a sneak peek at how the UK economy is gurgling regionally and nationally. London’s current lift in confidence suggests that the capital’s firms are ready to keep rolling forward.
National picture
UK Businesses Feeling Sunny After a 3‑Month Prowl of Confidence!
Quick Snapshot
Over the past month, the UK business confidence climbed three points, jumping from 39% to 42%. That’s the third time in a row that sentiment’s been on the rise. Firms are looking brighter at the future of the economy (38% optimism) and at their own trading prospects (48% positivity).
Hiring Is Back on the Menu
A startling 35% of companies plan to add staff over the next year – the highest hiring intention figure since May 2022. That’s a three‑point uptick from last month.
Region by Region High‑Five
- London still leads the charge.
- North West follows with 54%, buoyed by a massive 20‑point spike.
- Yorkshire & Humber at 50% and
- North East at 48%.
Sector Stakes
- Services companies enjoy a confidence level of 46% – the best in over two years.
- Retail has seen a five‑point rise to 42% for the second straight month.
- Manufacturers hit a five‑month high: 45%, up nine points.
- Construction brands still lag, yet they’ve stepped up a notch to 35%, a four‑point recovery.
Hear from the Pros
Paul Evans, London’s resident confidence barometer at Lloyds Bank, says:
“Picture strolling through Covent Garden or riding down Oxford Street – it’s no surprise the capital’s businesses are leading the confidence parade.
‘The holiday season is a whirlwind for the city’s pubs, bars, restaurants and retailers. More visitors and locals mean a surge in demand, which naturally spurs hiring. Firms with solid working capital will cash in on this momentum, bringing new staff aboard as the festive buzz swells. We’ll be right beside them, smoothing operations and capitalizing on the Christmas rush.’
Hann‑Ju Ho, senior economist, adds:
“Business confidence’s climb to a 21‑month high showcases the UK’s business resilience. Trading prospects and economic optimism keep rising hand in hand.
‘It’s encouraging to see wage expectations wavering, even while hiring intentions hit an 18‑month high. Price indicators also climb, and our data stresses that firms are guarding profit margins against past rate hikes, wage pressure, and another energy price spike this winter.’
‘In December’s upcoming survey, we’ll see how firms absorb the Chancellor’s Autumn Statement initiatives while steering through the bustling holiday season and plotting 2024’ plans.’
Bottom line? The UK’s business landscape is breezing ahead, with confidence gains on a steady rise and an eager hiring surge. Keep your eyes on December’s survey for more juicy insights.
