Business confidence rebounds to a 13-month high in the first half of June, up to 37% and up nine points from previous month. This is the biggest monthly rise for some time after last month’s dip according to Lloyds Bank Business Barometer.
Furthermore, in the Chancellor’s annual speaking slot in the City of London outlined a huge 50bn to support SME’s, claiming he will seize “benefits of Brexit” and make UK capital markets more attractive. Hunt’s reforms are aimed at developing and maintaining a better funding environment for start-ups by unveiling a voluntary compact by some of Britain’s biggest pension companies to commit 5% of their investments to private equity and early-stage businesses.
Finally – some positive news!
SME confidence in a range of different sectors has picked up in ten out of twelve regions across the UK. These gains were also seen across some key sectors (manufacturing, construction, retail and services), with the service industry particularly driving the rebound from last month.
Higher confidence has spread so much across the nation that a hiring upswing also resumed, this has risen in six out of the last seven months.
As Hann-Ju Ho, Lloyds Bank’s Economic and Markets Insight saying “It’s encouraging to see business confidence rebounding… trading prospects and optimism have seen a resurgence this month with overall confidence up which shows positive prospects for across the wider economy”.
It seems we have avoided recession, the economy is back above pre-Covid levels, new tax incentives have been introduced and now with business confidence on the rise. Now is the best time to ensure you are equipped for the growth.
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