A new survey shows that UK business confidence has hit its highest level since August 2024.
In February, it increased 12 points to 49% with this boost mainly driven by a rise in economic optimism.
The Lloyds Business Barometer found that 63% of UK businesses said they feel more optimistic about the economy, which is up from 52% compared to the previous month.
As a result, many firms are reporting plans to increase their hiring – 56% expect to expand their workforce, up from 49% in January.
Hann-Ju Ho, Senior Economist, Lloyds Commercial Banking, said, “The rise in business confidence demonstrates the resilience of UK businesses and their ability to navigate challenges, such as rising costs and uncertainty.
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“Increased optimism, along with an expected uplift in trading prospects, is prompting businesses to invest in growing and upskilling their workforce, putting them in a prime position to capitalise on increased demand and drive future growth.
“This chimes with the expectations businesses set out at the beginning of the year, where they predicted a strong start to 2025, with the majority (70%) expecting to see their turnover increase in the year ahead.
“To sustain this positive momentum, it is important that businesses continue to innovate and adapt, ensuring they remain competitive and resilient to future challenges.”
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