A new report shows that while price pressures remain elevated for UK businesses, confidence and hiring intentions are on the up.
It’s been a tough year for UK businesses; there have been tax increases, unexpected tariffs, high energy costs and low economic growth, as well as the current uncertainty about staffing caused by the upcoming Employment Rights Bill.
Despite this, figures from Lloyds Banking Group show growing optimism with businesses’ hiring intentions for the next 12 months climbing to a 10-year high.
Hann-Ju Ho, Senior Economist, Lloyds Commercial Banking, said, “This continued upward trend reflects a growing sense of cautious optimism across the UK economy, underpinned by both improved trading prospects and broader economic sentiment.
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“Despite ongoing cost pressures, firms are positioning for growth, particularly in services where hiring and investment plans are accelerating. Overall business confidence remains buoyant, with firms well placed to take advantage of opportunities such as new markets, adopting new technology and workforce expansion amid evolving market conditions.”
Paul Kempster, Managing Director for Commercial Banking Coverage, Lloyds Business & Commercial, added, “July’s figures show that businesses are looking to the future. While confidence isn’t rising evenly across all sectors and regions, it’s encouraging to see positive sentiment holding well above the long-term average.”
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