Business confidence rises for third time in four months

(2 minutes to read)

Overall business confidence rose last month, with confidence in retail, construction and services up and the retail sector seeing the highest increase of 11 points to 22%.

Latest research has shown overall business confidence in June rose for the third time in four months, increasing by 3 points to 13%.

The Lloyds Bank Commercial Banking Business Barometer revealed that the net balance of firms reporting stronger trading prospects increased by 5 points to 22%, while economic optimism edged up 3 points to 5%.

Of those surveyed, 32% of firms said they expect to increase their headcount in the year ahead (down 1 point from 33%), while an unchanged 21% predicted it would shrink.

Looking at the expected impact of Brexit, trading prospects improved slightly, although the net balance remained negative at -19% compared with -21% in May.

A fifth of businesses (20% up from 19%) believe leaving the EU will have a positive impact while well over a third (39% down from 40%) say it will have a negative impact.

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Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking, said, “While overall business confidence is still below the long-term average, it is encouraging to see a rise for the third time in four months since the low in February.

“Firms are showing more optimism both in their trading prospects and the overall economy, with levels rising in the retail, construction and services sectors this month.  Ongoing global trade tensions, however, appear to have weighed on manufacturing confidence.”

Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, added, “Ongoing political uncertainty unsurprisingly leaves firms’ assessment of the expected impact of the UK leaving the EU largely negative. In the face of this, it’s perhaps even more encouraging to see improvements in business confidence in a number of business sectors this month and across the majority of regions.

“We know SMEs and mid-sized companies are continuing to do their best to withstand this turbulence, but we anticipate confidence will continue to fluctuate in the months ahead.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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