A new survey has revealed that overall business confidence has risen to 49% and hit a four-month high.
Figures show this is two points higher than the 12-month average of 47%, with economic optimism driving this upward trend.
Economic Optimism Growing
According to the latest Lloyds Business Barometer, optimism in the wider economy rose 11 points to 42%.
Those who felt more positive in July said the main reasons for this were due to:
- Stronger customer demand
- Improving interest rates
- Improving financial conditions
- Better economic news
Smaller Firms’ Confidence on the Up
The report also noted growing confidence among smaller-sized businesses.
For SMEs with a turnover of less than £1 million, business confidence was up 11 points to 48% this month, with stronger market demand, improving financial conditions and better economic news improving their confidence.
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Businesses Remain Resilient
Commenting on the findings, Amanda Murphy, CEO for Lloyds Business and Commercial Banking, said, “It’s encouraging to see business confidence reached its highest level in four months, driven by a significant improvement in economic optimism.
“While challenges remain, these results suggest many businesses are feeling more optimistic about the opportunities ahead. Businesses have remained remarkably resilient in recent months, with many focusing on investing in their future, improving productivity and making sure they’re well placed to respond as market conditions change.
“The stronger confidence we’re seeing among smaller businesses and firms focused on the domestic market is particularly encouraging, suggesting more businesses are starting to see opportunities for growth and investment.”
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