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Lloyds Bank: ‘Business confidence continues to improve following the December boost. Firms are clearly more optimistic about the wider economy and this is driving the increase, helped by precursory signs that wage and other cost pressures may be easing’.
Recent data has revealed that business confidence is at a six-month high, driven by a more optimistic view of the wider economy.
The Lloyds Bank Business Barometer for January shows that business confidence increased by five points to 22% and economic optimism rose by four points to 47%.
According to figures, this is the first back-to-back increase since September 2021.
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Email JaimeHann-Ju Ho, Senior Economist Lloyds Bank Commercial Banking, said, “Business confidence continues to improve following the December boost. Firms are clearly more optimistic about the wider economy and this is driving the increase, helped by precursory signs that wage and other cost pressures may be easing.
“It is still a tough environment for businesses, with high energy bills remaining a concern during the winter months, but there are grounds for optimism for 2023 if inflation starts to trend lower.”
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