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The latest Lloyds Business Barometer for March reveals business confidence received a boost this month, increasing 11 points to 32%, the highest level since May 2022. This puts the level of business confidence above the long-term average of 28% for the first time since May last year.
The rise was buoyed by increases in firms’ assessment of their trading prospects, which posted the biggest rise in nearly two years, with 52% expecting a stronger performance in the next 12 months, and optimism about the broader economy also increased 11 points to 23%. Both trading prospects and economic optimism are their highest since May 2022.
Paul Gordon, managing director for relationship management within the lender’s business and commercial banking division, said: “It’s great to see economic optimism as well as trading prospects at a ten-month high. We can see from the data that this could well be down to a combination of a less obstructive hiring environment and the longer-term wage pressures trending downwards.
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