East Mids business confidence falls further in November

Business confidence in the East Midlands fell four points during November to -22%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the East Midlands reported lower confidence in their own business prospects, down three points month-on-month at -14%. When taken alongside their views of the economy overall, this gives a headline confidence reading of -22%.

When it comes to businesses’ hiring intentions, a net balance of 7% expect to reduce staff levels over the next year, up one point on last month.

The Business Barometer questions 1,200 businesses monthly.

Amanda Dorel, regional director for the East Midlands at Lloyds Bank Commercial Banking, said: “Given the national lockdown measures businesses have faced this month, the drop in confidence here in the East Midlands is unsurprising and follows the general trend we have seen across the country.

“However, December’s Barometer will provide an indication as to how the ongoing development of the COVID-19 exit strategy is affecting companies’ confidence – when firms’ outlook may also be buoyed following the end of national restrictions.

“There will still be challenges ahead, but we will remain by the side of businesses as they prepare to tackle them head on.”

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