Businesses in the East of England report the lowest confidence in the UK during May, falling eight points to minus six percent, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies in the region report lower confidence in their business prospects, down nine points to three per cent. When taken together with their views on the UK economy as a whole, this gives the overall confidence reading.
The research also shows a net balance of zero per cent of businesses in the region have intentions to create new jobs in the next year, down five points on last month.
Across the region, a net balance of 35 per cent of businesses say they feel the UK’s exit from the European Union is having a negative impact on their expectations for business activity, up 15 points on a month ago.
The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.
David Atkinson, regional director for East of England at Lloyds Bank Commercial Banking, said: “It’s disappointing to see that small and medium sized businesses in the East of England are the least confident in the UK.”
“Whatever the economic challenges that lie ahead, we will stand by the side of East Anglian businesses. Moreover, we want more small businesses to take advantage of some of the amazing business banking solutions out there that can help to turn things around.”
“Above all, that’s why we’ve committed to lend £1.7 billion to local businesses this year as part of our plan to help Britain prosper.”
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