UK business confidence slips in September: Lloyds Bank

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British business confidence declined in September as optimism about the economic outlook faded, a survey showed on Friday, adding to signs of a slowdown in the economy.

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29 Sep 2023

The Lloyds Bank Business Barometer, which surveys around 1,200 companies across the economy, fell to 36% from August's 18-month high of 41%.

While painting a less downbeat picture than other indicators like the S&P Global PMI, the decline in the Lloyds barometer fitted with other signs of a slowing economy — something the Bank of England highlighted as it left interest rates on hold last week.

Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said the BoE's decision — taken after the survey was conducted — could underpin business confidence in the coming months.

«Although the economic environment remains uncertain with inflation and interest rate pressures playing their part, the recent decision by the Bank of England...is likely to help businesses feel more upbeat about the future,» he said.

More details about the recent performance of Britain's economy are due at