Business confidence plummets ahead of Autumn Budget – London Business News | Londonlovesbusiness.com

Business confidence has plummeted to its lowest level since June ahead of Labour’s Autumn Budget.

According to the Lloyds Barometer survey found from 1 to 15 October confidence fell three points to 44% in October.

In July and August business confidence reached 50%, this was the highest since November 2015.

Lloyds said employers hiring intentions has increased and SMEs trading optimism amid the economy is weak by three points to 35% in October.

Hann-Ju Ho, senior economist at Lloyds Commercial Banking, said, “Although overall business confidence dipped in October, it follows a sustained period of significant optimism, and business sentiment remains above historical levels.

“Encouragingly, many businesses remain confident in their own trading prospects, and the increase in hiring intentions suggests more employers want to grow their workforce.

“Businesses’ broader economic outlook continues to reflect this rounded picture, and as they move into the final part of the year, they will look to manage these considerations effectively.”