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Happy Halloween!

While the interest rates this year has caused a feeling of tricks over treats, the UK business sector has been conjuring up some magic.

According to the latest Lloyds Bank Business Barometer, British business confidence in October has RISEN, with a notable intent among companies to boost prices and increase hiring—a silver lining against the backdrop of a gloomy economic outlook.

This barometer is a reputable gauge, surveying around 1,200 companies, offering insights into the business mood and expectations regarding trading prospects, employment, and inflation. A rise in the barometer signifies an enhanced confidence among businesses.

It rose to its second-highest level of 2023 at 39%, up from 36% in September.

“However, our data shows that firms are still safeguarding their profit margins in response to the possibility of interest rates remaining high, wage increase pressures, and the prospect of higher energy prices again this winter,” Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said.

So, as we sip our witch’s brew tonight (or maybe just a cup of coffee), let’s toast to the resilience and adaptability of UK businesses.

If you want to discuss your business finance options as we march into November, we have access to the best rates in the country, contact us below.