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Business confidence in London increased by two points in March, reaching 61%, according to the latest Business Barometer from Lloyds.
Companies in the city reported a month-on-month rise in confidence regarding their own business prospects, which fell by five points to 66%. Coupled with a 10-point increase in confidence about the economy, now at 57%, this results in an overall confidence reading of 61%, compared to 59% in February.
Additionally, a net balance of 57% of businesses in London expect to increase their staff levels over the next year, up 12 points from the previous month.
The Business Barometer, which surveys 1,200 businesses each month and has operated since 2002, provides early indicators of UK economic trends, both regionally and nationally. This month’s survey was conducted at the beginning of March, between the 2nd and the 16th.
Amanda Murphy, CEO for Lloyds Business and Commercial Banking said: “While businesses are adept at reacting to uncertain, fast-moving conditions, this month’s results show an interesting divergence in sentiment.
“Smaller businesses may have remained confident because they had not yet seen an immediate change in customer demand or supply chain disruption. Larger firms, however, read global events more cautiously because of their closer exposure to global markets.
“With most responses coming in the very early stages of the Middle East conflict, we’ll be watching closely to see how confidence evolves.”
National picture
Overall, UK business confidence rose 11 points in March to 55%.
Firms’ confidence in their own trading prospects rose seven points to 60%, and their optimism in the wider economy increased 14 points to 50%.
Kirsty Sadler, regional director for London at Lloyds, said: “As business confidence holds this month, we remain focused on supporting firms across the capital, providing the finance, guidance and expertise they may need.”
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