Published:
11:30 AM April 1, 2021
Businesses in the East of England are more confident than they have been since the start of the pandemic
- Credit: Mick Howes
Business confidence in the East of England has risen back to pre-pandemic levels, according to a recent survey.
The Lloyds Bank’s Business Barometer for March 2021 questioned 101 businesses in the East of England and found that business confidence has risen 20 points during March taking it to its first positive reading in a year.
Firms felt more confident about their own business prospects month-on-month up 21 points at 16%. Their optimism about the economy in general had also risen 19 points to 8%.
At the same time, 61% of firms said current restrictions had caused their turnovers to fall with just 14% expected trading levels to return to pre-pandemic levels in the next 12 months.
When it comes to jobs, a net balance of 10% of businesses in the region expect to reduce staff levels over the next year, up 10 points on last month.
Their economic optimism fell dramatically by 34% to stand at -10%. Overall business confidence dipped three points to -7% as the third lockdown came into force.
The biggest falls were reported in Scotland (-32% vs -9% in December), Wales (-20% vs -1% in December) and the South West (-8% vs 5% in December). But firms reported a month-on-month increase in confidence in London (up 5% to 3%), the South East (up 7% to -4%) and North West (up 8% to -5%). Yorkshire business confidence remained steady month-on-month at -4%.