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Lloyds Bank Business Confidence Barometer shows confidence maintains eight month high.

BANKING AND CREDIT NEWS-July 1, 2015-Lloyds Bank Business Confidence Barometer shows confidence maintains eight month high

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Lloyds Bank, part of the British government backed Lloyds Banking Group, on Tuesday reported that the Lloyds Bank Business Confidence Barometer has shown that UK business confidence remained steady in June.

According to the Business Barometer sentiment improved in the business services sector, although this was offset by falling confidence in the distribution and industrial sectors. The survey suggested that GDP growth in the first quarter will be revised upwards and indications are for an acceleration in growth for the second quarter.

The Barometer, which tracks more than 300 companies' views of their own prospects and the wider economy, saw the overall business confidence maintained at 55%. This is said to mirror a marginal improvement in the net balance for companies' own trading prospects, which rose by one point to 50%, offset by a two point drop in economic prospects to 59%.

Chief economist, Lloyds Bank Commercial Banking, Trevor Williams, commented "Business confidence remains strong and indicates that we will see an acceleration in GDP growth for the second quarter. Although the situation in Greece remains highly uncertain and risks have intensified, we will watch closely to see how confidence is affected in next month's survey."

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Publication:M2 Banking & Credit News (BCN)
Date:Jul 1, 2015
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