(Reuters) – British business confidence fell to a five-month low in November but remained healthy overall and businesses remained optimistic about trading prospects, Lloyds Banking Group said. This was revealed in an investigation on Monday.
The Lloyds Bank Business Barometer fell three points to 41% last month, its lowest level since June, but comfortably above the survey's long-term average of 29%.
The survey is one of the indicators monitored by the Bank of England to gauge the extent of inflationary pressures in the UK economy.
This barometer is consistent with other business surveys that point to fairly stubborn price pressures and a slowdown in activity, but the degree of economic downturn varies, with the Lloyd's survey far outstripping the S&P Global Purchasing Managers Index. It shows weakness.
Han Joo Ho, senior economist at Lloyds Bank Commercial Banking, said: “Overall, these results show that although views on the economic outlook have softened, businesses remain positive and feel resilient. “It shows that we are doing well,” he said.
The survey's measure of price intentions eased only slightly in November and remains well above its long-term average.
Manufacturing, services and construction are increasingly optimistic about the outlook for trading, according to Lloyds Bank, while the outlook for retail is darker, adding to the Confederation of British Industry's pessimistic survey. is reflected.
Last month's S&P Global PMIs pointed to an economic contraction for the first time in 13 months. The latest figures for the manufacturing sector are scheduled to be released at 0930 GMT (12:30 p.m. Japan time).
The UK economy contracted unexpectedly in September and growth slowed into the third quarter, data showed on Friday, undermining Chancellor of the Exchequer Rachel Reeves' ambitions to kick-start a sustained economic recovery. Failed early.
(Reporting by Andy Bruce; Editing by David Milliken)
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