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UK business confidence improving, surveys report UK business confidence at 20-year high, survey says
(about 1 hour later)
UK business confidence is growing strongly, with investment, exports and profits forecast to grow over the coming months, according to surveys. UK business confidence is running at a 20-year high, according to a survey by Lloyds Banking Group.
Reports by Lloyds Banking Group and the EEF employers' organisation suggest that all sectors and sizes of companies are seeing an improvement. Orders, sales, and profits are all forecast to rise, the twice-yearly survey of 1,500 businesses said.
Lloyds' external relations head Stephen Pegge told the BBC that confidence was running at its highest for 20 years. The survey by Lloyds found that confidence had increased across all UK regions and sectors.
The EEF survey said that two-fifths of companies planned to raise investment. Other surveys from the EEF employers' group and business services company Deloitte have suggested that exports and investment will increase in 2014.
Terry Scuoler, chief executive of the EEF, said: "Manufacturers are telling us they expect to make a greater contribution to growth, investment and jobs this year." 'Bullish' mood
However, companies reported that rising energy costs remained a worry. The Lloyds' survey tracks business confidence about sales, orders and profits, weighing positive and negative views to create a "balance of opinion". The latest positive balance of 45% is up from 30% last July.
Both surveys pointed to a better picture for exports, with Mr Pegge saying that strengthening economies in Africa were becoming an increasingly important market. Confidence increased across the whole of the UK, with companies in north England and the West Midlands forecasting strong growth.
Meanwhile, a third survey has found that UK finance directors say their appetite for risk has returned, with easier access to bank lending likely to mean they will expand and hire more staff in 2014. Tim Hinton, a managing director at Lloyds, said: "Businesses are exporting more, in particular to the Asia-Pacific region, but they now also feel more bullish about exporting to Europe since its exit from recession."
Confidence about the UK economy also improved, with 31% of businesses worried about domestic markets, down from 45% last July.
The improving picture was underlined in two other surveys.
The EEF reported that two-fifths of manufacturing companies planned to raise investment over the coming months. Terry Scuoler, EEF chief executive, said: "Manufacturers are telling us they expect to make a greater contribution to growth, investment and jobs this year."
However, companies reported that rising energy costs remained a worry, he said.
Meanwhile, a survey of UK finance directors has said that their appetite for risk has returned, with easier access to bank lending likely to mean their companies will expand and hire more staff in 2014.
The survey of 122 chief financial officers from business services group Deloitte found that bank borrowing was now the most attractive source of funding, the first time they have said that since the financial crisis began.The survey of 122 chief financial officers from business services group Deloitte found that bank borrowing was now the most attractive source of funding, the first time they have said that since the financial crisis began.
The improvement in confidence across UK business comes as Chancellor George Osborne is expected to say in a speech later on Monday that 2014 will be "the year of hard truths" with more "painful cuts" needed to put the economy on a sustainable footing.The improvement in confidence across UK business comes as Chancellor George Osborne is expected to say in a speech later on Monday that 2014 will be "the year of hard truths" with more "painful cuts" needed to put the economy on a sustainable footing.