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British businesses turned more optimistic for the first time in seven months in February as they took a brighter view on the economy and ramped up their hiring plans, according to a survey published on Friday.
Striking a more upbeat note than other recent gauges of sentiment among employers, the Lloyds Bank Business Barometer hit its highest since July and August of last year at 49%, up from 37% in January which was its lowest in more than a year.
Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said the rise in confidence suggested firms were coping with higher costs and uncertainty.
Other surveys have shown a mood of gloom among employers linked to finance minister Rachel Reeves’ announcement of a 25 billion-pound ($31 billion) tax increase starting April when a nearly 7% increase in the minimum wage is also due.
But the Lloyds report showed confidence in the economy jumped by 18 points — the largest monthly increase since late 2020 — to 42%.
Businesses’ trading prospects improved by six points to 57%, the highest since 2017. Hiring plans rose by nine points to 41%.
Two-thirds of businesses expected to raise their prices in the coming year, up from 61% in January, a warning sign for the Bank of England which is trying to gauge inflation pressure in the economy as it considers when to cut interest rates again.
The Lloyds survey was based on responses from 1,200 companies between February 3 and February 17.
(Writing by William Schomberg; editing by Suban Abdulla)
