Lloyds TSB: Confidence in UK business slowly returning

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Lloyds TSB: Confidence in UK business slowly returning

The latest Lloyds TSB Corporate Markets Business Barometer reports that the balance of businesses feeling more, rather than less, confidant about the future of the UK economy fell by one per cent between December and January.

Although this represents the fifth consecutive monthly decline in firms' confidence in the British economy and the lowest level for five years, it is also a marked improvement on the more significant declines of previous months.

Lloyds TSB found that firms' confidence in their own business activity fell by one per cent overall, but this figure does not give the full picture.

While businesses in the industrial and distribution sectors expected their own activity to fall over the next 12 months, 64 per cent of service firms expect to see an increase in their business activity during 2008.

Trevor Williams, chief economist at Lloyds TSB Corporate Markets, said that it was "surprising that, overall, firms weren't even more pessimistic, given the depth of concern about falling house prices and the potential knock-on effect on consumer spending".

He added that these results indicated concerns about a coming recession are "way off the mark".

Research released last week from Lloyds TSB found that consumers are unsure about the future of the UK economy and are concerned about rising inflation.
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