Lloyds TSB: Business confidence hits 16-year low

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Lloyds TSB: Business confidence hits 16-year low

Lloyds TSB has published data which suggests that businesses in the UK are less confident about their prospects than at any other time during the last 16 years.

According to Lloyds TSB's business confidence index, which the bank publishes every six months, confidence fell by 32 per cent in the final quarter of 2008.

The index takes into account factors such as businesses expectations of sales orders and profit predictions for the coming six months and is based on the responses of 3,450 firms.

John Maltby, managing director at Lloyds TSB Commercial said: "British businesses have had a rough ride in recent months.

"With demand on a downward spiral, it's small wonder that they are feeling pressure on their finances and that confidence is at such a low ebb."

Earlier this week, Lloyds TSB released a statement welcoming the government's new scheme for getting banks lending to businesses again.

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