A new business tracker suggests that businesses in Britain’s capital are currently the ‘most confident’ in the UK.
According to Lloyds Bank’s latest Business Barometer, which assesses more than a thousand businesses each month to determine their confidence, resilience and future outlook, City firms are currently leading the way.
The survey ranked confidence among London firms at 40 per cent – the highest reading of all UK regions.
Outside of the capital, the North of England ranked second, with a confidence reading of 35 per cent, followed closely by the North East, North West and Yorkshire.
Meanwhile, the survey found that London firms are feeling particularly ambitious and optimistic at the moment in terms of growth, expansion plans and future outlook.
Almost half (48 per cent) of City businesses told Lloyds that they are planning on recruiting more workers over the next 12 months as part of their expansion plans.
Meanwhile, 20 per cent said they are feeling optimistic about Brexit and believe that Britain’s departure from the European Union (EU) will ultimately have a positive impact on their business.
The news comes at a time when separate research suggests that the UK economy is beginning to ‘pick up speed’ – with several leading industries such as manufacturing and services exceeding growth expectations in June.
Earlier this week, IHS Markit’s latest Purchasing Managers’ Index (PMI) revealed that the service sector, in particular, had seen its strongest increase in activity since October 2017.
Following the good news, the group estimated that the UK economy had grown by 0.4 per cent in the second quarter (Q2) of 2018, up from 0.2 per cent the previous quarter.