Overall business confidence has risen significantly since the start of the year, according to Lloyds Bank.
The latest Business in Britain report from Lloyds Bank, based on data gathered after the snap election was called, showed that the confidence level had increased by 24%.
The confidence index – an average of respondents’ expected sales, orders and profits over the next six months – increased from 12%t immediately following the EU referendum vote last year.
This is an 18-month high and is in line with the indices’ long-term average of 23%.
Tim Hinton, managing director, Mid Markets and SME Banking, Lloyds Banking Group said: “Our latest survey, which was conducted during the election campaign, shows an increase in business confidence since our last report at the start of the year. ”
“Although challenges remain in recruiting both skilled and unskilled labour, businesses are anticipating higher sales, increased profits and staffing levels to rise, which is all very positive for the economy.
He added: “With details of the terms of Britain’s exit from the EU still to come, inflation on the rise and general volatility and uncertainty in the economy, the outlook remains mixed at best.
“However businesses have been operating in this environment for some time now and they are taking it in their stride, staying focused on what they can control and on their business.”