A recent survey conducted by Lloyds Banking Group shows improvement in markets across England and Wales, with the strongest monthly growth in more than a decade being recorded. The survey shows particular growth in the north-west of the country in August, whilst Wales logged its best performance in four years.
Respondents discussed the growth as being due to heightened consumer spending, alongside greater investment from both public and private sector clients, which has triggered an increase in staff recruitment.
David Oldfield, Managing Director of SME’s at Lloyds comments “Businesses across England and Wales took another step forward on the path to recovery in August, helped by improving conditions in both domestic and export markets”. He added “The most encouraging aspect of the recent increase in business activity is that it has fuelled job creation across the private sector”.
The survey showed that business prospects had increased over the last month, and are close to a two and half year high. However, the latest BDO Business Trends report does not match this trend, with the BDO’s employment index remaining static at 97, whilst the index predicting turnover increased from 96.8 to 98.3 in four weeks. Peter Hemington, a partner at BDO, notes that although business conditions are improving in line with economic expansion, this improvement is not reflected in hiring intentions.
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