London firms lose confidence as worries about economy increase

London firms lost confidence during April as optimism around the prospects for the British economy sagged, according to a poll to be published today.

The balance of firms in the capital expressing overall confidence fell 12 points during April to reach 43 per cent, according to data from Lloyds Bank Commercial Banking.

Economic optimism from London businesses slumped by 10 percentage points to hit 41 per cent.

London firms confidence in their own business prospects weakened to 45 per cent, compared with 58 per cent in March.

However, Paul Evans, regional director for London at Lloyds Bank Commercial Banking, added a note of optimism, reflecting a more upbeat outlook in London than the rest of the UK. He said: “There are signs that economic concerns are beginning to grow, but companies remain keen to take on more staff – and this commitment is still intact.”

Confidence was highest among north west businesses at 49 per cent, while those in the south west were the least confident, with an overall score of 20 per cent, 12 points below the national average.

Read more: Consumer confidence rises to 14-month high to add to puzzle for BoE

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