Lloyds Survey Reveals Sharp Decline in UK Business Confidence Amid Economic Worries
Overview of Lloyds Business Barometer Findings
Significant Drop in Economic Outlook Confidence
LONDON, April 30 (Reuters) - British businesses' confidence about the economic outlook fell this month by the most since April 2020 although their assessment of their own prospects was less downbeat, a survey by Lloyds showed on Thursday.
The net balance in confidence about the wider economy in monthly Lloyds Business Barometer sank by 17 points to +33 while businesses' confidence in their own trading outlook fell by 6 points to +54.
Factors Influencing Business Sentiment
"Businesses told us their confidence fell as inflation pressures re-emerged, global uncertainty persisted and costs remained elevated," said Amanda Murphy, chief executive officer for Lloyds Business and Commercial Banking.
Comparison with Previous Months and Other Surveys
Lloyds' headline business confidence balance fell to +44 in April from +55 in March and remains above its long-run average of +30. March's reading was the highest since November 2015, despite the start of U.S. and Israeli strikes on Iran on February 28, which led to the closure of the Strait of Hormuz, causing oil prices to soar.
The survey has generally painted a more upbeat picture of business sentiment than comparable surveys from the Confederation of British Industry or S&P Global.
Survey Methodology and Additional Information
The Lloyds survey was based on responses from 1,200 firms with annual sales of at least 250,000 pounds ($337,200), collected by polling company Ipsos from April 1 to April 16.
($1 = 0.7414 pounds)
(Reporting by David MillikenEditing by William Schomberg)