Companies in London reported higher confidence in their own business prospects month-on-month, up nine points at 54%. Firms in the capital identified their top target areas for growth in the next six months as investing in sustainability (41%), introducing new technology (40%) and investing in their team, for example through training (37%).
A net balance of 50% of businesses in the city expect to increase staff levels over the next year, up 10 points on last month. The Business Barometer provides early signals about UK economic trends both regionally and nationwide, based on surveys of 1,200 businesses monthly.
In May, overall UK business confidence reached its highest level since 2015 - rising by eight points to a net balance of 50%. Businesses showed increased optimism in both their trading prospects (up nine points month-on-month to 54%) and the economy (up seven points to 46%).
Prospects in the construction sector jumped to 58% (up 20 points), the highest for 14 months. In services, expected output increased to 57% (up 12 points), the highest level since 2018. Scotland and the South East of England were the most optimistic regions in May, both at 57%.
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