UK business confidence hits highest since March, Lloyds says

LONDON, Aug 28 (Reuters) – British businesses turned the most confident since March this month, bolstered by a rosier view of the economy, according to a survey that echoes other signs of an improving outlook.

Lloyds, a bank, said on Friday that its monthly business confidence index had risen by 4 points in August to +53%, above its average +47% over the past 12 months.

“Overall, businesses are reporting stronger customer demand, greater optimism about the wider economy and growing confidence in their own trading outlook, all of which will be helping to support investment and growth plans,” Amanda Murphy, chief executive of Lloyds Business and Commercial Banking, said.

• Optimism about the wider economy rose 7 points to +49%, well above its 12-month average of +37%

• Businesses’ own trading outlook rose 2 points to +58%, slightly above its 12-month average of +56%

• The percentage of firms planning to raise prices in the next 12 months fell to its lowest since 2022, dropping 3 percentage points to 51%

• S&P Global data last week showed the fastest growth for British businesses in six months, adding to other positive signs

• Lloyds data was based on an Ipsos survey of 1,200 British companies with annual sales of at least £250,000 ($340,000)

($1 = 0.7363 pounds)

(Reporting by David MillikenEditing by William Schomberg)