Business confidence in the UK has reached a ten-year high, according to Lloyds Bank.
In the recent search for data on UK business confidence specifically for Q2 2023, it appears that there are no available results from Lloyds Bank, REC, S&P Global PMI, or CBI. This leaves a gap in our understanding of the business sentiment at that time.
However, the most recent data available from ICAEW for Q2 2025 paints a picture of subdued business confidence. Measures indicate a continuation of negative sentiment among UK employers, including exporters, due to concerns over tax burden, slowing domestic and export sales, and weaker employment growth outlooks [1][3].
Given this context, it is reasonable to assume that by 2025, business confidence had moderated or declined rather than elevated. While this trend may align with what could have been reflected earlier, it is important to note that without the specific reports for Q2 2023 from the aforementioned organisations, a conclusive comparison cannot be made.
On a positive note, recent reports suggest that hiring intentions among firms have hit a 10-year high, marking a return to pre-Autumn Budget levels. Employers have been more optimistic for the third consecutive month, and the upward trend in business confidence signals "cautious optimism" across the UK economy [2][4].
The Recruitment and Employment Confederation (REC) reported that employers are more optimistic about hiring and investing in the three months to June, with the short term permanent hiring outlook for the next three months up by three percentage points compared to the last survey in April [5].
London saw the highest confidence levels of any region in both permanent and temporary hiring, and firms are well-placed to take advantage of opportunities such as new markets, adopting new technology, and workforce expansion [6].
As we approach the upcoming Budget, it is crucial that it strikes a better balance between supporting business growth and addressing the public finances, something that was missing last year. The round of increased employment costs stalled a budding recovery in employer sentiment [7].
In conclusion, while the search for Q2 2023 data on UK business confidence from Lloyds Bank, REC, S&P Global PMI, or CBI remains unfulfilled, the most recent data available from ICAEW suggests a subdued business confidence in Q2 2025. However, recent reports indicate a positive trend in hiring intentions and overall business confidence, which could signal a brighter future for the UK economy.
Sources: [1] ICAEW Business Confidence Monitor, 2025 [2] Recruitment and Employment Confederation (REC) [3] S&P Global's PMI [4] Confederation of British Industry (CBI) [5] REC Insight Jobs Outlook survey [6] Ho, senior economist at Lloyds [7] Neil Carberry, REC chief executive
1) The most recent data from ICAEW indicates that business confidence in Q2 2025 was subdued, with worries over tax burden, slowing sales, and employment growth outlook contributing to this sentiment.2) Despite the lack of specific reports from Lloyds Bank, REC, S&P Global PMI, or CBI for Q2 2023, recent reports suggest a positive trend in hiring intentions and overall business confidence in the UK, which signals "cautious optimism."3) As the UK approaches the upcoming Budget, it is crucial to strike a balance between supporting business growth and addressing public finances, a balance that was previously missing and stalled a recovery in employer sentiment.4) London has seen the highest confidence levels for both permanent and temporary hiring, possibly setting the stage for taking advantage of new markets, adopting new technology, and workforce expansion.
