UK business morale deteriorates to 2008 low in May – Lloyds Bank

Dhwani Mehta FXStreet

According to the latest survey conducted for Lloyds Bank, the UK business confidence hit its lowest since the 2008 Global Financial Crisis (GFC) due to the economic shock from the coronavirus pandemic.

The monthly business barometer dropped to -33, matching the historic low set in December 2008, reflecting reduced optimism about the economy and weaker hiring intentions.

Lloyds economist Hann-Ju Ho said: “Despite the results partly capturing the period since the government’s announcement of an initial easing of restrictions, trading conditions remain difficult for most firms.”

On Wednesday, the Recruitment & Employment Confederation (REC) showed in its survey, “business confidence measure remained negative but rose to -10 from -21 in April.“

GBP/USD: Mildly bid above 1.2300 as UK enters Sino-American rivalry

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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