Business confidence is at a four year low with the concerns on the economic uncertainty on the rise experiencing a slow down as a result of the referendum. There is a 12% slip in the sales expectations which is 38% lower than in January as per the Lloyds Bank’s Business reports. Economic uncertainties are considered to be a threat to the growth over the next coming months. The employment opportunities and investment has gone down across sectors according to reports. To add to this, the fall of 30 points in the wholesale and the retail business including hospitality and leisure is a bane.
According to the Managing director of Lloyds, Tim Hilton, the January report responsible for the blow in the confidence was in view of the latest political and economic shocks. The report gathers that the export demands have also waned with the global export sales plummeting by 20%. The pound value is at 13 year low with Britain deciding to leave EU. Though the UK goods are competitive in the global market helping the exports grow. Employment is also under pressure with a lot of companies expected to recruit going down for the fourth consecutive survey. The increase in the head count has fallen by around 14 points and those looking for an increase in the capital expenditure were lowered by 14% moving to zero.