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Business confidence at '15-month high'

Story added 08 September 2009.

Business confidence has hit a 15-month high, new research by a leading bank has discovered.

In the survey compiled by Lloyds TSB, it was found that the overall balance of firms which expected business activity to rise over the next year gained two more percentage points, jumping from 30 per cent to 32 per cent in August.

The news could spell good news for the likes of UK manufacturing and precision engineering, with more businesses willing to invest in projects which could require the skills of the industry.

Trevor Williams, the chief economist at Lloyds TSB Corporate Markets, said there is now a "clear upward trend" in confidence for firms regarding their prospects and those for the economy as a whole.

He continued: "As global demand stabilises and shows signs of recovery, businesses are once again starting to rebuild their stocks, after many months in the doldrums. And that's giving them reason to be more upbeat."

The survey was first carried out in January 2002 and is compiled monthly on behalf of Lloyds TSB Corporate Markets by Continental Research.

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