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

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.“