Business confidence slumps as volatile markets hit optimism
Business confidence fell sharply in the region in the East of England in September amidst bond market volatility although trading prospects for firms remain above average. A business barometer from Lloyds shows overall confidence fell by 32 points during the month to 32 per cent. Firms’ optimism in their own trading prospects in the region fell by 22 points to 46 pc, while optimism in the economy fell 43 points to 17 pc. Hann-Ju Ho, senior economist at the bank, said: “While increased market volatility earlier in the month may have impacted confidence, levels of trading prospects and economic optimism remain above their long-term averages. Businesses may find reassurance that the Bank of England is expected to reduce interest rates further in the next six months, while long-term global bond yields have calmed which, if sustained, may have a positive impact on businesses as we move into the last few months of the year.”
Kirsty Sadler, regional director for the East of England at Lloyds, said: “Despite this month’s results, the East’s businesses continue to show their characteristic resilience and ambition, and are taking steps for further growth.”
Nationally, UK business confidence fell 12 points in September to 42 per cent as firms across manufacturing, construction, retail and services all saw confidence fall.
Separately, Iberdrola – the owner of ScottishPower which is building two large offshore wind farms off the East Anglia coast – is to invest £24 billion in the UK by 2028 in a ‘new era for electrification’. ScottishPower CEO Keith Anderson said: “The scale of today’s announcement cannot be underestimated, we’re investing record sums to deliver the grid that will stand for the next century.”
Fall in insolvencies signals ‘tentative signs of recovery’ but firms face significant challenges
A fall in the monthly number of corporate insolvencies in England and Wales point to “tentative signs of recovery for the region” but business owners should prepare for significant economic challenges in the fourth quarter, says the Eastern branch of R3. Insolvency Service figures show that corporate insolvencies fell by 1.7 per cent in August to 2,048, down from 2,083 in July. R3 Eastern chair Hayley Watson said: “Corporate insolvencies may have decreased slightly in August, but we have a trend which shows continued high numbers of formal insolvencies, albeit way off the peaks of 2023 when pandemic-era problems unwound. While any drop in insolvency numbers is a welcome piece of news for many East Anglian businesses, uncertainty in what is already a difficult trading environment remains the dominant theme across the region.” Concerns include the November Budget, inflationary pressure and continuing high interest rates.
Hoseasons opens new office for 200 staff in Lowestoft
Hoseasons, the self-catering holiday provider, has relocated its 200-strong staff in Lowestoft to a new office at Trinity House in the town’s Riverside Road. The move comes after 32 years at its previous base in Raglan Street in the Suffolk town. Founded 80 years ago by Wally B. Hoseason as a boating holiday provider on the Norfolk Broads, the company is now an agent for UK holiday accommodation, including lodges, cottages, and holiday parks. It is part of Awaze group, Europe’s largest managed vacation rentals business. Hoseasons will share the building, close to the town’s new bridge, with Essex & Suffolk Water. Simon Altham, group chief commercial Officer at Awaze, said: “Opening our new Hoseasons office at Trinity House marks a proud moment for everyone at Awaze…This new home will give our team the space, tools and collaborative environment they need to thrive, while reinforcing our commitment to investing in local talent and growing our presence here for years to come.”
Contractor appointed on next phase of St. John’s Innovation Park
St John’s College has appointed VolkerFitzpatrick to deliver the next phase of expansion at St John’s Innovation Park. The 85,000 sq ft Dirac Building will provide new, premium office space along with a transport hub with showers and gym facilities for all park occupiers. Work will start this November with completion scheduled for spring 2027. The new building is strong on sustainability, offering column-free floor plates, external terraces, and a double-height reception. Suzie Wood, head of investment property at the college, said: “The appointment of VolkerFitzpatrick is a hugely significant milestone, enabling the college to deliver the next chapter in its long-term vision for this crucial hub – providing much needed, sustainable, forward-thinking workspace in the north of the city.” VolkerFitzpatrick recently delivered Cambridge City Council’s new operational hub on Cowley Road.
Cambridge company supports event to ‘encourage next generation of scientists’
Cambridge company Domino has recently taken part at an annual three-day event at the university’s Cavendish Laboratory to raise awareness of the careers open to physics students and to encourage the next generation of scientists. Twenty volunteers from Domino, a long-time supporter of the exhibition, attended the 40th anniversary of Physics At Work held in the Ray Dolby Centre. Over 2000 students from 53 schools attended, with 480 visiting the Domino stand. Penny Streatfeild, chemist at Domino who recently achieved membership status with the Royal Society of Chemists, said: “I’ve volunteered with Domino at the Physics at Work event for the past four years now, and every year I look forward to it. It’s a great opportunity to demonstrate to students how we use physics in a variety of roles whilst working for an industrial printing company, as well as show them that careers in physics/STEM subjects can be interesting in their application and definitely worth pursuing!” Photo: Domino volunteers for Physics At Work
- What’s driving markets in the final part of the year?
- Discover more insights in Brown Shipley’s latest market and investment update: Market Overview – Trade Deals, Earnings & Interest Rates Insights
- Investing puts your capital at risk
