The volume of new corporate restructuring mandates is set to continue rising over the next two years as distressed companies grapple with geopolitical uncertainty, tightening interest rates, and new regulatory challenges, according to new research commissioned by CSC, the world’s leading provider of global business administration and compliance solutions. Key Findings: Over 80% of industry experts expect volume of restructurings to continue rising Regulations favouring liquidation over rehabilitation seen as biggest challenge, with survival further hampered by inexperienced management teams and rising interest rates North America and Europe experiencing significant restructuring CSC’s study, Global Restructuring Trends in 2024: Navigating the Opportunities and Challenges, reveals that the overwhelming majority (83%) of sector professionals expect to see the volume of restructuring mandates grow significantly or modestly over the next two years, with a quarter (25%) predicting a significant increase. CSC commissioned research among 150 independent senior executives in the global financial services, legal, private credit, and private debt sectors to shed new light on what’s driving the rise in global restructurings, as well as challenges facing the industry, and key regional differences. “The acceleration in global restructurings builds on the rise we’ve seen over the past 12-24 months. In the UK, for example, there were more than 25,000 registered company insolvencies in 2023, the most for 30 years,” says Michelle Dreyer, managing director of CSC’s Global Restructuring Practice. “We’re seeing a number of companies that took on a considerable amount of debt during COVID and are now seeing that debt come due. But as rates are now so much higher, they can’t just go to their lender or a different lender and refinance,” Dreyer adds. “Some restructurings are actually companies that probably should have filed in 2020, but because they were so bolstered by the cheap money in the market, they’ve been able to hold out until now. We're now seeing the aftermath of all that inexpensive money.” Two-thirds (65%) of industry experts said the biggest challenge to restructuring distressed companies was overcoming regulatory hurdles, which at times favours liquidation rather than rehabilitation. Other key challenges are inexperienced management teams (cited by 55% of respondents), which are unaccustomed to the transition from normal company operations to a very different and complex bankruptcy environment. Some 40% of respondents highlighted rising interest rates as a major driver in the restructuring market. “Many individuals in management have little or no experience in dealing with the challenges of a systemic downturn,” adds Dreyer. “Management teams often have a difficult time transitioning from normal company operations to what is needed in a bankruptcy proceeding, meaning that the support of experienced providers who can move quickly to assist them becomes hugely valuable.” CSC’s study identified North America and Europe as the two regions witnessing the most significant volumes of restructuring activity. Over 40% of those surveyed selected these geographies, with their mature regulatory frameworks making them attractive to companies from beyond their own borders. “Regulatory changes can also have a positive impact on restructuring and make certain jurisdictions more attractive, resulting in the high use of COMI shifts,” says Dreyer. “Only a very small minority said they use just one independent external vendor during restructuring processes, highlighting the difficulty of finding a one-stop-shop during what are exceptional times for management teams. At CSC, we provide expertise from highly experienced professionals across a variety of products and a truly joined-up, global cross-border service.”

The limited edition XPA - Extra Pale Ale – is a hazy, full-bodied golden beer. It is a New World-style XPA as it uses Cascade, Centennial, Citra, and Nugget hops from the US, which provide the beer with bold citrus and tropical flavours, along with a touch of spice. These are combined with UK-sourced malts and water drawn from the artesian well underneath Shepherd Neame’s historic Faversham Brewery. New World XPA boasts an eye-catching deep orange keg lens, designed to stand out on the bar, incorporating a subtle outline of Faversham Creek, a stone’s throw from the brewery.   It is the third in Shepherd Neame’s new Small Batch range of limited edition, craft keg beers, created on a 15 barrel kit installed in the heart of the brewery. The first brew was First Drop Session IPA (4.3% ABV) , released in October, which has now been incorporated as a permanent addition to Shepherd Neame’s portfolio, and Unfiltered Pilsner (4.4% ABV), unveiled in April.   Director of Brewing Mike Unsworth said: “Our team are really enjoying being able to experiment with new styles and flavours in the new Small Batch brewery. We are incredibly proud of our latest creation, New World XPA, a punchy pale ale crafted to appeal to drinkers who enjoy a hop-forward pint." "Customers have given us great feedback on the beers created in our Small Batch brewery so far, and we look forward to continuing to use the kit to develop more great beers and showcase our brewing skills.”   New World XPA is now available in selected Shepherd Neame pubs across Kent, London and the South East. Find your local here :

National Family Business Day, celebrated annually on the third Thursday in September, takes place on September 19 and is a significant occasion in the UK, dedicated to recognising the invaluable contributions of family-run enterprises to the country's economy and communities. These businesses, often passed down through generations, embody the values of heritage, resilience, and innovation. Family businesses form the bedrock of the UK's economy. They account for a staggering 88% of all private sector firms, employing over 12 million people and contributing billions of pounds to the national GDP. These businesses span a diverse range of industries, from small local shops and restaurants to large multinational corporations, showcasing the breadth and depth of family entrepreneurship. One of the hallmarks of family businesses is their ability to adapt and thrive through economic cycles, technological advancements, and societal changes. This resilience is often attributed to their long-term vision, strong values, and deep community ties. Unlike publicly traded companies, family businesses tend to prioritize sustainability and legacy over short-term profits, ensuring their longevity. National Family Business Day is an opportunity to celebrate the success stories of family businesses across the UK. Companies like Walkers Shortbread, Tunnocks, Thatchers Cider, Wyke Farms and JCB have become household names, renowned for their quality, innovation, and commitment to their employees and communities. These success stories serve as an inspiration to other family businesses, highlighting the potential for growth and impact. Despite their significant contributions, family businesses face unique challenges. Succession planning, maintaining family harmony, and balancing tradition with innovation are just a few of the complexities they navigate. National Family Business Day provides a platform to address these issues with networking opportunities to support family businesses in overcoming their challenges and seizing new opportunities. Family Business United (FBU) plays a crucial role in organising National Family Business Day and advocating for family-run enterprises. Founded by Paul Andrews, FBU is dedicated to promoting the interests of family businesses through various initiatives and resources. They provide a platform for these businesses to share their stories, celebrate their successes, and address their challenges. FBU's efforts include: Awareness Campaigns : Highlighting the importance and impact of family businesses on social media, in the press, and through their own channels. Educational Resources : Offering webinars, articles, and guides to help family businesses navigate issues such as succession planning, governance, and innovation. Networking Opportunities : Facilitating connections among family business owners, allowing them to share experiences and strategies. FBU's commitment to family businesses ensures that their contributions are recognised and that they receive the support needed to thrive. On National Family Business Day, communities across the UK come together to celebrate the achievements of family businesses, with plenty of activities on social media using the hashtag #GBFamilyBizDay and in person events including a National Family Business Day Dinner all aimed at highlighting the positive impact of these businesses on society. A full marketing campaign pack is available to help family businesses and those working with family businesses make the most of the day too. As the UK continues to navigate the complexities of the modern economic landscape, family businesses remain a pillar of stability and innovation. National Family Business Day is not just a day of celebration, but also a call to action to support and nurture these enterprises, ensuring they continue to thrive for generations to come. Paul Andrews, CEO of Family Business United, emphasises the day's significance: "National Family Business Day is a vital opportunity to shine a light on the remarkable contributions of UK family firms. These businesses are the backbone of our economy and our communities, and their dedication and hard work deserve recognition." "We celebrate the resilience and innovation of family businesses, and we are committed to supporting them in navigating their unique challenges. This day is a testament to their enduring legacy and an affirmation of their crucial role in our society and it is a fantastic day to celebrate their impact on the national economy too." We champion and celebrate the family business sector each and every day but it the creation of a national day that shines a spotlight on the sector for all to see really does amplify the family business voice across the nation. Family firms really do put the GREAT into Great Britain."

The thriving health and care division of independent insurance broking and risk management specialist, TL Dallas, has secured several new client wins, including a £140m turnover care group that has 63 homes across the UK. The division has a team of eight brokers with more than 100 years’ combined industry experience based across offices in Bradford, Lincoln and London. Account executive, James Bright moved to TL Dallas from Marsh Commercial last year along with Rico Young, to further strengthen the UK wide proposition. James said: “Our expert broking team and longstanding insurer relationships combined with our own in-house claims team, gives us a compelling offering for operators in the health and care sector." “With great interdepartmental collaboration at TL Dallas, clients benefit from working with a larger independent broker, but with one dedicated point of contact, and we also deal with any claims internally, rather than outsourcing them. We therefore appeal to both smaller independent health and care operators, as well as large multi-site businesses, and we have the expertise and capability to manage all types of clients in this sector.” Clients include care homes, domiciliary care providers, supported living and day care providers, children’s homes, foster care agencies, hospices, retirement homes, dental practices and GP surgeries, as well as providers of complementary and alternative therapies. James added: “We provide a ground up gap analysis review of all current and recommended ancillary policies including motor-fleet, property, management liability and cyber insurance to ensure any potential gaps in cover are addressed. We are highly focused on mitigating the risks that businesses face in the health and care sector, including medical malpractice and professional indemnity to protect our client and their business.” TL Dallas has over the past 18 months, partnered with a number of care associations, which are independent membership groups. The partnerships allow TL Dallas to share knowledge around risk management as well as health and safety guidance, to help clients navigate claims. TL Dallas also works closely with other industry experts including solicitors, risk management professionals and Care Quality Commission (CQC) advisors to help provide a wealth of knowledge and relevant guidance to clients. Polly Staveley, managing director at TL Dallas, said: "We have been working in the health and care sector for over 20 years, but since last year have increased our focus on creating a dedicated division for this. The positive feedback and testimonials from our clients alongside the relationships the team have built in the health and care sector, have resulted in several client referrals including this most recent client win, and we look forward to continuing to grow our offering in this sector.”

LandyCampers, the UK's most awarded adventure camper hire company, is proud to announce that it has received the prestigious TripAdvisor Traveller's Choice Award for 2024. This recognition places LandyCampers in the top 10% of hospitality businesses worldwide for the second consecutive year, highlighting the company's commitment to providing unparalleled camping experiences and exceptional customer service. Celebrating Excellence The TripAdvisor Traveller's Choice Award honours businesses that consistently deliver fantastic experiences to travellers around the globe. Winners are determined based on the quality and quantity of traveller reviews and ratings over the past year. This accolade reflects LandyCampers' dedication to customer satisfaction, innovative offerings, and sustainable travel practices. Max Isham, co-founder of LandyCampers said: "We are thrilled to receive the TripAdvisor Traveller's Choice Award for the second year in a row. This award is a testament to our relentless hard work and our commitment to delivering exceptional camping experiences. We are incredibly grateful to our customers for their continuous support and positive feedback." Unique Offerings and Customer Experiences LandyCampers offers a one-of-a-kind camping experience, renting out classic Land Rover Defenders fully equipped for off-grid camping holidays. Each vehicle, affectionately known as a "Landy," features a rooftop tent and a comprehensive set of high-quality camping gear, ensuring a seamless and comfortable adventure. The recent addition of Thule Approach Rooftents enhances the luxury and comfort of the camping experience, providing guests with spacious interiors and breath-taking views. Sustainability at Its Core LandyCampers is committed to sustainability and environmental conservation. The company integrates carbon offsetting into its business model, making it a 'carbon negative' holiday option. To date, LandyCampers has offset 180 tonnes of carbon and planted over 1,400 trees through Ecologi - already offsetting more CO2 than all the total mileage of the Landys since their manufacture dates. These efforts ensure that guests can enjoy their adventures knowing that they are contributing to environmental preservation. What Customers Are Saying Customer reviews on TripAdvisor highlight the unique aspects of the LandyCampers experience: “Far exceeded my already high expectations. We wanted an adventure with a bit more luxury than your average camping and I can wholeheartedly say Max and Bela have managed that.” “What a fantastic company! I can not recommend Landycampers enough. Max and Bela could not have been more welcoming and helpful from start to finish!” "Bela & Max truly helped to make our honeymoon feel special. We loved our Landy experience so much that Max has agreed to support us in the search for our own." Looking Ahead As LandyCampers continues to grow, the company remains dedicated to enhancing its offerings and expanding its reach. With the recent addition of the state-of-the-art Thule Approach Rooftents and the introduction of the revolutionary Thule Outset Towbar Tent, LandyCampers is poised to provide even more luxurious and comfortable camping experiences. The team is excited to welcome more adventurers and continue creating unforgettable outdoor experiences. International Appeal LandyCampers is proud to host guests from around the world. In 2024, they welcomed their first guests from China, who flew in specifically to rent the Defender 90, and have continued the season with guests from Germany, Ukraine, and Russia. This underscores the global appeal of the LandyCampers experience, attracting adventurers from across the world to explore the UK in a unique and memorable way. About LandyCampers LandyCampers is the UK's premier adventure camper hire service, offering fully equipped Land Rover Defender Rooftent Campers for unique outdoor experiences. Founded by Max and Bela Isham, LandyCampers is dedicated to providing high-quality, sustainable camping adventures, allowing guests to explore the UK and mainland Europe in style and comfort. With a focus on sustainability and exceptional customer service, LandyCampers is the go-to choice for adventurers seeking a memorable and eco-friendly getaway. For more information about LandyCampers and to book your next adventure, visit here .

With the eyes of the world on Wimbledon, the experts at Arco Professional Safety Services have been working to ensure the safety of people working behind the scenes. Arco has been providing fall protection services and working at height training for the Championships since 2019, helping to ensure the safety of maintenance and cleaning staff, camera and lighting crews, and others working in areas where there is a risk of falling. For the past five years, Arco's team of working at height specialists have been instrumental in installing and annually testing and recertifying vital fall protection systems at the world-famous All England Club, including on Centre Court and Courts 1 and 2. Matthew Glass, fall protection manager at Arco Professional Safety Services, said: “By testing and certifying the fall protection systems and providing essential work at height training, Arco plays an important role in the smooth and safe operation of the Wimbledon championships." “With our support, the Wimbledon team can focus on delivering a world-class sporting event, knowing that Arco, the Experts in Safety, are helping them meet the highest safety standards.” In preparation for this year’s tournament, Arco has meticulously inspected around a dozen different fall protection assets, including RoofSafe and 3M horizontal lifeline systems, Soll Pivitloc ladder systems, fall arrest anchor points, fixed ladders, and self-retracting lifeline fall arrest blocks. Arco’s highly skilled trainers have also provided training in rooftop safety and rescue from height, allowing the Wimbledon team to safely access the court roofs to maintain lighting, banners and other equipment. Workers have to be retrained in rescue from height every year and rooftop safety every three years. In addition to Wimbledon, Arco Professional Safety Services provides fall protection services and working at height training for some of the UK’s top attractions. This year alone, Arco experts have installed vital safety systems for LEGOLAND Windsor Resort’s new minifigure Speedway rollercoaster[i] and Thorpe Park’s brand new Hyperia ride[ii]. Arco Professional Safety Services provide consultancy, training, services and equipment to manage the most complex and high-risk, hazardous scenarios. Find out more at here.

Leading artisan flatbreads, falafel and baklawa supplier Dina Foods is celebrating being named Food & Drink sector winner at the high-profile Family Business of the Year Awards 2024, held in London on June 19. The baker and food manufacturer stood out for an “unequivocal passion for the food they produce and their strong sense of community and family,” in the hotly contested category, according to the Awards’ organisers. This ethos manifests itself daily in the quality of the food, bread and confectionery products Dina produces, to delight the trade and their shoppers and consumers. London-based Dina Foods was founded by the Haddad family in 1992 and has been instrumental in popularising Lebanese cuisine in the UK. It continues to bring authentic, artisan products to popular attention, supplying supermarkets, small shops and foodservice customers. The company now employs 160 people and has three state-of-the-art production sites in London, which it continues to further expand and upgrade to meet growing demand. Dina Foods plans to increase its range with major supermarkets in the UK in the next year with particular focus on its bespoke Paninette® flatbread and baklawa confectionery both of which will show strong growth, following new listings with major retailers. It will also be building on its export success to date, exporting goods into the European market. The family remains at the heart of the operation and in addition to the three founding brothers and directors, Suheil, Fadi and Samir Haddad, Dina Foods has developed the next generation of family members to continue the proud tradition of service and product excellence. Project manager Wilda Haddad, one of the second generation in the business, comments: “We are delighted to win this Award which recognises our commitment to innovation and entrepreneurship and the strong sense of community in our family business.”

Family Business United has compiled a listing of the top Family Business Apprentice Employers since 2022 and the search has now begun to find the leading family firms investing in the future of their workforce. If you had 5 or more apprentices working in your family firm as of June 30, 2024 you are eligible for inclusion in the report. Simply complete the short online form with your data and the team at Family Business United will be in touch to finalise your involvement. The information requested on the form is simply, as at June 30, 2024:   The total number of employees in the business The total number of apprentices in the business The total number of new apprentices starting their apprenticeship in the year to June 30, 2024 The total number of apprentices completing their apprenticeship in the year to June 30, 2024   In addition, there is the option to provide a quote on the role of apprentices within your business which will be incorporated into the report. Complete the form here Check out the report from 2023 here Submissions are sought from all corners of the UK and the final report will represent the best in terms of the number of apprentices, the creation of new apprenticeships and the number of apprentices completing and graduating from their apprenticeships. Entries are open to family businesses employing more than five apprentices and are analysed and ranked on a number of different factors which were consolidated to determine the final listing.   As Paul Andrews, Founder and Managing Director of Family Business United adds, “Family businesses are innovative and entrepreneurial and it is great to see so many providing apprenticeships. Each report clearly demonstrates the commitment of family firms to invest in the next generation of their staff and that there are a significant number of apprenticeship opportunities within the family business sector. We look forward to compiling the Family Business Apprentice Employers Report for 2024."

Two Yorkshire businesses, an agricultural and horticultural college, Askham Bryan College, York and one of the UK’s largest commercial plant growers, Johnsons Nurseries, have partnered up for a second year to deliver a bespoke training course following a successful launch in 2023. Developed exclusively for Johnsons Nurseries’ staff, the 12-week ‘Introduction to Horticulture’ course will be held between July and September this year, exploring topics including the lifecycles of plants, impacts of plant choices, and an introduction to plant science. Those who successfully completed the course last year praised the expertise and passion of the tutors, saying the course increased their confidence and gave them new knowledge useful to their role at Johnsons. With the sites located just 12 miles apart from each other, Johnsons Nurseries and Askham Bryan have been working together since the 1970s, with Johnsons providing work placements for students and the college providing horticultural courses for its staff. Johnsons first contacted Askham Bryan in early spring 2023 regarding a training partnership to ensure its employees stay at the forefront of horticultural knowledge through specialised training. Chris Edgar, management trainee, who took the course last year and has now gone on to study the internationally recognised RHS Level 3 qualification said: “The Introduction to Horticulture course was a great way of gaining a good deal of insight into our industry – from learning about plant taxonomy to how to plant a tree, it was all incredibly useful in providing context to what we do day to day." “All the tutors were very engaging and enthusiastic, and the course as a whole is an invaluable tool to expand horticultural knowledge.” Ellie Richardson, marketing and office manager at Johnsons, added: “With lots of our employees not having a background in horticulture, this course allows them to gain the vital insight they need to further their careers at Johnsons." “We’re pleased to invest in our staff, giving them the training they need, whilst also sparking new interests in the world of horticulture. It’s exciting to be able to run the course for a second year, to give even more of our employees the opportunity to advance their knowledge.” Steve Bassford, curriculum area manager for horticulture at Askham Bryan, said: “We are thrilled to announce the commencement of our second cohort for the Introduction to Horticulture course here at Askham Bryan College." “We will be building on the success of our inaugural programme which promises to offer an enriched and immersive experience in horticulture. Alongside Johnsons Nurseries we are committed to helping foster a community of passionate plants people dedicated to cultivating their knowledge and skills.” Johnsons Nurseries was founded over 100 years ago and is one of the UK’s largest commercial nurseries. Johnsons has supplied plants and trees to a range of well-known sites, including the A50 Growth Corridor, the National Memorial Arboretum Centre and the Forth Road Bridge.

UK business owners want the easing of EU trade barriers and cuts to VAT from the next Government, according to a new survey just completed from accountants and business advisors Moore UK. Key Findings: Many businesses still struggling with post-Brexit trade friction ‘Absenteeism crisis’ bites for UK businesses – 42% have seen increased absences in past year Moore UK’s survey shows that 39% of business owners want to see less friction in EU trade, the highest percentage of any option. The survey also reveals that 38% of respondents who would like the new Government to cut VAT and 33% who said they would like to see a cut in corporation tax. Matt Meadows, Chair of Moore UK, says that many businesses are still struggling with trade barriers following the UK leaving the EU. This has led to higher costs for those that rely on trade with EU customers, while others have ceased trading with the EU. Matt adds: “With small business owners making a huge contribution to the UK economy, it is imperative the next Government prioritises their needs. If it can reduce trade friction, particularly for SMEs, it will win over a large group of business owners.” “A lot of business owners also believe that a reduction in VAT would be a quick and effective short cut to reducing prices and stimulating greater consumer spending.” “The UK has more than 5.6 million businesses, making business owners a vital voter group in this election. Regardless of who wins, it is vital for the next Government to support businesses as the economy continues to struggle. The pressures on businesses are still massive – from interest rates to trade barriers, skill shortages and low consumer spending.” “Small business owners are looking to the next Prime Minister to make major changes to ease the enormous pressures they have faced since the last election. The cost of debt has pushed a lot of smaller businesses far too close to insolvency. A focus on economic growth should now be a priority.” The next most popular policies in Moore UK’s survey of business owners were a cut in income tax (33%) and cuts to regulations and ‘red tape’ (32%). ‘Absenteeism Crisis’ Affecting UK Businesses Moore UK’s survey also shows that the ‘absenteeism crisis’ is affecting UK businesses, with 42% of business owners reporting that they have seen staff absenteeism rise in the past year. Only 25% of businesses report that they have experienced no issues in recruiting and retaining staff. 44% report struggles in recruiting and retaining workers have meant that existing staff have seen increased workloads, up from 28% in the same survey in 2023. 21% of business owners say difficulties in recruitment and retention have led directly to them not hitting growth targets, while 20% have had to turn down new work. Says Meadows: “Struggles with staffing are one of the major issues affecting UK businesses in 2024. Developing a strong, positive workplace culture and making the value of working there clear to workers can help ease that burden.”

This Plastic Free July, award-winning national decorating contractors Bagnalls is doing its bit to protect our planet. Small actions can have a big impact and Bagnalls now recycles 44.5 tonnes of plastic and metal through Crown Trade’s Can Back scheme. The scheme enables painters and decorators to recycle empty paint cans, completely free of charge. Instead of sending empty paint cans to landfill, programmes like Crown Trade’s Can Back scheme recycle the plastic and metal paint pots and repurpose the materials elsewhere. Crown Trade proudly stocks a number of their products across their range in packaging crafted from 100% post-consumer waste (PCW) plastic. This reduces the need for raw materials, driving the circular economy for the full lifecycle of the product range. Ben Featherstone, Sustainability Coordinator at Bagnalls, comments “Crown’s Can Back scheme has helped us recycle 44.5 tonnes of empty plastic and metal cans – a 14% increase in the number of cans we were able to recycle in 2022. These cans would previously have gone to landfill, but can now be used by manufacturers to make new paint cans.” Bagnalls is also proud to have been able to use Graphenstone paint at a recent project at Church House in London. This specialist paint actually absorbs carbon dioxide from the atmosphere as it is applied to a surface, combining aesthetics with sustainability. “By using Graphenstone paint, we have absorbed seven tonnes of CO2 from the atmosphere” adds Ben. “However, we know there is still more work to be done – this is why we’ve set considered targets for the future. We aim to recycle 90% of our paint cans and continue to work with manufacturers to find methods to recycle cans that cannot currently be recycled." “We’re aiming to do our bit for the planet, making sure we make the sustainable choice where possible and striving to be kind to the environment, while still delivering high-quality painting and decorating projects to our valued customers.”

The latest Lloyds Bank Business Barometer has found that overall business confidence fell by 9 points to 41% in June. Despite falling from last month’s highs, this latest confidence reading is consistent with levels seen during Q1 2024, before the sharp rise in May. Key Findings: Latest survey data shows overall business confidence fell to 41%, but remains above long-term average (28%). Businesses still showing positive hiring intentions, despite expectations falling to a three-month low. Confidence in construction, retail and services sectors fell, but increased in manufacturing sector. Regional disparities narrow across the country, but Yorkshire & the Humber recorded the highest levels of confidence at 48% (up 3 points). The Barometer measures businesses’ overall confidence by assessing their trading prospects and optimism for the economy. At 41%, this month’s result is considerably higher than the long-term average of 28%, pointing to a continued positive outlook from firms. June’s Barometer also highlighted that respondents’ views in relation to their trading prospects remain robust. However, the data suggests the positive sentiment shared by some businesses about their trading prospects at the beginning of the year has started to ease. 53% of businesses reported stronger output expectations, while 9% anticipated weaker output. The resulting net balance fell by 10 points to 44%, which is the lowest reading since December 2023. Businesses’ economic optimism also remains robust at 39%, despite a dip of seven points. This is still higher than the results recorded in Q1 2024, with 55% of respondents saying they felt more positive about the economy compared to three months ago – down from 62% in May – while 16% were more negative – unchanged from May. Employment Insights Staffing level expectations eased back in June with nearly half of all businesses surveyed saying they expect their workforce to increase in the next 12 months, while 16% said they expect a lower headcount. The resulting net balance fell 7 points to 32%, the lowest since March, but the results still signify positive hiring intentions overall. Similarly, wage growth expectations also dipped as the share of businesses expecting pay growth between 4-5% fell to a one-year low. Despite this remaining higher than pre-Covid levels, the share expecting pay growth of more than 5% also saw a decrease to a 3-month low. Hann-Ju Ho, Senior Economist, Lloyds Bank Commercial Banking said: “These results suggest a slight drop in business confidence in June as firms’ trading outlook and economic optimism fell below levels seen in recent months. However, these results are still broadly in line with the positive readings we were seeing towards the start of the year.” “Fewer businesses indicated that their prices would increase in the next few months, which chimes with last week’s fall in inflation figures. Meanwhile, there was a mixed set of results seen across the sectors, but following last month’s increase, confidence fell in construction as well as retail and services.” Pricing Insights Firms’ own price expectations fell to an 11-month low, as 57% of businesses intend to increase their prices over the next 12 months, while 4% said they plan to lower prices leaving the resulting net balance at 53%. Sector Insights Results across the sectors were mixed in June as three of the four sectors saw a decline in trading prospects. Construction fell 16 points to 42% and there were other notable decreases in retail (down 14 points to 35%) and services (down 11 points to 46%). Manufacturing however, bucked this trend, increasing by two points to 51%. Paul Gordon, Managing Director for Relationship Management, Lloyds Bank Business & Commercial said: “It’s encouraging to see that businesses are still feeling optimistic, with business confidence currently sitting well above the long-term average for over a year. The regions saw a mixed picture, with confidence particularly strong in Yorkshire & the Humber, the North East and the East Midlands”. “As we round up the first half of the year, it’s an opportune moment for businesses to review, set out their ambitions and know that we are here to support them as we move into the second half of the year.” Regional Insights There were significant monthly changes in confidence in several UK regions. Confidence rose and was the highest in Yorkshire & the Humber, the North East and East Midlands. Firms in Northern Ireland, Wales and the South West were also more upbeat than in May. Sentiment fell in other parts of the country, with the biggest drops in the South East, the East of England and the West Midlands. Smaller declines occurred in Scotland, London and the North West.