London business confidence recovers on improved domestic and export sales
London business confidence bounced back in the second quarter (Q2) as domestic and export sales recovered, according to data published today.
A survey from the London Chamber of Commerce and Industry (LCCI) showed 20 per cent of businesses reported increased domestic sales in Q2, up from 14 per cent in Q1.
The number of businesses reporting declining domestic sales fell in the quarter.
SImilarly, 21 per cent of exporting London businesses reported sales increases in Q2, with the number reporting declining sales falling.
All business confidence indicators increased during the quarter, and expectations for the wider economy also improved, but still remained gloomy overall.
LCCI chief executive David Frost said: “It is great news to see London’s businesses bounce back from the discouraging results of the first quarter of the year. The economy of this city is hugely resilient, and its innovative and dynamic firms continue to create wealth.
“Of course the wider picture remains uncertain and businesses’ broader view of the economy is not positive. That will remain the case until there is clarity about the terms and timing of our exit from the EU. No-deal remains a very real possibility and government and business need to work together to be ready if it happens.”