Businesses are more pessimistic about the UK economy than they have been at any point since the June 2016 EU referendum, according to a new survey.
Lloyds found that optimism among British firms slumped 5 points in September to minus 10 per cent. Its poll subtracts the percentage of firms that have a negative view from the percentage that have a positive view to come to a net score.
Firms’ concerns about the expected impact of Brexit intensified, to produce a deeply negative reading of -25 per cent.
However, businesses are more positive about their own prospects, with optimism about trading for the year ahead rising 5 points to 13 per cent.
Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said: “While overall business confidence this month has remained broadly steady, optimism in the economy has fallen, and both remain significantly below the same period last year and the historic average.
1/50 29 September 2019
A sheep on London Bridge as Freemen of the City of London took up their historic entitlement to drive sheep over the bridge, which was once London’s only river crossing
PA
2/50 28 September 2019
An Aldabra giant tortoise is fed watermelon as a treat at the Malvern Autumn Show, at the Three Counties Showground near Malvern in Worcestershire
PA
3/50 27 September 2019
Gallery assistants pose with an artwork entitled ‘Devolved Parliament’ by British artist Banksy, during a press view in London ahead of Sotheby’s contemporary art sale, as part of the Frieze Art Fair
AFP/Getty
4/50 26 September 2019
England’s Jonathan Joseph is tackled by United State’s Marcel Brache during their group match at the Rugby World Cup in Japan. England scored seven tries on their way to winning 45-7
Reuters
5/50 25 September 2019
Tributes for former Rangers player Fernando Ricksen at Ibrox Stadium. Today, the funeral procession will pass Ibrox Stadium before making the journey to Wellington Church
PA
6/50 24 September 2019
A person dressed as a caricature of Prime Minister Boris Johnson in a prison uniform stands outside the Supreme Court after it ruled that his decision to suspend Parliament was illegal
AFP/Getty
7/50 23 September 2019
Thomas Cook aircraft are parked up at Manchester Airport on the day they collapsed after rescue talks failed. A total of 22,000 jobs – including 9,000 in UK – are to be lost following administration. More than 150,000 British holidaymakers need to be brought home, with the government and CAA hiring dozens of charter planes to fly customers home free of charge
Getty
8/50 22 September 2019
Fire performer Penella Bee performs before people take part in the North East Skinny Dip at Druridge Bay in Nothumberland, an annual event that marks the Autumn Equinox and raises money for MIND – the Mental Health Charity
PA
9/50 21 September 2019
Protesters gather for a march and rally organised by “The People’s Vote” in Brighton, to call for politicians to give the public a final say referendum on Brexit
AFP/Getty
10/50 20 September 2019
Protesters in London joined millions across world to demand urgent action to save planet in the largest environmental protest in history
Angela Christofilou/The Independent
11/50 19 September 2019
Rapper Dave poses with the Mercury Prize: Albums of the Year Award at Apollo
Getty
12/50 18 September 2019
A surfer in action during sunrise at Tynemouth on the north east coast
PA
13/50 17 September 2019
Protesters dressed as the Incredible Hulk and Robocop outside the Supreme Court in London where judges are due to consider legal challenges to Prime Minister Boris Johnson’s decision to suspend Parliament. The Supreme Court will hear appeals over three days from two separate challenges to the prorogation of Parliament brought in England and Scotland
PA
14/50 16 September 2019
Farmer Tom Hoggard harvests pumpkins at Howe Bridge Farm in Yorkshire, ahead of Halloween
PA
15/50 15 September 2019
Team Europe celebrate winning the Solheim Cup at Gleneagles in Auchterarder, Scotland. Europe won the last three singles matches to claim victory 14½-13½
Getty
16/50 14 September 2019
Sunset at St Mary’s Lighthouse in Whitley Bay
PA
17/50 13 September 2019
Activists from PETA stage a demonstration outside a venue during London Fashion Week in London, Britain
Reuters
18/50 12 September 2019
Australia’s Marnus Labuschagne attempts to stop a boundary in the fifth Test
Action Images via Reuters
19/50 11 September 2019
Storm clouds gather over the pier just off the North East coast at South Shields
PA
20/50 10 September 2019
The peloton rides past the Angel of the North during stage four of the Tour of Britain from Gateshead to Kendal
PA
21/50 9 September 2019
A penny farthing cyclist rides past St. John’s, Smith Square, Westminster, London
PA
22/50 8 September 2019
Australia celebrate the wicket of England’s Craig Overton, which meant they won the fourth test and retained the Ashes
Action Images via Reuters
23/50 7 September 2019
Manchester City celebrate after Caroline Weir scored during their Women’s Super League match against Manchester United at Etihad Stadium. The WSL attendance record was smashed with 31,213 people watching the first Manchester derby of Women’s Super League era – nearly six times the previous WSL record
Getty
24/50 6 September 2019
A bull bumps into a plain clothes police officer (left) while being walked by Prime Minister Boris Johnson during his visit to Darnford Farm in Banchory near Aberdeen. It coincided with the publication of Lord Bew’s review and an announcement of extra funding for Scottish farmers
PA
25/50 5 September 2019
First Minister Nicola Sturgeon cuts the hair of David Torrance MSP raising £1000 for the charity Maggie’s Centre in Kirkcaldy at the Scottish Parliament in Edinburgh
PA
26/50 4 September 2019
Australia’s David Warner looks dejected after being dismissed by England’s Stuart Broad during day one of the fourth Ashes Test at Old Trafford in Manchester
Getty
27/50 3 September 2019
Anti Brexit demonstrators attend a protest at Parliament Square. Lawmakers returned from their summer recess Tuesday for a pivotal day in British politics as they challenged Prime Minister Boris Johnson’s insistence that the UK leave the European Union on 31 October, even without a withdrawal agreement to cushion the economic blow
AP
28/50 2 September 2019
Set building begins on Waterloo Place in Edinburgh ahead of filming for Fast and Furious 9
PA
29/50 1 September 2019
Members of the Royal Southern Yacht Club and the Island Sailing Club take part during the annual cricket match between the clubs, which takes place on the Bramble Bank sandbank in the middle of the Solent at low tide
PA
30/50 31 August 2019
Anti-Brexit protesters demonstrate at Whitehall in London
SWNS
31/50 30 August 2019
One of the iconic ‘Girl with Balloon’ artworks by anonymous street artist Banksy is carried near one of the original locations the artwork appeared at on the Southbank in London
AP
32/50 29 August 2019
The sun rises over the sculpture “The Couple” by artist Sean Henry, at Newbiggin-by-the-sea in Northumberland
PA
33/50 28 August 2019
A person wearing a Boris Johnson ‘head’ digs a grave at the foot of a tombstone during a protest organised by Avaaz and Best for Britain, outside Downing Street in London
PA
34/50 27 August 2019
Nat Lofthouse statue is covered in flags at the University of Bolton Stadium, Bolton
Action Images via Reuters
35/50 26 August 2019
Performers take part in Notting Hill Carnival. Nearly one million people were expected to attend Sunday and Monday’s carnival to celebrate Caribbean culture
AFP/Getty
36/50 25 August 2019
A competitor swims in the World Bog Snorkelling Championships in Llanwryd Wells, Powys
Reuters
37/50 24 August 2019
People flock to Bournemouth beach as a heatwave spells potentially record high temperatures for the bank holiday weekend
PA
38/50 23 August 2019
Fans of Bury FC deliver a symbolic coffin to the club’s home at Gigg Lane as the continuation of their membership to the football league lies in doubt. The club will lose their membership at midnight if they don’t find a buyer or prove that they have the means to pay off their debts
PA
39/50 22 August 2019
Labour Leader Jeremy Corbyn and Shadow DEFRA Secretary Sue Hayman during a visit to Rakefoot Farm, Castlerigg, Keswick where they are highlighting the danger of a No Deal Brexit to sheep farmers
PA
40/50 21 August 2019
Festival goers walk along the towpath of the River Thames as they arrive for the Reading Festival at Richfield Avenue
PA
41/50 20 August 2019
Police officers gather to pay their respects at the scene near Ufton Lane, where Thames Valley Police officer PC Andrew Harper, 28, died on Thursday. Jed Foster, 20, has appeared at Reading Magristrates’ Court where denied any involvement with the murder
PA
42/50 19 August 2019
A fire that broke out at the site of Village Bakery on Coed Aben Road, Wrexham Industrial Estate in Wales
Jord_wxm29/Twitter/PA
43/50 18 August 2019
England fielders crowd Pat Cummins as he see’s out the final over during day five of the second Ashes Test match against Australia at Lord’s Cricket Ground. The test ended in a draw
Getty
44/50 17 August 2019
Glew (centre) and Monroe Adams (right) pose for a selfie with a member of the public outside DragWorld London 2019, Europe’s largest drag convention, featuring drag stars from the US and UK during a two-day event at Olympia, London
PA
45/50 16 August 2019
A grey seal with fishing net tangled around its neck amongst the colony on the beach at Horsey in Norfolk, as RSPCA data show the number of animals affected by plastic litter is at an all-time high, with incidents increasing by 22% in just four years
PA
46/50 15 August 2019
A flock of sheep are herded past government buildings in London by members of Farmers for a People’s Vote, a campaign group
PA
47/50 14 August 2019
Swedish climate activist Greta Thunberg speaks during a press conference at the Mayflower Marina in Plymouth, southwest England, on August 14, 2019, ahead of her journey across the Atlantic to New York, aboard the Malizia II IMOCA class sailing yacht, where she will attend the UN Climate Action Summit next month. – A year after her school strike made her a figurehead for climate activists, Greta Thunberg believes her uncompromising message about global warming is getting through — even if action remains thin on the ground. The 16-year-old Swede, who sets sail for New York this week to take her message to the United States, has been a target for abuse but sees that as proof she is having an effect
AFP/Getty
48/50 12 August 2019
A hare runs on a moor near Ripon, North Yorkshire
PA
49/50 11 August 2019
Britain’s Jamie Chadwick wins first-ever W Series title. She pocketed a prize of £410,000 and, having been signed as a development driver for Williams, she keeps up her hopes of making it into Formula One
Getty
50/50 10 August 2019
People gather on the beach as a raft carrying people dressed as clowns heads to shore during the annual Whitby Regatta in Whitby, England. At over 170 years old, the Whitby Regatta is thought to be the oldest sea regatta on the northeast coast of England and draws thousands of visitors each year
Getty
1/50 29 September 2019
A sheep on London Bridge as Freemen of the City of London took up their historic entitlement to drive sheep over the bridge, which was once London’s only river crossing
PA
2/50 28 September 2019
An Aldabra giant tortoise is fed watermelon as a treat at the Malvern Autumn Show, at the Three Counties Showground near Malvern in Worcestershire
PA
3/50 27 September 2019
Gallery assistants pose with an artwork entitled ‘Devolved Parliament’ by British artist Banksy, during a press view in London ahead of Sotheby’s contemporary art sale, as part of the Frieze Art Fair
AFP/Getty
4/50 26 September 2019
England’s Jonathan Joseph is tackled by United State’s Marcel Brache during their group match at the Rugby World Cup in Japan. England scored seven tries on their way to winning 45-7
Reuters
5/50 25 September 2019
Tributes for former Rangers player Fernando Ricksen at Ibrox Stadium. Today, the funeral procession will pass Ibrox Stadium before making the journey to Wellington Church
PA
6/50 24 September 2019
A person dressed as a caricature of Prime Minister Boris Johnson in a prison uniform stands outside the Supreme Court after it ruled that his decision to suspend Parliament was illegal
AFP/Getty
7/50 23 September 2019
Thomas Cook aircraft are parked up at Manchester Airport on the day they collapsed after rescue talks failed. A total of 22,000 jobs – including 9,000 in UK – are to be lost following administration. More than 150,000 British holidaymakers need to be brought home, with the government and CAA hiring dozens of charter planes to fly customers home free of charge
Getty
8/50 22 September 2019
Fire performer Penella Bee performs before people take part in the North East Skinny Dip at Druridge Bay in Nothumberland, an annual event that marks the Autumn Equinox and raises money for MIND – the Mental Health Charity
PA
9/50 21 September 2019
Protesters gather for a march and rally organised by “The People’s Vote” in Brighton, to call for politicians to give the public a final say referendum on Brexit
AFP/Getty
10/50 20 September 2019
Protesters in London joined millions across world to demand urgent action to save planet in the largest environmental protest in history
Angela Christofilou/The Independent
11/50 19 September 2019
Rapper Dave poses with the Mercury Prize: Albums of the Year Award at Apollo
Getty
12/50 18 September 2019
A surfer in action during sunrise at Tynemouth on the north east coast
PA
13/50 17 September 2019
Protesters dressed as the Incredible Hulk and Robocop outside the Supreme Court in London where judges are due to consider legal challenges to Prime Minister Boris Johnson’s decision to suspend Parliament. The Supreme Court will hear appeals over three days from two separate challenges to the prorogation of Parliament brought in England and Scotland
PA
14/50 16 September 2019
Farmer Tom Hoggard harvests pumpkins at Howe Bridge Farm in Yorkshire, ahead of Halloween
PA
15/50 15 September 2019
Team Europe celebrate winning the Solheim Cup at Gleneagles in Auchterarder, Scotland. Europe won the last three singles matches to claim victory 14½-13½
Getty
16/50 14 September 2019
Sunset at St Mary’s Lighthouse in Whitley Bay
PA
17/50 13 September 2019
Activists from PETA stage a demonstration outside a venue during London Fashion Week in London, Britain
Reuters
18/50 12 September 2019
Australia’s Marnus Labuschagne attempts to stop a boundary in the fifth Test
Action Images via Reuters
19/50 11 September 2019
Storm clouds gather over the pier just off the North East coast at South Shields
PA
20/50 10 September 2019
The peloton rides past the Angel of the North during stage four of the Tour of Britain from Gateshead to Kendal
PA
21/50 9 September 2019
A penny farthing cyclist rides past St. John’s, Smith Square, Westminster, London
PA
22/50 8 September 2019
Australia celebrate the wicket of England’s Craig Overton, which meant they won the fourth test and retained the Ashes
Action Images via Reuters
23/50 7 September 2019
Manchester City celebrate after Caroline Weir scored during their Women’s Super League match against Manchester United at Etihad Stadium. The WSL attendance record was smashed with 31,213 people watching the first Manchester derby of Women’s Super League era – nearly six times the previous WSL record
Getty
24/50 6 September 2019
A bull bumps into a plain clothes police officer (left) while being walked by Prime Minister Boris Johnson during his visit to Darnford Farm in Banchory near Aberdeen. It coincided with the publication of Lord Bew’s review and an announcement of extra funding for Scottish farmers
PA
25/50 5 September 2019
First Minister Nicola Sturgeon cuts the hair of David Torrance MSP raising £1000 for the charity Maggie’s Centre in Kirkcaldy at the Scottish Parliament in Edinburgh
PA
26/50 4 September 2019
Australia’s David Warner looks dejected after being dismissed by England’s Stuart Broad during day one of the fourth Ashes Test at Old Trafford in Manchester
Getty
27/50 3 September 2019
Anti Brexit demonstrators attend a protest at Parliament Square. Lawmakers returned from their summer recess Tuesday for a pivotal day in British politics as they challenged Prime Minister Boris Johnson’s insistence that the UK leave the European Union on 31 October, even without a withdrawal agreement to cushion the economic blow
AP
28/50 2 September 2019
Set building begins on Waterloo Place in Edinburgh ahead of filming for Fast and Furious 9
PA
29/50 1 September 2019
Members of the Royal Southern Yacht Club and the Island Sailing Club take part during the annual cricket match between the clubs, which takes place on the Bramble Bank sandbank in the middle of the Solent at low tide
PA
30/50 31 August 2019
Anti-Brexit protesters demonstrate at Whitehall in London
SWNS
31/50 30 August 2019
One of the iconic ‘Girl with Balloon’ artworks by anonymous street artist Banksy is carried near one of the original locations the artwork appeared at on the Southbank in London
AP
32/50 29 August 2019
The sun rises over the sculpture “The Couple” by artist Sean Henry, at Newbiggin-by-the-sea in Northumberland
PA
33/50 28 August 2019
A person wearing a Boris Johnson ‘head’ digs a grave at the foot of a tombstone during a protest organised by Avaaz and Best for Britain, outside Downing Street in London
PA
34/50 27 August 2019
Nat Lofthouse statue is covered in flags at the University of Bolton Stadium, Bolton
Action Images via Reuters
35/50 26 August 2019
Performers take part in Notting Hill Carnival. Nearly one million people were expected to attend Sunday and Monday’s carnival to celebrate Caribbean culture
AFP/Getty
36/50 25 August 2019
A competitor swims in the World Bog Snorkelling Championships in Llanwryd Wells, Powys
Reuters
37/50 24 August 2019
People flock to Bournemouth beach as a heatwave spells potentially record high temperatures for the bank holiday weekend
PA
38/50 23 August 2019
Fans of Bury FC deliver a symbolic coffin to the club’s home at Gigg Lane as the continuation of their membership to the football league lies in doubt. The club will lose their membership at midnight if they don’t find a buyer or prove that they have the means to pay off their debts
PA
39/50 22 August 2019
Labour Leader Jeremy Corbyn and Shadow DEFRA Secretary Sue Hayman during a visit to Rakefoot Farm, Castlerigg, Keswick where they are highlighting the danger of a No Deal Brexit to sheep farmers
PA
40/50 21 August 2019
Festival goers walk along the towpath of the River Thames as they arrive for the Reading Festival at Richfield Avenue
PA
41/50 20 August 2019
Police officers gather to pay their respects at the scene near Ufton Lane, where Thames Valley Police officer PC Andrew Harper, 28, died on Thursday. Jed Foster, 20, has appeared at Reading Magristrates’ Court where denied any involvement with the murder
PA
42/50 19 August 2019
A fire that broke out at the site of Village Bakery on Coed Aben Road, Wrexham Industrial Estate in Wales
Jord_wxm29/Twitter/PA
43/50 18 August 2019
England fielders crowd Pat Cummins as he see’s out the final over during day five of the second Ashes Test match against Australia at Lord’s Cricket Ground. The test ended in a draw
Getty
44/50 17 August 2019
Glew (centre) and Monroe Adams (right) pose for a selfie with a member of the public outside DragWorld London 2019, Europe’s largest drag convention, featuring drag stars from the US and UK during a two-day event at Olympia, London
PA
45/50 16 August 2019
A grey seal with fishing net tangled around its neck amongst the colony on the beach at Horsey in Norfolk, as RSPCA data show the number of animals affected by plastic litter is at an all-time high, with incidents increasing by 22% in just four years
PA
46/50 15 August 2019
A flock of sheep are herded past government buildings in London by members of Farmers for a People’s Vote, a campaign group
PA
47/50 14 August 2019
Swedish climate activist Greta Thunberg speaks during a press conference at the Mayflower Marina in Plymouth, southwest England, on August 14, 2019, ahead of her journey across the Atlantic to New York, aboard the Malizia II IMOCA class sailing yacht, where she will attend the UN Climate Action Summit next month. – A year after her school strike made her a figurehead for climate activists, Greta Thunberg believes her uncompromising message about global warming is getting through — even if action remains thin on the ground. The 16-year-old Swede, who sets sail for New York this week to take her message to the United States, has been a target for abuse but sees that as proof she is having an effect
AFP/Getty
48/50 12 August 2019
A hare runs on a moor near Ripon, North Yorkshire
PA
49/50 11 August 2019
Britain’s Jamie Chadwick wins first-ever W Series title. She pocketed a prize of £410,000 and, having been signed as a development driver for Williams, she keeps up her hopes of making it into Formula One
Getty
50/50 10 August 2019
People gather on the beach as a raft carrying people dressed as clowns heads to shore during the annual Whitby Regatta in Whitby, England. At over 170 years old, the Whitby Regatta is thought to be the oldest sea regatta on the northeast coast of England and draws thousands of visitors each year
Getty
“This month we are also seeing firms’ concerns about leaving the EU intensify against the backdrop of ongoing economic uncertainty.”
The East Midlands was most optimistic about the UK economy, followed by the West Midlands and Yorkshire & the Humber, while Scotland and Northern Ireland were the least confident, followed by the South West and London.
Firms in the manufacturing and service sectors reported the weakest overall business confidence and the highest level of concern about the impact of the UK leaving the EU.
The negativity found by Lloyds was mirrored in a warning by business lobby the CBI that businesses are “beyond disillusioned” with the political brinkmanship and impending risk of a no-deal Brexit.
Firms “cannot be protected” from the worst impacts of a no-deal Brexit, said Josh Hardie, deputy director general of the CBI, as the Conservatives gathered on Sunday for a party conference set to be dominated by the UK’s departure from the EU.
His comments came after the government’s no-deal planning chief Michael Gove claimed that the automotive and retail sectors are ready for the UK to leave without an agreement with Brussels – claims their industry bodies promptly rejected.
Mr Hardie warned that a no-deal exit would leave the UK “mired in a swamp”, facing protracted negotiations with Brussels on trading arrangements.
He said: “There can be no room for complacency in no-deal planning – which goes for government and business alike.
“But while firms can be prepared, they cannot be protected against the worst effects a no-deal exit would bring.”
He added that preparations “are already having an effect”.
