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Business confidence slipped over the past month as firms wrestled with stubborn inflationary and cost pressures, with the Middle East war now into its fifth month, according to a survey published today.

The index of sentiment among private-sector companies compiled by Lloyds Bank’s Business Barometer fell by 3 points to 44 per cent in June, leaving it below the 12-month average of 47 per cent. Economic optimism also dropped, down 4 points to 31 per cent.

The lender said businesses were most worried about the rising cost of production, a concern likely tied to the higher energy prices triggered by the Gulf conflict. Over the weekend the United States and Iran traded strikes, each accusing the other of breaching the terms of the ceasefire agreement.

The decline in confidence was most pronounced among manufacturers, where optimism tumbled by 10 points to 33 per cent, a reflection of the sector’s heavy energy use. The reading among retailers fell by 8 points to 45 per cent. Energy costs have remained the single biggest brake on SME growth for much of the past year, with smaller firms warning they have no price-cap protection of the kind afforded to households.

Although inflationary worries persist, oil prices have eased sharply in recent weeks. The price of a barrel of Brent crude, the international benchmark, has fallen back below the levels seen before the conflict broke out at the end of February.

Amanda Murphy, chief executive for Lloyds Business and Commercial Banking, said: “While cost pressures and global uncertainty continue to weigh on business confidence, international firms are much more confident, with many seeing signs of supply chain disruption easing and strengthening customer demand.”

There was better news on jobs. Lloyds said companies’ hiring intentions rose for the first time in three months. Some 55 per cent of the 1,200 firms surveyed said they wanted to expand their workforce, against 14 per cent planning to cut headcount, a fall of 3 points over the month.

Hann-Ju Ho, senior economist at Lloyds Commercial Banking, said: “Overall, while some sectors are holding up, the data suggests that uncertainty is still feeding through unevenly and weighing more heavily on parts of the economy than others.”

The figures may signal that the UK labour market is in the early stages of stabilising after two years of weakening. Data from the Office for National Statistics showed vacancies have fallen to their lowest level in five years.

Growth has also taken a knock from the war. GDP contracted by 0.1 per cent in April, the latest ONS figures show, and the closely watched purchasing managers’ index revealed that activity in the private sector dropped to a 14-month low.

The fall in confidence over the past month may equally be tied to the latest bout of political and policy uncertainty in Westminster, after Sir Keir Starmer resigned as prime minister earlier this month, clearing the way for Andy Burnham to enter No 10 as soon as mid-July.

Mr Burnham has yet to flesh out his tax and spending plans or name his chancellor. Ed Miliband and Wes Streeting are regarded as the most likely picks to replace Rachel Reeves in No 11. Starmer’s probable successor has signalled a preference for lowering VAT on the hospitality industry and overhauling the business rates regime.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Rep. Max Miller, R-Ohio, blasted American Airlines on Monday after a lengthy delay left him and two other members of Congress unable to return to the Capitol in time for House votes.

Miller said the delay caused him and two other lawmakers to miss votes Monday evening, including final passage of the Kids Internet and Digital Safety (KIDS) Act, which cleared the House by a 267-117 vote. The legislation would require major online platforms to adopt new safeguards for minors, including expanded parental controls, limits on certain messaging features and disclosures by artificial intelligence chatbots.

In a post on X, Miller accused the carrier of repeated operational failures, writing that “three members of Congress will miss votes tonight because of your incompetent airline.”

The Ohio Republican said the aircraft remained on the tarmac for more than two hours before returning to the gate, where passengers deplaned and returned to the terminal.

JETBLUE CUTS BACK AT NEWARK, LAGUARDIA AIRPORTS AS AIRLINE SHIFTS FOCUS TO FLORIDA

“We have been on the tarmac for over two hours and are now going back to the gate. Pathetic,” Miller wrote.

Miller added that he has resorted to driving from his Ohio district to Washington for the past seven months because of recurring air travel problems.

Rep. Max Miller, R-Ohio, attends the Ways and Means Committee hearing on the priorities of the Treasury Department in Longworth building on Thursday, June 4, 2026. Treasury Secretary Scott Bessent testified.  (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

American Airlines responded publicly to Miller on X, apologizing for the disruption.

“We know how important it is to get where you’re going on time, and we’re truly sorry for the delay,” the airline wrote. “Our ground team is working hard to get you moving soon.”

The U.S. Department of Transportation approved American Airlines’ request to operate flights to Caracas and Maracaibo, Venezuela, following the lifting of a yearslong restriction on U.S. carriers. (DANIEL SLIM/AFP via Getty Images / Getty Images)

According to FlightAware, American Airlines canceled nine flights Monday and delayed 706 flights — about 19% of its scheduled operations. Airlines worldwide logged nearly 25,000 delays throughout the day.

The incident came as airlines prepared for one of the busiest travel periods of the year. The Transportation Security Administration expects to screen nearly 18.7 million passengers between June 30 and July 6, with more than 3 million travelers projected to pass through airport security checkpoints on Thursday alone.

American Airlines is set to resume nonstop service between Miami and Venezuela after the U.S. Department of Transportation approved the carrier’s request on March 4, 2026, marking the first time a U.S. airline has restored flights to the country sinc (Kevin Carter/Getty Images / Getty Images)

TSA said it has fully staffed security checkpoints for the Independence Day travel period and deployed additional personnel and resources to support heightened travel demand tied to both the nation’s 250th anniversary celebrations and the 2026 FIFA World Cup, which is being hosted across the United States, Canada and Mexico.

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FOX Business has reached out to American Airlines for comment. 

Gleeson plans to build 200 new homes at the former steelworks site near Wrexham

A preferred housebuilder for the next phase of development at the former British Steelworks site at Brymbo near Wrexham has been confirmed.

Brymbo Developments Ltd (BDL) – a subsidiary of private development company Parkhill Group – has selected MJ Gleeson for a major residential scheme at one of North Wales’s largest regeneration sites, Brymbo Park.

Gleeson is set to acquire a 6.487 hectares (16.03 acres) plot with outline planning permission for 200 new homes. The value of the land deal has not been disclosed.

The residential development site forms part of the wider regeneration of the 560-acre former steelworks, which closed in 1990.

BDL recently secured an agreement for a 5,000 sq ft Sainsbury’s convenience store, with a further 4,500 sq ft of retail space currently being marketed. As part of its commitment to delivering essential new community facilities, the developer has also recently completed the transfer of land to Wrexham Council to accommodate a new local primary school, with work scheduled to commence in early 2027.

James Cannon, head of property at Parkhill Group, said: “Gleeson is a well-respected developer and a good fit for this site. We are confident that they will deliver fit-for-purpose new homes for the local community, which will provide a further catalyst for this major regional regeneration project. We look forward to working alongside them to deliver the next phase of this transformative project.”

Gareth Owen, land director at Gleeson, added: “We are delighted to be selected as the preferred bidder for the next phase at Brymbo Park, a site of significant scale and importance to the region. This acquisition presents an exciting opportunity for Gleeson to deliver high-quality homes that meet local demand, while contributing to the wider regeneration of this historic site.”

The wider masterplan also includes a visitor attraction celebrating the site’s heritage, which recently secured a £10m funding deal from the National Lottery, Wrexham Borough Council, CADW and National Resources Wales. It is scheduled to open this summer.

The remaining retail space at Brymbo Park is being marketed by BA Commercial. Moreover, the site’s 6.46 acre plot C for up to 84 new homes will be marketed shortly.

This article was written by

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