The East of England saw the fastest growth in business activity of any UK region December as a boost in new orders encouraged firms to create new jobs at a fast pace.
The Lloyds Bank regional PMI survey of purchasing managers for the East rose to 59.8 in December, up from 57.1 in November, as activity and new orders in the region climbed. The pace of new job creation in the East was second only to Yorks & Humber. However rising costs caused by the weak pound is prompting more firms to raise prices.
Steve Elsom, regional director for the East of England at Lloyds Bank Commercial Banking, said: “The region’s private sector rounded off the year on a positive note, with the economy remaining strong and firms experiencing an increase in new work. The upturn in December contributed to the best quarterly growth in business activity in one-and-a-half years, further underlining the East of England’s position as one of the top regional performers in the UK during 2016.”
