Lloyds said its business confidence barometer fell to 43% in October from 46% in September but was well above its long-run average of 28%, despite rising energy bills and supply chain difficulties.
"While economic optimism saw a slight dent in October due to rising costs and the on-going supply chain issues, it is clear that firms are still feeling relatively buoyant," Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said. But other policymakers have said the BoE can do little to tame the short-term surge in energy costs that is pushing up inflation, and they are more concerned about residual weakness in the job market as the government ends its furlough programme.
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