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UK business confidence has dipped to a four-month low in October, a new survey has shown.

Firms are less optimistic about their own trading prospects, and wider economic optimism, according to the latest Lloyds Business Barometer.

“Although overall business confidence dipped in October, it follows a sustained period of significant optimism, and business sentiment remains above historical levels. Encouragingly, many businesses remain confident in their own trading prospects, and the increase in hiring intentions suggests more employers want to grow their workforce.

“Businesses’ broader economic outlook continues to reflect this rounded picture, and as they move into the final part of the year, they will look to manage these considerations effectively.”