Business Confidence in South West Bounces Back in November 2022
According to the latest Business Barometer from Lloyds Commercial Banking, companies in the region reported much greater confidence in their trading prospects than they had in the previous month. This, together with their optimism for the economy generally, is fairly encouraging given the current state of the economic environment, especially as this is the first rise seen in business confidence for two months! For the fuller picture please read the bulletin below issued by Insider News today.
Roger Mundy, Managing Director, Beardsley Theobalds, 1st December 2022
SOUTH WEST CONFIDENCE BOUNCES BACK - LLOYDS
Business confidence in the South West bounced back during November, according to new data.
The latest Business Barometer from Lloyds Bank Commercial Banking – conducted between 1-15 November and therefore before the Chancellor's Autumn Statement – showed that companies in the region reported higher confidence in their own business prospects month-on-month, up ten points to 19 per cent.
When taken alongside their optimism in the economy, up nine points to -9 per cent, it gave a headline confidence reading of 5 per cent.
South West businesses identified their top target areas for growth in the next six months as investing in their teams (37 per cent), evolving product or service offerings (36 per cent) and investing in sustainability (25 per cent).
A net balance of 11 per cent of South West businesses expect to increase staff levels over the next year, up seven points on last month.
Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking, said: "Despite a tough economic environment, it encouraging to see business confidence rising for the first time in two months.
"With Christmas on the horizon, those in the retail and hospitality sectors will be hoping for a welcome boost in trade. But as we enter the end of the year, many will be considering what the New Year will bring, and taking on headwinds including rising prices will be top of the list for most."