Business Confidence Rising In South West
According to the latest Business Barometer from Lloyds Commercial Banking, companies in the region reported higher confidence in their prospects during April – a 14 points increase to 43% compared with the previous month. For more details in respect of this encouraging news please read the news bulletin below issued today by Insider News Media.
Roger Mundy, Managing Director, Beardsley Theobalds, 2nd May 2023
SOUTH WEST CONFIDENCE ON THE RISE - LLOYDS
Business confidence in the South West rose in April, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies in the region reported higher confidence in their own business prospects month-on-month, up 14 points at 43 per cent.
When taken alongside their optimism in the economy – up 20 points to 28 per cent – this gives a headline confidence reading of 36 per cent; a rise of 17 points.
South West businesses identified their top target areas for growth in the next six months as investing in their teams (46 per cent), evolving product or service offerings (39 per cent) and diversifying into new markets (33 per cent).
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
A net balance of 32 per cent of businesses in the region expect staff levels to increase over the next year, up 14 points on last month.
Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking, said: "Confidence amongst the region's businesses is at its highest level for some time, and there is good reason for optimism as we look ahead to the summer months.
"As temperatures begin to rise, the region’s tourism and hospitality businesses will be hoping for an extended period of strong trade, especially as consumers take advantage of May's three bank holidays.
"Making the most of these opportunities is key, and those who keep a close eye on their working capital will be best placed to take advantage of any increases in trade."