South West Business Confidence in August at its Highest in Latest 18 Months

Thursday 31st August 2023

According to the latest Business Barometer from Lloyds Bank Commercial Banking, the South West region reported its highest reading since February 2022. For the fuller picture please read the article below which was issued by Insider News Media today.

Roger Mundy, Managing Director, Beardsley Theobalds, 31st August 2023


South West business confidence on the rise - Lloyds

Business confidence in the South West increased during August to its highest reading since February 2022, according to new data.

The latest Business Barometer from Lloyds Bank Commercial Banking shows that companies in the region reported higher confidence in their own business prospects month-on-month, up two points at 49 per cent.

When taken alongside their optimism in the economy, up 23 points to 43 per cent, this gives a headline confidence reading of 46 per cent.

South West businesses identified their top target areas for growth in the next six months as introducing new technology (31 per cent), diversifying into new markets (30 per cent) and investing in teams (29 per cent).

Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking, said: "It's great to see confidence in the region rebounding to reach the highest levels we’ve seen in 18 months.

"Businesses are making hay while the sun is shining too, with many taking advantage of buoyed consumer spirits and looking at opportunities to grow, be it by investing in their teams or diversifying into new areas.

"Those who continue manage their working capital and keep a close eye tight margins will be well positioned for the coming months."