South West business confidence levels improves

Wednesday 4th November 2020

According to the latest Lloyds Bank Business Barometer, overall business confidence in the South West increased by 12 points during October, whilst companies in the region reported higher confidence in their own prospects – up by 26% on the previous month. In addition, a net balance of just 8% anticipated having to reduce headcount during 2021 – an improvement from 21% in September! 

Although the South West continues to be one of the most pessimistic regions in the UK, it has to be said that the significant increase in confidence levels are encouraging and comes as businesses adapt to changing trading conditions. However, in common with the rest of the UK, it remains to be seen what effect the latest and future pandemic related restrictions will have on confidence levels in the region as it engages with 2021. 

Roger Mundy, Managing Director, Beardsley Theobalds, 4th November 2020