South West Business Confidence Reaches its Highest Level in 3 years!
A marked increase in business confidence among companies in the south west region of England was reported in a September survey conducted by Lloyds Bank Commercial Banking and highlighted in its latest Business Barometer. For more details please read the news bulletin below which was issued by Insider Media Ltd. today.
Roger Mundy, Managing Director, Beardsley Theobalds, 1st October 2021
South West Confidence Hits New Heights - Lloyds
Business confidence in the South West climbed to its highest level in more than three years, 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 16 points at 41 per cent.
When taken alongside their optimism in the economy, up seven points to 55 per cent, this gives a headline confidence reading of 47 per cent.
Meanwhile, a net balance of 31 per cent of businesses in the region expect to increase staff levels over the next year, up 15 points on last month.
The Business Barometer questions 1,200 companies monthly and provides early signals about UK economic trends both regionally and nationwide. This month's survey was conducted before fuel disruption and ongoing supply chain issues tightened their grip.
David Beaumont, regional director for the South West at Lloyds Bank Commercial Banking, said: "Business confidence in the South West has recently gone from strength to strength and it's encouraging to see a return to levels not seen since the start of the pandemic.
"Despite the ongoing supply chain and labour shortages, our region's tourism and hospitality firms remain in high spirits after a healthy period of summer trading that many hope will continue as we head into the autumn months."
Paul Gordon, managing director for SME and mid corporates Lloyds Bank Commercial Banking, added: "The economic growth outlook strengthened in the first part of September following rises in business confidence across nine of the 12 regions and nations.
"There are obvious challenges ahead in terms of labour availability, and the impact this has on the post pandemic recovery. It also remains to be seen how the recent events in the fuel market might impact businesses’ outlook.
"However, we can seek comfort in recent progress across the sectors and of the levels of confidence recorded in manufacturing, hospitality and financial and business services."