South West Business Confidence Rising
According to the latest Business Barometer from Lloyds Bank Commercial Banking, business confidence in the region rose by 25 points during April to 45 per cent. The monthly survey of 1,200 businesses provides early and informative signals in respect of regional (and national) economic trends and the latest results certainly reflect a rebound in confidence and a welcome degree in rising optimism. For a fuller picture please read the article below which was issued by Insider News Media today.
Roger Mundy, Managing Director, Beardsley Theobalds, 30th April 2024
South West business confidence rises in April - Lloyds
Business confidence in the South West rose during April, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
During April, confidence increased 27 points to 45 per cent.
Month-on-month, South West businesses reported higher confidence in their own business prospects, up 25 points at 53 per cent.
When taken alongside their optimism in the economy, up 27 points to 36 per cent, this gives a headline confidence reading of 45 per cent.
In the next six months, South West firms identified their top target areas for growth as evolving their offerings with new products and services (37 per cent) and investing in their teams, including hiring new staff and investing in training (34 per cent). Jut under a third (29 per cent) said they planned to enter new markets or invest in new technology.
A net balance of 33 per cent of businesses in the region also expect to increase staff levels over the next year, up 38 points on last month
Surveying 1,200 businesses monthly, the Business Barometer provides early signals about UK economic trends both regionally and nationwide. .
Amanda Dorel, regional director for the South West, Lloyds Bank Commercial Banking, said: "Rebounding confidence among South West businesses comes amid fast-changing economic conditions, particularly slowing inflation – which could improve the region’s growth outlook.
"Businesses remain focused on taking advantage of opportunities. Encouragingly, we're seeing investing in teams as one of the top priorities. This is especially important for the region's strong hospitality and tourism firms as they head into the crucial summer season after a damp start to the year.
"Whatever their ambitions, we'll continue to by the side of South West firms with our insight and funding to help them capitalise on further growth opportunities."
