South West firms signal ‘more positive macroeconomic conditions’ ahead

Wednesday 3rd January 2024

New research from Lloyds Bank has discovered that 41% of South West firms are seeking to improve their productivity during 2024 as they set themselves up for growth in the light of perceived improved macroeconomic conditions ahead. For the fuller picture please read the article below which was issued by Insider News Media today.

Roger Mundy, Managing Director, Beardsley Theobalds, 3rd January 2024


South West firms eye productivity and growth – Lloyds

New research from Lloyds Bank has found that 41 per cent of South West firms are making New Year's resolutions to improve their productivity, as businesses signal confidence in "more positive macroeconomic conditions" ahead.

The data revealed the top three areas where companies are focusing their attention as they head into the new year, with two fifths (43 per cent) wanting to increase staff wages, a third (34 per cent) focussed on developing their business and a third (32 per cent) committed to investing in training.

As firms take stock ahead of the New Year, many are also reporting they are looking at ways to ensure they have a healthy cashflow.

Elsewhere, the data also shows that businesses are setting themselves up for growth by building teams to "support new opportunities".

Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking, said: "While this year has had its challenges, the recent fall in inflation and stabilisation of interest rates are helping to create an environment where South West firms are feeling more confident to take steps to boost their productivity and target growth.

"It's encouraging to see firms in our region setting ambitious plans for 2024.

"Hopefully the New Year will see demand for our world class tourism and hospitality services improve further and help fuel growth across the region next year."