Business Confidence in South West rose significantly during August 2024
According to Lloyds Bank Commercial Banking’s latest Business Barometer (which surveys 1,200 businesses every month), business confidence in the South West increased by 9 points to 37% during August. In addition, a net balance of 12% of businesses across the region said that they expected to increase staff levels over the next 12 months. For the full picture please read the bulletin below issued today by Insider News.
Roger Mundy, Managing Director, Beardsley Theobalds, 30th August 2024
South West business confidence rises in August - Lloyds
Business confidence in the South West rose during August, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
During August, confidence increased nine points to 37 per cent.
Month-on-month, South West businesses reported higher confidence in their own business prospects month-on-month, up three points at 36 per cent.
When taken alongside their optimism in the economy, up 15 points to 38 per cent, this gives a headline confidence reading of 37 per cent.
In the next six months, South West businesses identified their top target areas for growth as evolving their offering, for example by introducing new products or services (39 per cent), investing in their team, for example through training (36 per cent), and entering new markets (29 per cent).
A net balance of 12 per cent of businesses in the region also expect to increase staff levels over the next year, up seven 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: "Firms' stronger economic outlook has helped confidence rebound in August.
"As management teams work to capitalise on their outlook and seize new opportunities, it’s essential that they keep a close eye on working capital. This will avoid locking-up funds that could otherwise be invested in growth."
