There was an overall fall in North West business confidence in March, according to new data from Lloyds, but firms are confident in their own prospects. Tony McDonough reports
Companies in the North West remain confident about their own products despite their gloomy view of the wider economy.
According to the latest Business Barometer from Lloyds, business confidence in the region fell two points to 59% in March. However, firms’ optimism in their own trading prospects rose by four points to 64%. Their optimism in the economy fell eight points to 54%.
This means overall confidence in the North West is higher than the 49% for the UK as a whole. It is the eighth month in a row it has remained above the UK average.
Looking ahead to the next six months, North West businesses identified their top target areas for growth as investing in their team, for example through training (55%), new products or services (35%) and introducing new tech such as AI and automation (32%).
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Chris Whittle, area director in the North West at Lloyds, said: “Despite a slight dip this month, confidence levels in the North West have once again outpaced the UK average and firms’ confidence in their own trading prospects has remained resilient.
“Our local economy is one packed full of exciting opportunities and ambitious businesses. We’ll continue to support local firms as they look to drive further growth.”