A new survey reveals a fall in confidence among businesses across the North West during July although firms say they are keen to keep investing. Tony McDonough reports
Business confidence in the North West fell 10 points during July to 33%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies in the region reported lower confidence in their own business prospects month-on-month, down 10 points at 39%. Lloyds spoke to 119 companies in the region between July 1 and 16.
When taken alongside their optimism in the economy, down 10 points to 26%, this gives a headline confidence reading of 33% (against 43% in June).
In the next six months, North West firms identified their top target areas for growth as investing in their team, in training (38%), evolving their offering, for example by introducing new products or services (33%) and introducing new technology (31%).
Overall UK business confidence climbed nine points in July to a net balance of 50% – the same as in May when confidence reached an eight-year high.
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Businesses’ confidence in their own trading prospects rose 12 points to 56% – the highest reading since April 2017. Meanwhile, confidence in the economy climbed six points to 45%.
Chris Whittle, area director in the North West at Lloyds Bank Commercial Banking, said: “While confidence has dipped this month, North West businesses have clear plans for growth, led by investment in their own teams.
“This can not only pay long-term dividends for companies themselves, but can also have a positive ripple effect across the regional economy as skills and learnings are shared and transferred.”