Latest monthly Business Barometer from Lloyds shows a fall in business confidence in the North West in March. Tony McDonough reports
Business confidence in North West fell five points to 53% in March, according to a leading business barometer.
Lloyds monthly Business Barometer showed firms’ optimism in their own trading prospects fell seven points to 60%, while their optimism in the economy dipped two points to 46%.
However, a net balance of 50% of businesses in the region also expect to increase staff levels over the next year, up six points on last month.
Chris Whittle, area director in the North West at Lloyds, said: “While business confidence has dipped slightly this month, we remain focused on supporting firms in the North West, providing the finance, guidance and expertise they may need.”
The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.
Overall, UK business confidence rose 11 points in March to 55%. Firms’ confidence in their own trading prospects rose seven points to 60%, and their optimism in the wider economy increased 14 points to 50%.
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Amanda Murphy, chief executive of Lloyds Business and Commercial Banking, added: “While businesses are adept at reacting to uncertain, fast-moving conditions, this month’s results show an interesting divergence in sentiment.
“Smaller businesses may have remained confident because they had not yet seen an immediate change in customer demand or supply chain disruption. Larger firms, however, read global events more cautiously because of their closer exposure to global markets.
“With most responses coming in the very early stages of the Middle East conflict, we’ll be watching closely to see how confidence evolves.”