Confidence in the economy going into 2025 rises slightly among North West businesses, a new survey reveals, with 42% looking to take on more staff. Tony McDonough reports
Businesses in the North West have grown more confident about the prospects of the economy as we enter 2025, a new survey reveals.
According to the latest Business Barometer from Lloyds, business confidence in the North West rose by one point during December to 50% with many intending to increase staff numbers in the coming months.
While companies in the region reported lower confidence in their own business prospects month-on-month, down 12 points at 53%, their optimism in the economy rose 14 points to 46%.
Taken together, this gives a headline confidence reading of 50% (against 49% in November) – above overall UK confidence (39%), and the second-highest of any UK nation or region after London (53%).
A net balance of 42% of businesses in the region also expect to increase staff levels over the next year, up two points on last month.
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 (45%), evolving their offering such as new products or services (42%) and entering new markets (32%).
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Overall UK confidence fell two points in December to 39%, although still above the long-term average of 29%. While firms’ confidence in the wider economy strengthened five points to 31%, their confidence in their own trading prospects fell eight points to 47%.
Jenny France, area director in the North West at Lloyds, said: “It’s encouraging that businesses in the North West end the year with rising confidence.
“They’ll now be looking to build on this optimism with plans for fresh growth in 2025. We’ll continue to be by their side with our support to help them achieve their ambitions.”