Companies in the North West report higher confidence in their own business prospects at 21% and higher economic optimism at 31%, according to the latest Lloyds Bank Business Barometer

Business confidence in the North West rose 20 points on the back of soaring economic optimism during January, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the North West report higher confidence in their own business prospects at 21% and higher economic optimism at 31%. When taken alongside their views of the economy overall, this gives an overall confidence of 26%.

Businesses’ hiring intentions showed that a net balance of 15% of businesses in the region expect to hire more staff during the next year, up one point on December 2019.

Across the UK, overall confidence rose 13 points to 23% as firms’ optimism in the economy climbed 22 points to 24%, while confidence in their own prospects increased four points to 22%.

The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.

Martyn Kendrick, regional director for the North West at Lloyds Bank Commercial Banking, said: “The North West has had a very positive start to 2020, with firms’ confidence in the economy rebounding after a prolonged period of uncertainty.

“This positive outlook comes alongside good news for some of the region’s key industries. For example, the new £642m deal to refurbish and maintain Avanti West Coast trains is set to create hundreds of jobs for local manufacturing workers.”

Across the region, a net balance of 12% of businesses said they felt that the UK’s exit from the European Union was having a negative impact on their expectations for business activity, compared to 19% a month ago.