Companies in the region report higher economic optimism at 40%, six points higher than the previous month, while their confidence in their own prospects stood unchanged at 35%

Business confidence in the North West edged higher by three points during July to 38%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the region report higher economic optimism at 40%, six points higher than the previous month, while their confidence in their own prospects stood unchanged at 35%.

Firms’ hiring intentions fell slightly, with a net balance of 30% of businesses in the region now expecting to hire more staff during the next year, down two points on last month.

Nationally, overall confidence edged ahead to 30%, up one point on June, as firms’ optimism about the economy rose two points to 25%. Businesses’ confidence in their own business prospects held steady at 34%.

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

Glenn Bemment, regional director for the North West at Lloyds Bank Commercial Banking, said: “The increase in confidence proves that firms are growing more comfortable operating in an often uncertain political and economic environment.

“It is encouraging to see economic optimism rise in the North West, and as we gain more clarity regarding our economic future over the coming months, we expect to see even more businesses investing in growth.”