A new survey shows 88% of businesses in the North West expect the region to see economic growth in the next three years. Tony McDonough reports

North West firms are confident about the region’s prospects for economic growth despite current headwinds, a new survey shows.

New findings from the Lloyds Business Barometer reveal that, despite pressures such as rising fuel and energy costs, 88% of businesses in the North West expect the region to experience economic growth in the next three years.

Almost half (48%) expect the region to outperform the UK economy over the next 12 months – the highest figure recorded outside of London and 80% think their local combined authorities and elected mayors will contribute to this economic growth.

Primary drivers behind firms’ confidence in the North West are investment in transport and logistics infrastructure (47%), investment in regional universities and business incubators (33%) and a supportive local planning regime (33%).

Almost two-thirds (64%) feel that the North West receives its fair share of public investment, the fifth highest proportion recorded from the UK’s 12 nations and regions. Meanwhile, 91% say they’ve witnessed notable growth in their region over the previous three years.

Respondents attribute this to a supportive local planning regime (41%), investment in transport and logistics infrastructure (37%) and access to finance and investment capital (30%).

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Chris Whittle, Area director in the North West at Lloyds, said: “What’s encouraging about these findings is that the wider North West is also confident about its growth prospects.

“Most firms feel our region is getting the investment it needs to support this. They now want to see it used in areas such as transport and logistics or our world-class universities to support their growth ambitions.”