New data from Lloyds bank shows a rise in business confidence in the North West. Tony McDonough reports

Businesses across the North West are feeling increasingly confident about their prospects, the latest Business Barometer from Lloyds Bank Commercial Banking shows.

It reveals business confidence in the region rose 20 points during August to 53%. Companies reported higher confidence in their own business prospects month-on-month, up 21 points at 60%. 

When taken alongside their optimism in the economy, up 20 points to 46%, this gives a headline confidence reading of 53% (against 33% in July).

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%), introducing new technology (41%), and entering into new markets (38%).

A net balance of 45% of businesses in the region also expect to increase staff levels over the next year, up 25 points on last month.

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. Overall UK business confidence in August remained unchanged from July at 50%.

Firms’ confidence in the overall economy increased two points to 47%, offsetting marginally weaker confidence in their own trading prospects, which fell two points month-on-month to 54% but remained above the long-term average.

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Jenny France, area director in the North West at Lloyds Bank Commercial Banking, said: “It’s great to see North West confidence rising again, buoyed by both a more optimistic trading and economic outlook.

“As businesses look ahead to new opportunities and deliver their growth plans, we’ll continue to be by their side with our support – whether that’s supporting investments in L&D, sharing insight to help break into new markets, or backing their net zero journey.”