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PRIVACY
Economic Development

Business confidence falls in South West amid economic uncertainty

But companies in the region are still investing in growth, according to the latest Lloyds Business Barometer

An aerial view of Bristol city centre(Image: Getty Images)

Business confidence in the South West fell in March but firms are still setting out plans for future growth, a new report has revealed.

Companies in the region reported lower confidence in their own business prospects month-on-month, down 24 points at 30%, according to the latest Business Barometer from Lloyds.

When taken alongside optimism in the economy, down 15 points to 15%, the report gave a headline confidence reading of 23%, compared to 42% in February.

Looking ahead to the next six months, South West businesses identified top target areas for growth as evolving their offering, such as introducing new products or services (42%); introducing new technology, such as AI and automation (35%); and investing in staff (33%).

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about 海角视频 economic trends both regionally and nationwide. This data was gathered ahead of the Spring Statement.

Amanda Dorel, regional director for the South West at Lloyds, said: “Despite this month’s fall in confidence, local firms are still setting out plans for future growth.

“We’ll continue to support their ambitions with our targeted, on-the-ground support – helping make those moves that are essential to their strategies, whether that’s investing in new products, technology or their team.”

Nationally, 海角视频 business confidence was 49% in March – the same as in February. While firms’ optimism in their own trading prospects held steady at 57%, confidence in the wider economy dropped one point to 40%.