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PRIVACY
Economic Development

South West business confidence reaches top three in the º£½ÇÊÓÆµ, according to to latest Lloyds research

According to the latest business barometer business confidence dropped by nine points to 38% in November

Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking

Business confidence in the South West fell nine points during November to 38%, making it one of the top three regions in the º£½ÇÊÓÆµ.

According to the latest Business Barometer from Lloyds Bank Commercial Banking, which was conducted between November 1-15, before the Chancellor's Autumn Statement on November 22, companies in the South West reported higher confidence in their own business prospects month-on-month, up one point at 52%.

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South West businesses identified their top target areas for growth in the next six months as investing in their teams (49%), evolving their products and services (37%), and entering new markets (30%).

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about º£½ÇÊÓÆµ economic trends both regionally and nationwide.

A net balance of 39% of businesses in the region expect to increase staff levels over the next year, up ten points on last month – the third highest of any º£½ÇÊÓÆµ nation or region, behind only London (46%) and the North West (45%).

Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking, said: “Despite confidence levels dipping slightly in the region, it’s encouraging to see firms remaining confident in their own operations as we head into what is often a very busy end of the year.

“With Christmas shopping in full swing for many, it’s important that businesses, particularly those in the hospitality and leisure sectors, regroup to ensure they can get the most out of a busy trading period. Managing working capital and keeping a tight rein on margins will help businesses to capitalise on opportunities and be primed to take full advantage of the busy festive period.”

Hann-Ju Ho, senior economist Lloyds Bank Commercial Banking, added: “Business confidence rising to a 21-month high shows the resilience of º£½ÇÊÓÆµ companies, as both trading prospects and economic optimism continue to rise.