Regional business confidence dips in November

Business confidence in the East Midlands fell 12 points during November to 38%, according to the latest Business Barometer from Lloyds.

Companies in the East Midlands reported lower confidence in their own business prospects month-on-month, down 12 points at 52%. When taken alongside their optimism in the economy, down 11 points to 24%, this gives a headline confidence reading of 38% (vs. 50% in October).

Looking ahead to the next six months, East Midlands businesses identified their top target areas for growth as evolving their offering, for example through new products and services (48%), entering new markets (34%) and investing in their team, for example through training (34%).

The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.

Dave Atkinson, regional director for the East Midlands at Lloyds said: “Despite a dip in confidence this month, businesses in the East Midlands remain focused on growth as we look ahead to 2025, planning steps from launching new products and services to entering new markets.

“Whatever their ambitions, we’ll remain by their side with our tailored support.”