Lloyds survey shows North West business optimism for 2025

North West businesses are entering 2025 with renewed optimism, according to Lloyds’ latest Business Barometer.

The survey reveals that 76% of firms expect to see their turnover increase in the year ahead, up from 60% polled in December 2023. Nearly one in six (16%) of these expect to see their revenue rise by between six and 10% over the next 12 months, with more than a quarter (28%) expecting it to grow by even more.

Additionally, 79% predict improved profitability, rising from 66% last year.

Businesses are focusing on growth strategies, including staff upskilling, productivity improvements and adopting technology such as AI and automation.

Growing revenue and profitability is a top priority at 52%, 41% said they will be targeting improved productivity, and 38% said upskilling their staff was a priority with 30% claiming that they will be investing in staff training, while just over a fifth (21%) will be investing in increasing wages for employees. A further fifth (20%) will be investing in energy efficiency measures.

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.

The Business Barometer results provide early signals about UK economic trends. The survey started in January 2002 and research is carried out monthly on behalf of Lloyds Bank by BVA BDRC. This survey was conducted with 1,200 companies – including 124 businesses in the North West – between 1st and 15th November 2024.

Jenny France, area director in the North West at Lloyds, said: “It’s hugely encouraging that North West businesses are entering 2025 with such widespread positive expectations for growth. And it’s great to see their staff at the heart of their plans through planned investment in training – something that can deliver long term benefits for all involved, and strengthen the North West economy as a whole.

“Whatever firm’s plans are for next year, we’ll continue to be by their side with our on-the-ground support to help make their ambitions a reality.”

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