South West one of just two regions to report increased business confidence

The South West was one of only two regions to report an increase in business confidence in July up five points to 34%.

The latest Business Barometer from Lloyds Bank Commercial Banking shows that companies in the South West reported higher confidence in their own business prospects month-on-month, up 13 points at 47%. When taken alongside their optimism in the economy, down three points to 20%, this gives a headline confidence reading of 34%.

Businesses identified their top target areas for growth in the next six months as investing in sustainability (35%), investing in their teams (32%) and evolving their product or service offering (30%).

Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking, said: “It’s encouraging to see the region’s firms bucking the national trend with confidence amongst South West businesses bouncing back July. It’s great to see too that many businesses across the region are seeking opportunities to grow, with their sights set on exploring sustainability and investment in their teams.

“To remain resilient to short term economic turbulence, and achieve their growth ambitions, businesses should keep a close eye on their cash flow and working capital. This will give them the flexibility to react to opportunities and challenges as they arise.”