Businesses ready to hire despite confidence dip
Business confidence in the West Midlands fell five points during January to 18%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies in the West Midlands report lower confidence in their business prospects at 23% and less optimism towards the economy at 13%. Together, this gives an overall confidence of 18%.
Despite the dip in confidence, a net balance of 25% businesses in the region said that they expect to hire more staff during the next year, up four points on last month.
Across the UK, overall confidence rose 13 points to 23% as firms’ optimism in the economy soared 22 points to 24%, while confidence in their own prospects increased four points to 22%.
The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.
Amanda Dorel, regional director for the West Midlands at Lloyds Bank Commercial Banking, said: “Although confidence has fallen slightly this month, businesses in the West Midlands are showing ambitions for future growth by planning to create more jobs in the region.
“This is an encouraging sign that firms are preparing to grasp opportunities ahead, from the prospect of better connectivity in the region to the 2022 Commonwealth Games preparation getting into full swing.”
Across the region, a net balance of 6% of businesses said they felt that the UK’s exit from the European Union was having a positive impact on their expectations for business activity, down five points on a month ago.
