Region’s business confidence highest in UK
Business confidence in the West Midlands is the highest in the UK, according to data released just a week after the one-year anniversary of the first COVID-19 lockdown.
Business confidence in the West Midlands rose 24 points during March to 27%, the highest reading of all UK regions and nations, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies reported higher confidence in their own business prospects month-on-month, up 14 points at 24%. When taken alongside their optimism in the economy, up 35 points to 32%, this gives a headline confidence reading of 27%.
The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.
When it comes to jobs, a net balance of 13% of firms in the region expect to increase staff levels over the next year, up 21 points on last month.
The national picture
Overall UK business confidence rose for a second consecutive month in March. Firms’ confidence increased by 13 points to 15%, the highest reading since February 2020, before coronavirus was confirmed as a pandemic by the World Health Organisation.
Amanda Dorel, regional director for the West Midlands at Lloyds Bank Commercial Banking, said: “One year on from the first lockdown, it’s promising to see confidence returning so emphatically, with businesses in the West Midlands the most assured of any in the UK.
“As restrictions are eased over the coming months, we’ll be by the side of firms as they focus on recovery.”
In the sectors, manufacturing and retail recorded the highest confidence levels, both at 25%, while services and construction rose to 11% and 12% respectively.
