West Midlands business confidence amongst highest in UK and higher than global average

The West Midlands is ranked second highest region in the UK for business confidence, according to the latest Accenture / S&P Global UK Business Outlook.

UK business confidence fell to a joint record low in June, but remained the highest in Europe, and above the global trend.

While the findings come amid global economic uncertainty, positive news for the West Midlands was that when compared to all UK regions it saw the smallest dip in its rating (-3.7%) since February.

This small dip meant that business confidence in the region (+39%) sat comfortably above the UK average (+28%) and the global average (+22%), ranking as the 2nd highest region in the UK.

The sentiment held by the business leaders in the West Midlands was also reflected by the region’s higher profit expectations for the next 12 months. Standing at +10.7%, this was higher than the comparative feeling held by business leaders in the capital (+4.4%) and well above the national average, which stood at -2.2%.

Paul Stanley, Midlands lead for Accenture, said: “We are all too aware of the inflationary and operational challenges being faced, not just by the UK, but by the entire world at the moment. Despite being up against incredible uncertainty, it’s encouraging to see the region’s business leaders showing determination to weather the ongoing storm.

“The last few years have shown just how crucial regions like the West Midlands are to the UK economy, with industries such as construction and automotive showing the importance of innovation in the face of adversity. Regional leaders must carry this mindset forward by investing in the right technology and their workforce to ensure they continue to be resilient against constant change.”