Region’s business confidence rises in June

Business confidence in the West Midlands rose six points during the beginning of June to 36%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the region reported higher confidence in their own business prospects month-on-month, up two points at 39%.  When taken alongside their optimism in the economy, up 10 points to 32%, this gives a headline confidence reading of 36%.

West Midlands businesses identified their top target areas for growth in the next six months as investing in sustainability (36%), diversifying into new markets, and investing in their team (both 30%).

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.

A net balance of 36% of businesses in the region expect to increase staff levels over the next year, up nine points on last month.

Dave Atkinson, regional director for the West Midlands at Lloyds Bank Commercial Banking, said: “It’s great to see businesses in the West Midlands feeling more confident, particularly in their optimism for the UK economy. Despite ongoing inflationary challenges, the region’s firms remain positive and continue to anticipate opportunities to drive investment and deliver on growth plans.

“For those looking to diversify into new markets there are tools available to help them to examine international opportunities, such as the international trade portal, and those looking to increase their sustainability or invest in new lower-carbon equipment can access discounted lending through the Clean Growth Finance Initiative.”