Midlands business confidence at five year high – Lloyds TSB
BUSINESS confidence in the West Midlands has risen dramatically, fuelling hopes of a continued uplift in activity during the second half of 2013, according to the latest Business in Britain report from Lloyds TSB Commercial Banking.
The twice yearly report, now in its 21st year, canvasses the views of nearly 1,800 UK businesses, including 268 in the West Midlands and Gloucestershire and shows that firms continue to grow in confidence, driven by expectations of stronger profits, orders and sales over the next six months.
The survey’s Business Confidence Index tracks businesses’ views of likely sales, orders and profits for the coming six months and presents the overall “balance” of opinion, weighing up the percentage of firms that are positive in outlook against those that are negative.
In this latest report, the confidence index has increased in the West Midlands and Gloucestershire by 12 points to 32%, from 20% in the previous survey at the start of 2013.
Leigh Taylor, regional director for Lloyds TSB Commercial Banking in the Midlands and North, said: “Businesses are clearly beginning to regain confidence about future trading prospects, after years of hesitation and concern and we hope this renewed optimism will lead to growth for the UK economy.”
Companies are also more positive about broader economic prospects than they have been since the end of 2009. Some 39% of businesses in the West Midlands and Gloucestershire stated that they were currently more optimistic than they were six months ago, while 18% stated that they were less confident about the economy.
Prospects for the second half of 2013 continue to look positive with expectations for total sales and orders in the next six months – two of the key barometers of business confidence – all increasing. The two indices have all risen above their respective long-term averages and point to stronger economic growth in the second half of the year.
