Yorkshire companies most confident in the UK, according to new report

Companies across Yorkshire and the Humber are the most confident in the UK, according to the Business Barometer from Lloyds Bank Commercial Banking.

The region saw business confidence rise by 26 points to 3% in November, which is the largest increase in any UK region.

Companies reported higher confidence in their business prospects, up 17 points to 46%, and higher economic optimism, which rose 36 points to 40%.

In addition, firms’ hiring intentions showed that a net balance of 32% of businesses in the region expect to hire more staff during the next year, up 18 points on last month.

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

Kelly Green, regional director for Yorkshire at Lloyds Bank Commercial Banking, said: “South Yorkshire has welcomed the opening of Boeing’s £40m site and McLaren’s £50m factory, Leeds has been confirmed as the location for Channel 4’s new national headquarters, while Siemens has also announced the creation of 700 jobs in Goole.

“It is good to see a broad base of investment in the Yorkshire region – from manufacturing to media – which demonstrates the strength and diversity of the local economy.

“Together these recent developments have boosted firms’ confidence in both the wider economy and their own prospects, which is reflected in management teams’ plans to create new jobs.”

Across Yorkshire, a balance of 10% 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, up seven points on a month ago.

While Yorkshire showed the most confidence, the West Midlands (39%) and London (34%), showed the second and third most optimism respectively.