Region’s business confidence rises

Business confidence in Yorkshire rose eight points during September to 40%, the second highest reading in the country, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in Yorkshire reported higher confidence in their own business prospects month-on-month, up 15 points at 47%. When taken alongside their optimism in the economy, up 5 points to 37%, this gives a headline confidence reading of 40%.

Yorkshire businesses identified their top target areas for growth in the next six months as evolving their offer (39%), investing in their teams (33%) and introducing new technology (29%).

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

A net balance of 39% of businesses in the region expect to increase staff levels over the next year, up 18 points on last month.

Steve Harris, regional director for Yorkshire at Lloyds Bank Commercial Banking, said: “Business confidence in Yorkshire is the second highest in the UK, beaten only by the capital, which is a testament to the businesses’ hard work over the busy summer season.

“As we head into the final quarter of the year, it’s reassuring to see that firms are feeling positive about their own business prospects and eyeing up further opportunities for growth. Companies should keep a close eye on working capital to ensure they have the means to seize opportunities as they arise.

“We’ll remain by the side of the region’s firms to provide them with the tools and advice they need to continue to succeed.”