• Swindon & Wiltshire Economy
• Friday August 30 2024
• Author Name: Peter Davison

South West business confidence soared in August, says Lloyds Bank

Business confidence in the South West soared in August, according to a monthly business sentiment tracker from Lloyds Bank.

The Business Barometer for the region was up nine points to 37 per cent. Firms’ optimism in their own trading prospects rose three points to 36 per cent, while optimism in the economy climbed 15 points to 38 per cent.

Looking ahead to the next six months, South West businesses identified their top target areas for growth as evolving their offering, for example by introducing new products or services (39 per cent), investing in their team, for example through training (36 per cent), and entering new markets (29 per cent).

A net balance of 12 per cent of businesses in the region also expect to increase staff levels over the next year, up seven points on last month.

Amanda Dorel, regional director for the South West, Lloyds Bank Commercial Banking, said: “Firms’ stronger economic outlook has helped confidence rebound in August.

“As management teams work to capitalise on their outlook and seize new opportunities, it’s essential that they keep a close eye on working capital. This will avoid locking up funds that could otherwise be invested in growth.”

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

Last month, the tracker reported a dip in business sentiment in the South West as other regions enjoyed a post-election boost.

Latest: South West business confidence rose in September – Lloyds