• Swindon & Wiltshire Economy
• Wednesday July 31 2024
• Author Name: Peter Davison

Dip in South West business confidence bucks national trend

Business confidence in the South West has dipped as other regions enjoy a post-election boost, stats from Lloyds Bank Commercial Banking suggest.

According to the latest Business Barometer, business confidence in the South West fell 15 points during July to 28 per cent – in stark contrast to the national trend where confidence climbed nine points in July to a net balance of 50 per cent – the same as in May when confidence reached an eight-year high.

However, figures for the region for June were considerably better than the national average.

Companies in the South West reported lower confidence in their own business prospects month-on-month, down seven points at 33 per cent. When taken alongside their optimism in the economy, down 24 points to 23 per cent, this gives a headline confidence reading of 28 per cent – down from 43 per cent in June.

A sanguine Amanda Dorel, regional director for the South West, Lloyds Bank Commercial Banking, said: “While overall confidence dipped in July, it’s encouraging to see South West businesses are still investing to take advantage of growth opportunities, particularly when it comes to their teams and sustainability.

“These are both measures that can have positive, long-term, benefits that extend far beyond businesses themselves.

“As businesses put their growth plans into action, we’ll be by their side with our insight and funding. This includes discounted lending for green purposes to help make critical investments for more sustainable growth.”

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 (45 per cent), investing in their team, for example through training (34 per cent), and investing in sustainability (24 per cent).

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

Pictured: Swindon at night

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