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Business confidence in the South West rose five points during September to 42 per cent, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

South West business confidence rose in September – Lloyds

Business confidence in the South West rose five points during September to 42 per cent, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the South West reported higher confidence in their own business prospects month-on-month, up 19 points at 55 per cent.

This was offset slightly by a decrease in optimism in the economy, which dropped nine points to 29 per cent, but still gives a headline confidence reading of 42 per cent – up from 37 per cent in August.

A net balance of 36 per cent of businesses in the region also expect to increase staff levels over the next year, up 24 points on last month.

Looking ahead to the next six months, South West businesses identified their top target areas for growth as investing in their team, for example by hiring new employees (51 per cent), evolving their offering, for example by introducing new products or services (45 per cent) and entering new markets (36 per cent).

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

Amanda Dorel, regional director for the South West at Lloyds Bank Commercial Banking, said: “Firms’ confidence in their own prospects has strengthened this September, a testament particularly to hospitality and leisure businesses who successfully navigated their way through a challenging period of summer trading.

“As businesses strive to capitalise on this positive outlook – be it by investing in workforce development or introducing new services – we’ll be there providing on-the-ground support to assist them in achieving their goals.”

Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said: “Although overall confidence fell this month, that fall was from a nine-year high and businesses remain positive about their own trading prospects.

“The joint-highest result this year could suggest that respondents still see a positive future for their own companies, which is also reflected in the largely unchanged employment figures.

“The more mixed picture for economic optimism points to some businesses maintaining a degree of caution. While we still expect economic expansion, it may occur at a slower rate than the first half of 2024.”

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