Business confidence in the North West increases in June

Business confidence across the North West increased by a percentage point in June, according to the latest Business Barometer from Lloyds Bank Commercial Banking. 

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

But while the report shows that businesses have stronger belief in themselves, confidence in the wider economy as fallen.

North West confidence also still lags behind the UK average by seven points.

Companies in the North West reported higher confidence in their own business prospects month-on-month, up four points at 38 per cent.  When taken alongside their optimism in the economy, down two points to 21 per cent, this gives a headline confidence reading of 30 per cent, up from 29 per cent in May.

North West businesses identified their top target areas for growth in the next six months as entering new markets (38 per cent), investing in their team (28 per cent) and evolving their offering (26 per cent).  

Overall, UK business confidence increased by nine points to 37 per cent in June, with all regions reporting a positive confidence reading. Eight out of 10 regions reported a higher confidence reading than in May.

Martyn Kendrick, regional director for the North West at Lloyds Bank Commercial Banking, said: “It's encouraging to see that business confidence remains strong in the North West, with many firms actively seeking to expand their operations into new markets. By exploring new growth prospects, firms are setting themselves up for future success with potential new revenue streams. "