Business confidence down in Lancashire but opportunities are highlighted

Business confidence in the North West fell 13 points during April to 32 per cent, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

By Tim Gavell
Sunday, 8th May 2022, 4:55 am
Martyn Kendrick
Martyn Kendrick

Companies in the North West reported lower confidence in their own business prospects month-on-month, down five points at 43 per cent. When taken alongside their optimism in the economy, down 23 points to 20 per cent, this gives a headline confidence reading of 32 per cent.

Despite a dip in confidence, firms nonetheless flagged a range of growth opportunities for the next six months, investing in their team (34 per cent), evolving their offer (34 per cent) and diversifying into new markets (19 per cent).

The Business Barometer provides early signals about UK economic trends both regionally and nationwide.

Sign up to our daily newsletter

Read More

Read More
Lancashire business leaders welcome further delay on post-Brexit import checks

A net balance of 19 per cent of businesses in the region expect to increase staff levels over the next year, down 30 points on last month.

Overall, UK business confidence remained unchanged during April, at 33 per cent.

Martyn Kendrick, regional director for the North West at Lloyds Bank Commercial Banking, said: “Businesses across the North West continue to be impacted by significant geo-political and economic turbulence – so while a dip in confidence is not surprising, it’s encouraging to see that many firms remain optimistic.

"They are continuing to seek out new opportunities for growth and to evolve their offering, helping them to stay competitive and bring on board the best talent.”

From a sector perspective, manufacturing confidence increased by eight points to 43 per cent, erasing part of the 19-point decline in March, helped by somewhat stronger trading prospects.