Business confidence rises in Yorkshire as firms feel more positive about Brexit

Companies in the region report higher confidence in their business prospects, which rose 11 points to 21 per cent, and greater economic optimism, up six points to 27 per cent. Together, this gives an overall confidence of 24 per cent.

Across the region, a net balance of 30 per cent of businesses said they felt that the UK’s exit from the European Union was having a positive impact on their expectations for business activity, the first time since May 2019 that the region’s companies had an overall positive outlook on Brexit. This compares to last month when a net balance of four per cent expected it to have a negative impact on business activity.

Kelly Green, regional director for Yorkshire & the Humber at Lloyds Bank Commercial Banking, said: “We’ve seen a real change in Yorkshire firms’ expectations around Brexit and its impact on their business activity. It’s encouraging to see this in line with growing optimism towards firms’ trading prospects and the outlook for the economy.

“Now, businesses will be seeking clarity in the upcoming Budget on the Government’s plan to ‘level up’ the UK regions. If this is delivered, we could see a more robust increase in Yorkshire firms’ hiring intentions in the coming months.”

Businesses’ hiring intentions showed that a net balance of 6 per cent of businesses in the region expect to hire more staff during the next year, up three points on last month.

Across the UK, overall confidence was unchanged on last month at 23 per cent as firms’ optimism in the economy and confidence in their own prospects held steady.