Yorkshire business confidence rises in February, says Lloyds survey
Many Yorkshire businesses are feeling more positive about their prospects as they plan to introduce new products and services, according to a major study.
The Business Barometer from Lloyds found that business confidence in Yorkshire rose 11 points to 40 per cent this month.
The barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.
The overall ‘balance’ of business confidence opinion weighs up the percentage of firms that are positive in outlook against those that are negative and gives a net balance on a scale of -100 per cent to 100 per cent. A score of zero would mean there was an even balance of positive and negative sentiment.
Looking ahead to the next six months, Yorkshire businesses identified their top target areas for growth as improving their offering, for example by launching new products or services (46 per cent), introducing new technology, such as AI or automation (34 per cent), and investing in their team through training (34 per cent).
Martyn Kendrick, regional director for Yorkshire at Lloyds, said: “It’s particularly encouraging to see this rise driven by greater confidence from Yorkshire firms in their own trading prospects.
“As firms look ahead to new opportunities, we’ll continue to be there with our support.”
Hann-Ju Ho, Senior Economist, Lloyds Commercial Banking, said: "The majority of the survey results were collected following the Bank of England’s close decision to hold interest rates at its February meeting, signalling potential easing ahead, which may have alleviated business concerns, including those around cost pressures.
"While the rise in pricing expectations to a six-month high may indicate firms are looking to rebuild their margins in 2026.”