Yorkshire business confidence lifts 15 points month-on-month
Business confidence in Yorkshire rose 15 points during October, with 45 per cent of companies now holding a positive outlook, according to the latest Business Barometer from Lloyds.
Companies in Yorkshire reported higher confidence in their own business prospects month-on-month, up five points at 46 per cent. When taken alongside their optimism in the economy, up 26 points to 44 per cent, this gives a headline confidence reading of 45 per cent, up from september’s reading of 30 per cent.
A net balance of 34 per cent of businesses in the region also expect to increase staff levels over the next year, up seven points on last month
Martyn Kendrick, regional director for Yorkshire and the Humber at Lloyds, said: “It’s particularly good to see this month’s rise in confidence accompanied by another rise in hiring intentions – a long-term signal of ambition that can have benefits that extend across the region’s economy.”
Looking ahead to the next six months, Yorkshire businesses identified their top target areas for growth as investing in their teams, for example through training, entering new markets and introducing new technology, such as automation or AI.
Overall, UK business confidence climbed eight points in October to 50 per cent.
Firms’ optimism in their own trading prospects rose 11 points to 62 per cent, while their confidence in the wider economy climbed six points to 39 per cent.