Yorkshire firms are the most confident in the UK, says report
COMPANIES IN Yorkshire are the most confident in the UK, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Business confidence in the region rose 26 points to 43 per cent in November – the biggest rise of any UK region.
Companies reported higher confidence in their business prospects, up 17 points to 46 per cent, and higher economic optimism, which rose 36 points to 40 per cent.
Meanwhile, firms’ hiring intentions showed that a net balance of 32 per cent of businesses in the region expect to hire more staff during the next year, up 18 points on last month.
Nationally, overall confidence bounced back, climbing five points to 24 per cent as firms’ optimism about the economy rose nine points to 17 per cent. Companies’ confidence in their own business prospects rose two points to 31 per cent.
The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends.
Kelly Green, regional director for Yorkshire at Lloyds Bank Commercial Banking, said: “There has been no shortage of good news across the region in the last month, which has in turn driven rising business confidence.”
Hann-Ju Ho, senior economist, Lloyds Bank Commercial Banking, added: “Following last month’s dip, with business confidence reaching its lowest level since August 2017, it is reassuring to see that business confidence has picked up, helped by stronger economic optimism.”