Optimism about economy rises

Confidence among business leaders in the West Country rebounded in August despite major economic challenges, a new report has found.

South West businesses remain optimistic about the state of the economy, according to the latest Business Barometer from Lloyds Bank Commercial Banking, but reported lower confidence in their own prospects.

The barometer, which questions 1,200 businesses a month, found business confidence in the region rose 12 points during August to 23%.

South West businesses identified their top target areas for growth in the next six months as evolving their offering (37%), investing in their teams (35%), and diversifying into new markets (28%). Lloyds Bank’s Amanda Dorel said: “This month’s reading shows a pleasing boost in South West firms’ confidence, despite the many economic headwinds businesses across the region are continuing to face.”