Business confidence takes a tumble

BUSINESS confidence in Wales tumbled in October, according to latest research from Lloyds.

Companies in Wales reported lower confidence in their own business prospects month-on-month, down 15 points at 27%.

When taken alongside their optimism in the economy, down 29 points to 21%, this gives a confidence reading of 23% – the lowest of any nation or region of the UK.

A net balance of 16% of businesses in Wales expect to increase staff levels over the next year, down eight points on last month.

Amanda Dorel, regional director for Wales at Lloyds Bank Commercial Banking, said: “The drop in confidence among Welsh businesses is concerning but reflects some of the uncertainty in the trading environment that firms are facing.

“Encouragingly, though, overall confidence remains in positive territory, with plenty looking to hire.”

Overall UK business confidence remained steady, dipping by just three points to 43% and remaining comfortably above the yearto-date average of 26%.