Key business survey shows growing optimism
Companies in the North East are reporting higher confidence in their business prospects, according to new data.
Lloyds Bank’s Business Barometer for January shows businesses in the region are also showing a higher level of economic optimism with 14% of firms in the region expecting to hire more staff during the next year - up six points on last month. The key finding are: *Overall confidence rose nine points in the past month to 20%.
*Economic optimism stood at 19% - 13 points above last month.
*Firms’ confidence in their own business prospects was 21%, compared with 16% in December
*Hiring intentions in the region also rose to 14%, six points higher than December
Across the UK, overall confidence rose 13 points to 23% as firms’ optimism in the economy soared 22 points to 24%.
At the same time, confidence in their own prospects increased four points to 22%.
Kelly Green, regional director for the North East at Lloyds Bank Commercial Banking, said: “It’s encouraging to see such a significant shift in confidence for the North East.
“There are many exciting prospects ahead for the local economy, such as employers like Amazon creating hundreds of new jobs in areas like County Durham.
“As the fog of uncertainty begins to lift, firms will be looking to revive growth plans that they might previously have put on hold.
“We anticipate lending up to £700m to firms in the region in 2020 as we with North East businesses to fuel growth.”
The barometer questions 1,200 businesses monthly.