East Midlands businesses begin 2024 with growth in confidence

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Business confidence in the East Midlands rose four points during January to 38%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

While firms in the region reported lower confidence in their own trading prospects month-on-month, down 12 points to 39% in January, their optimism in the wider economy climbed 20 points to 37%. Taken together, this gives a headline confidence reading of 38%.

East Midlands businesses identified their top target areas for growth in the next six months as evolving their products and services (42%), investing in their team (39%), and introducing new technology (27%).

A net balance of 26% of businesses in the region also expect to increase staff levels over the next year, down 14 points on last month.

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.

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Overall, UK business confidence rose nine points in January to 44% – its highest level since February 2022 and its strongest start to a year since 2016. Firms’ outlook on the overall UK economy rose ten points from 27% to 37%, while businesses’ optimism in their own trading prospects also climbed three points month-on-month to 51%.

 link source - East Midlands Business Link General https://www.eastmidlandsbusinesslink.co.uk/mag/wp-content/uploads/2022/03/Dave-Atkinson-Lloyds-Bank-scaled-e1647599013198.jpg

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