Business confidence in the East Midlands rose 11 points during October to 50%, according to the latest Business Barometer from Lloyds.
Companies in the East Midlands reported higher confidence in their own business prospects month-on-month, up seven points at 64%. When taken alongside their optimism in the economy, up 13 points to 35%, this gives a headline confidence reading of 50% (vs. 39% in September).
Looking ahead to the next six months, businesses in the East Midlands identified their top target areas for growth as investing in their team, for example through training (50%), evolving their offering, for instance by introducing new products or services (31%) and entering new markets (30%).
The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
National picture
Overall UK business confidence dipped slightly in October to 44% – down three points from September’s 47%.
This was driven by marginal falls in firms’ confidence about their own trading prospects (53% vs. 56% in September) and the economy (35% vs. 38% in September).
The North East of England was the most confident UK nation or region in October (63%), followed by London (56%) and the North West (53%).
Sector insights
Firms’ trading prospects pulled back for the third consecutive month in manufacturing to 46%, the lowest level since March. There were also moderate declines of 3 points in both retail and services to 51% and 57% respectively.
Expectations in construction bucked the trend, rising to 50%.
Dave Atkinson, Regional Director for the East Midlands at Lloyds, said: “It’s great to see East Midlands firms bucking the national trend with a rise in confidence, and particularly encouraging to see many businesses feeling optimistic when it comes to their own prospects.
“Firms will be working hard to translate this sentiment into further growth, and we’ll continue offer the support they need to help them meet their goals.”
