Business confidence reaches two-year high - report

Business confidence in the West Midlands has reached its highest level since January 2019, according to the latest Business Barometer report from Lloyds Bank Commercial Banking.

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

In April, companies in the West Midlands reported higher confidence in their own business prospects month-on-month, up seven points at 31 per cent.

Taken alongside their optimism in the economy, which is down two points from 30 per cent, the headline confidence reading sits at 31 per cent.

The report also revealed that 12 per cent of businesses in the region expect to increase staff levels over the next year, down one point from the month prior.

Amanda Dorel (pictured), regional director for the West Midlands at Lloyds Bank Commercial Banking, said: “It 's promising to see confidence among businesses in the West Midlands continue to rise after a significant increase last month. The easing of some restrictions in April will, no doubt, have been a boost to many - particularly those in the retail and hospitality sectors.

“With the further loosening of restrictions on the horizon, it 's likely that confidence will continue to rise, but we know that businesses will face challenges as they continue to adapt and get back to business as usual.

“We 'll be by the side of the region 's business community in the months to come as firms build back better stronger and set their sights on growth opportunities. ”

Overall, nationwide UK business confidence surged 14 points in April to 29 per cent, the highest figure since September 2018.