West Midlands businesses 'most confident in the UK ' - Lloyds Bank

Business confidence in the West Midlands rose 10 points this month to 42 per cent, the highest of any region or nation in the UK, according to the latest Business Barometer report from Lloyds Bank Commercial Banking.

The report found that companies in the region reported higher confidence in their own business prospects month-on-month, up 23 points at 40 per cent. Despite a small dip in their optimism in the economy, down three points to 44 per cent, this gives a headline confidence reading of 42 per cent.

West Midlands businesses flagged a range of growth opportunities for the next six months, including investing in and expanding their teams (47 per cent), evolving their offering to include a new product or service (37 per cent) and entering new markets (35 per cent).

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

The report also found a net balance of 44 per cent of businesses in the region expect to increase staff levels over the next year, up 14 points on last month.

Every UK region and nation reported positive confidence readings in April. Alongside the West Midlands, Wales (up 25 points to 20 per cent) and the South East (up 19 points to 30 per cent) reported the largest increases month-on-month, while the East Midlands reported the lowest reading of any region at 16 per cent.

Dave Atkinson (pictured), regional director for the West Midlands at Lloyds Bank Commercial Banking, said: “We 've felt a greater sense of optimism from businesses on the ground here over recent weeks, and it 's great to see that reflected in this month 's survey findings. Firms recognise that there are opportunities for growth, and we 'll be by their side helping them to make the most of this potential.

“The West Midlands has always been at the forefront of innovation and continues to lead the way with plans for a new industrial park in Solihull and 'vertiport ' trial in Coventry. These exciting plans and ongoing investment will no doubt bring more opportunities for businesses across the region. ”