Business confidence in North West fell five points during March to 53% according to the latest Business Barometer from Lloyds.
Companies in North West reported higher confidence in their own trading outlook month-on-month, down seven points at 60%. When taken alongside their optimism in the economy, down two points to 46%, this gives a headline confidence reading of 53% (vs. 58% in February).
A net balance of 50% of businesses in the region also expect to increase staff levels over the next year, up six points on last month.
The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide. This month’s survey was conducted at the start of March, between 2 – 16th.
Commenting on UK national confidence trends, Amanda Murphy, CEO for Lloyds Business and Commercial Banking said: “While businesses are adept at reacting to uncertain, fast-moving conditions, this month’s results show an interesting divergence in sentiment.
“Smaller businesses may have remained confident because they had not yet seen an immediate change in customer demand or supply chain disruption. Larger firms, however, read global events more cautiously because of their closer exposure to global markets.
“With most responses coming in the very early stages of the Middle East conflict, we’ll be watching closely to see how confidence evolves.”
Overall, UK business confidence rose 11 points in March to 55%.
Firms’ confidence in their own trading prospects rose seven points to 60%, and their optimism in the wider economy increased 14 points to 50%.
Chris Whittle, area director in the North West at Lloyds, said:“While business confidence has dipped slightly this month, we remain focused on supporting firms in the North West, providing the finance, guidance and expertise they may need.”
