Business confidence in Yorkshire fell three points during June to 49%, according to the latest Business Barometer from Lloyds.
While companies in Yorkshire reported higher confidence in their own business prospects month-on-month, up two points at 61%, their optimism in the economy fell nine points to 37%. Taken together, this gives a headline confidence reading of 49% (vs. 52% in May).
Looking ahead to the next six months, Yorkshire businesses identified their top target areas for growth as investing in their team, for example through training (47%), evolving their offering, for example by introducing new products and services (42%), and entering new markets (34%).
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.
National picture
Overall, UK business confidence increased one point in June to 51%.
Firms’ optimism in their own trading prospects strengthened one point to 57%, while their confidence in the wider economy also rose one point to 45%.
Wales was the most confident UK nation or region in June (67%), followed by London (64%).
Sector insights
Business confidence in the manufacturing and retail sectors saw significant gains this month, with 12-point rises in both sectors to 52%. For manufacturing, this demonstrates an 11-month high.
Construction and services however saw decreases in confidence, with falls by five points and four points respectively.
Martyn Kendrick, regional director for Yorkshire at Lloyds, said: “While overall confidence in the region has dipped slightly, it’s encouraging to see that Yorkshire businesses are increasingly optimistic when it comes to their own trading prospects.
“Firms’ focus on steps such as investing in people, innovating in products and services, and exploring new markets reflects the strength of the region’s ambition, and we’ll be ready to support Yorkshire’s businesses as they look to translate this into further growth.”
