November sees fall in business confidence for Yorkshire firms

November sees fall in business confidence for Yorkshire firms
Kelly Green, Regional Director for Yorkshire and the Humber at Lloyds Bank Commercial Banking

Business confidence in Yorkshire & the Humber fell seven points during November to -2%, according to the latest ‘Business Barometer’ from Lloyds Bank Commercial Banking.

Companies in the region reported lower confidence in their business prospects at 3%. When taken alongside their views of the economy overall, this gives an overall confidence of -2%.

Businesses’ hiring intentions show that a net balance of 5% of businesses in the region expect to decrease staffing levels during the next year, down one point on last month.

Across the UK, overall confidence rose three points to 9% as firms’ optimism about the economy rose 10 points to 7%, although their confidence in their own prospects dropped three points to 12%.

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

“Uncertainty continues to weigh on the shoulders of Yorkshire’s firms planning for the year ahead. However, there are reasons to be cheerful in the county this month,” said Kelly Green, Regional Director for Yorkshire & the Humber at Lloyds Bank Commercial Banking.

“Doncaster Council approving the construction of a new advanced manufacturing scheme is set to create 4,300 jobs, while McLaren announced plans to triple its Sheffield workforce.

“Each are huge wins for South Yorkshire, creating high-skills jobs and knock-on opportunities across the wider region’s supply chain.

“As we look forward to a new year and decade, we’ll continue to be by the side of businesses across Yorkshire as they expand alongside the county’s burgeoning advanced manufacturing sector.”

Across the region, a net balance of 8% of businesses said they felt that the UK’s exit from the European Union was having a negative impact on their expectations for business activity, down four points on a month ago.