Business confidence in Yorkshire fell 13 points during August to 32%, according to the latest Business Barometer from Lloyds.
Companies in Yorkshire reported lower confidence in their own business prospects month-on-month, down four points at 50%. When taken alongside their optimism in the economy, down 22 points to 14%, this gives a headline confidence reading of 32% (vs. 45% in July).
Looking ahead to the next six months, Yorkshire businesses identified their top target areas for growth as investing in their team, for example by investing in training (39%), introducing new technology, such as AI or automation (32%) and evolving their offering, for example by introducing new products or services (28%).
National picture
Overall, UK business confidence rose two points in August to 54%.
While firms’ confidence in the wider economy dropped three points to 44%, their optimism in their own trading prospects rose five points to 63%.
London was the most confident part of the UK in August (69%), followed by the East of England (64%).
Sector insights
Manufacturing firms saw confidence up 14 points this month, to 62%. This level was previously seen in 2015. Retailers also saw an increase in confidence this month, with levels up 13 points to 57%, a five-month high. However, construction firms confidence fell by five points to 40%, a four-month low, while confidence in service sector firms also fell eight points to 53%.
Martyn Kendrick, regional director for Yorkshire and the Humber at Lloyds, said: “While confidence in the region has fallen this month, Yorkshire businesses continue to demonstrate their characteristic resilience and determination to grow. We’ll continue to provide our on-the-ground support to help local businesses achieve their plans.”
