Thursday, April 22, 2021

Yorkshire business confidence tips into positive territory – research

Business confidence in Yorkshire rose by eight points during February to 4%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Although companies in Yorkshire reported marginally lower confidence in their own business prospects month-on-month, down two points at -8%, their economic optimism, up 19 points to 16%, resulted in a headline confidence reading of 4%.

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

When it comes to jobs, a net balance of 1% of businesses in the region expect to increase staff levels over the next year, up 22 points on last month.

Across the UK, overall business confidence rose in February as the government announced it would be creating a ‘roadmap’ out of lockdown.

Confidence increased by nine points to 2%, the first net positive reading since March 2020. Firms’ economic optimism also jumped 12 points month-on-month to 2%.

Steve Harris, regional director for Yorkshire and Humber at Lloyds Bank Commercial Banking, said: “This month’s figures point to increased hope for a brighter future among Yorkshire and the Humber’s firms.

“Confidence has moved into net positive territory for the first time in ten months, and the significant uptick in hiring intentions is the clearest sign yet that the success of the UK’s vaccine rollout and hopes of easing restrictions is starting to affect business optimism.

“Following the PM’s announcement earlier this week, businesses hopes are likely to have increased further.

“While firms will still face challenges, we’ll continue to support their growth and success as we navigate a return to normality in the coming months.”

Confidence increased across all four broad industry sectors to the highest levels since March 2020. After a soft start to the year, manufacturing jumped by fourteen points to 5%, while construction rose eight points to 7%. Confidence in retail extended nine points to 3%, while services advanced by ten points to 1%, led by broad-based improvements in the subsectors.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

University of Sheffield spinout company raises £10m to advance stem cell therapy for hearing loss

University of Sheffield spinout company, Rinri Therapeutics, has raised a total of £10 million from investors and the UK Future Fund to advance its...

Progeny extends reach into Scotland with Affinity expansion

Progeny Group is continuing to extend its multi-disciplinary professional services into Scotland with the acquisition of Affinity financial planning practice. A five-strong team, Affinity was...

Bank of England to open to northern hub in Leeds

The Bank of England is set to open a new northern hub in Leeds as part of plans to bolster staff presence across the...

Rising distress for Yorkshire businesses despite gov support

Despite Government support measures designed to avoid mass insolvencies, businesses in Yorkshire and across the UK are experiencing rapidly escalating levels of distress. According to...

Business Revival Grant Fund to open for COVID-hit Lincolnshire businesses

Next week, City of Lincoln Council and West Lindsey District Council will launch a new Business Revival Grant Fund. The grant is aimed at supporting...

German ag machinery manufacturer relocates into £3m East Yorks premises

Grimme, a German manufacturer and supplier of agricultural machinery, has relocated into a £3 million purpose-built premises in East Yorkshire. The £45 million UK turnover...

Related news

University of Sheffield spinout company raises £10m to advance stem cell therapy for hearing loss

University of Sheffield spinout company, Rinri Therapeutics, has raised a total of £10 million from investors and the UK Future Fund to advance its...

Progeny extends reach into Scotland with Affinity expansion

Progeny Group is continuing to extend its multi-disciplinary professional services into Scotland with the acquisition of Affinity financial planning practice. A five-strong team, Affinity was...

Bank of England to open to northern hub in Leeds

The Bank of England is set to open a new northern hub in Leeds as part of plans to bolster staff presence across the...

Rising distress for Yorkshire businesses despite gov support

Despite Government support measures designed to avoid mass insolvencies, businesses in Yorkshire and across the UK are experiencing rapidly escalating levels of distress. According to...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close