Business confidence falls in the North West

Business confidence in the North West dropped to 9% during November, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

The survey was conducted in early November, before the Chancellor’s Autumn Statement, and saw a drop of 19 points overall. Businesses reported a 15% drop in confidence in their own business prospects as well as a 24% drop in their confidence in the economy.

There was also a 29% drop in businesses expecting to increase staff levels in the next year. Top target areas for growth included evolving their offering, investing in their teams and investing in sustainability.

This outlook comes at a time when the cost of living crisis continues to make headlines, with food inflation rising to 12.4% and overall shop price inflation up to 7.4%, the highest it has been since records began in 2005.

The GC Business Growth Hub's #HereForBusiness support package provides practical help and guidance and expert advice on a range of topics to help businesses manage the increasing cost of doing business.

To find out more and access help and support get in touch now.