An increase in business confidence is reflected in growing recruitment plans among Yorkshire & the Humber firms, according to the latest Business Barometer from Lloyds Bank Commercial Banking.
Companies’ hiring intentions show that a net balance of 23% of businesses in the region expect to hire more staff during the next year, up 15 points on last month.
The region’s firms report higher confidence in their business prospects at 41%, while their optimism in the economy remains broadly unchanged at 28%, from 29% a month ago.
Together, this gives an overall confidence of 35%, which is six points above last month’s figure of 29%.
Nationally, overall confidence has fallen six points to 29%, as firms’ optimism about the economy dips, weighing down their confidence in their own business prospects.
The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.
Kelly Green, regional director for Yorkshire and the Humber at Lloyds Bank Commercial Banking, said: “It’s encouraging to see business confidence and hiring intentions grow by this degree, especially in a month where rail travel disruption will have hindered many firms’ overall productivity.
“Confidence being above the UK average for the first time since March is also a positive sign for the region’s economy and goes to show how resilient Yorkshire firms are.”
Yorkshire is among the most confident regions outside London this month. Overall confidence remains highest in the capital, at 40%, but is followed by Yorkshire, the North East and North West, all at 35%.
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