NE business confidence outstrips UK average again

The North East region outstripped the UK average for the sixth month in a row, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the region identified their top target areas for growth in the next six months as investing in their team, entering new markets and introducing new technology such as automation or AI.

The report found 58 per cent of businesses expect to increase staff levels over the last year, up eight points on last month.

The Business Barometer, which surveys 1,200 firm’s monthly, reported overall UK business confidence in March of 42 per cent.

Martyn Kendrick, regional director for the North East at Lloyds Bank Commercial Banking, said: “North East businesses have now been more confident than the national average for six months in a row.

“Despite slightly more pessimism when it comes to the wider economy, businesses are increasingly bullish when it comes to their own plans.

“This a reflection of the hard work we know so many have been doing to build a foundation for future growth – a foundation that they’re now looking to capitalise on by further investing in their teams, and broadening their reach into markets.”