Yorkshire business confidence on the rise says Lloyds

The recent data reveals it climbed by 22 points during March to reach 62 per cent, remaining above the national average.

This increase reflects improved confidence in both trading prospects and the broader economy, with trading optimism up nine points to 64 per cent and economic optimism rising 35 points to 60 per cent.

Martyn Kendrick, regional director for Yorkshire at Lloyds, said: “As business confidence holds this month, we remain focused on supporting firms in Yorkshire, providing the finance, guidance and expertise they may need.”

A net balance of 43 per cent of businesses in the region now expect to increase staff levels over the next year, marking a rise of 26 points from the previous month.

The Business Barometer, which surveys 1,200 businesses each month, has been tracking sentiment since 2002 to provide early indicators of UK economic trends at both regional and national levels.

Nationally, UK business confidence rose by 11 points in March to reach 55 per cent.

Amanda Murphy, CEO for Lloyds Business and Commercial Banking, highlighted the contrast between smaller and larger firms in the latest data.

She said: “While businesses are adept at reacting to uncertain, fast-moving conditions, this month’s results show an interesting divergence in sentiment.

“Smaller businesses may have remained confident because they had not yet seen an immediate change in customer demand or supply chain disruption.

“Larger firms, however, read global events more cautiously because of their closer exposure to global markets.

“With most responses coming in the very early stages of the Middle East conflict, we’ll be watching closely to see how confidence evolves.”

The survey was conducted between March 2 and March 16, capturing sentiment in the early days of renewed conflict in the Middle East.