BUSINESS NEWS
SOUTH WEST BUSINESS CONFIDENCE GROWS AT FASTEST RATE IN THE UK
Business confidence in the South West rose 22 points during April to 30 per cent , the highest increase across all UK regions and nations , according to the latest Business Barometer from Lloyds Bank Commercial Banking .
Companies in the South West reported higher confidence in their own business prospects month-on-month , up 27 points at 26 per cent . When taken alongside their optimism in the economy , up 17 points to 34 per cent , this gives a headline confidence reading of 30 per cent .
Regarding employment , a net balance of 1 per cent of businesses in the region expect to increase staff levels over the next year , up nine points on last month and the first netpositive reading since March 2020 .
The Business Barometer surveys 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide .
Overall , UK business confidence
surged 14 points in April to 29 per cent , the highest reading since September 2018 .
The result follows the reopening of hospitality , non-essential retail and personal service providers in England , ahead of further lockdown restrictions easing in Wales and Scotland .
Organisations ’ confidence in their own business prospects rose by 14 points to 26 per cent . Their optimism in the economy increased by 15 points to 32 per cent .
Most UK regions and nations reported a month-on-month increase in confidence during April . No nation or region reported a fall in confidence and nowhere had a net-negative confidence reading for the first time since July 2019 . Confidence increased in all sectors , with manufacturing and retail confidence levels at three-year highs .
David Beaumont , Regional Director for the South West at Lloyds Bank Commercial Banking , said , “ It ’ s encouraging to see business confidence surge in the South West , with more firms planning to create jobs rather than cut them in the next 12 months .
“ Our region ’ s world-class tourism and hospitality industry has been buoyed by the phased reopening of the economy . We will remain by the side of South West firms as they continue to navigate the road ahead .”
Swindon on track for a strong economic recovery in 2021
A new economic report says that Swindon is expected to help lead the nation ’ s post-Covid-19 recovery in 2021 with some of the fastest economic growth in the UK .
For more info : www . irwinmitchell . com
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Released in April , the latest UK Powerhouse report from Irwin Mitchell and the Centre for Economic and Business Research ( Cebr ) predicts that Swindon ’ s economy will grow by 7.4 per cent in the 12 months to Q4 2021 .
It also says that Swindon ’ s level of employment growth will be the fourth fastest in the 12 months to Q4 2021 with the addition of 2,400 new jobs .
According to the report , Swindon ’ s strong performance is not replicated across the rest of the UK with only 36 per cent of cities expected to increase employment levels in Q4 2021 .
The study makes several recommendations on tackling the difficulties businesses will face
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coming out of lockdown , including encouraging businesses to take advantage of policies regarding investment and improving skills . In addition , the study also recommends that local governments put plans in place to support job creation when the furlough scheme ends .
Vicky Brackett , Partner and Head of Irwin Mitchell ’ s business division , said , “ Similar to all other towns and cities in the report , Swindon suffered a contraction in the size of its economy during 2020 . It has recovered very strongly and by the end of 2021 it is expected to be in the top 10 for GVA growth and job creation .
“ Swindon cannot afford to be complacent
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though . With the end of the furlough scheme expected to have a negative impact on employment , it is clear that local plans for job creation need to be in place before October .
“ It is also clear that a resolution to some of the outstanding issues surrounding Brexit can only have a positive impact on the future outlook . Supporting those SMEs in the region who export to the EU will not only enhance the economic output but can also make a positive contribution to the local jobs market .”
Visit the Irwin Mitchell website for the full report .
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Vicky Brackett , Irwin Mitchell |
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