More West Midlands businesses looking to hire

Companies in the region report higher confidence in their business prospects, which rose two points to 37 per cent, and higher economic optimism, which was up four points at 24 per cent.

This gives an overall confidence reading of 31 per cent, rising twice as quickly as the national average and placing the West Midlands as the UK’s most confident region outside London.

The rise is reflected in businesses’ hiring intentions, with a net balance of 25 per cent of local firms expecting to hire more staff during the next year, up nine points on last month.

Across the UK, overall confidence rose two points to 19 per cent as firms’ optimism about the economy climbed three points to 10 per cent. Companies’ confidence in their own prospects edged up one point to 27 per cent.

In the West Midlands, a net balance of 14 per cent of businesses said they felt that the UK’s exit from the European Union was having a negative impact on their expectations for business activity, down eight points on a month ago.

The barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide.

Amanda Dorel, regional director for the West Midlands at Lloyds Bank Commercial Banking, said: “As the most confident region outside the capital, West Midlands businesses are knuckling down to deliver growth amid challenging circumstances.

“This is certainly reflected in their hiring intentions and we will continue to stand by the side of businesses as they look to create new jobs this year.

“Earlier this month, we announced plans to lend up to £2.5 billion to firms in the region during 2019. Long may the ongoing strength and resilience in the local business community continue.”