Categories
Firms around the South West of England – including many taking advantage of TS Partners’ expertise in accounting in Newton Abbot – seem to be remaining confident as the summer of 2023 wears on, even if there are plenty of other businesses across the UK that are not so upbeat.
This was what emerged from Lloyds Bank Commercial Banking’s most recent Business Barometer, which found that during July, business confidence in the South West actually went up by five points, to 34%. This contrasts with the situation for business confidence in the UK as a whole, for which a six-point decline was reported, to 31%.
Indeed, as reported by Business Leader, nine out of the 11 UK nations and regions that were included in the research showed a lower month-on-month business confidence reading. It is further evidence that, as we recently reported here at TS Partners, firms up and down the country are getting the jitters once more about a possible looming recession.
So, what else did the Lloyds Business Barometer tell us about the situation for surprisingly positive-minded South West England companies during July?
Firms are more confident about their own prospects than they are about the UK’s
Some 1,200 businesses are quizzed each month in order to put together the data for the survey. And in the case of the South West England firms that were surveyed, confidence in their own business prospects was higher in July than it had been the previous month, at 47% – a 13-point rise.
When those firms around the region were asked how confident they were in the broader economy, however, the reading was just 20%, a three-point decline compared to June. Taken together, the 47% and 20% figures equated to a headline confidence score of 34%.
On a UK-wide basis, the polled firms reported an even bigger drop in their optimism about the economy than those in the South West showed, with an 11-point fall bringing this particular reading to 21% overall – the lowest levels since February.
Companies across the UK, though, did seem to be adopting a positive slant on their own business prospects. 43% of the organisations surveyed said that they anticipated higher business activity over the coming 12 months, which was a one-point improvement on June’s reading, and the highest score for that metric in 14 months.
So, what are South West firms’ top target areas for growth over the next six months?
When businesses around the region were asked about this subject, 35% cited investment in sustainability, while 32% referred to investing in their teams. Three in 10 (30%) respondents, meanwhile, mentioned that they would look to evolve their product or service offering.
Furthermore, a net balance of 38% of the region’s companies said that they expected to heighten their staffing levels over the coming year. This was a 25-point increase on the previous month’s reading.
Hopefully, such relative optimism will have been seen within your own organisation, whether or not you are based in South West England.
And if you are indeed operating from this part of the UK, the TS Partners team can be on hand to assist with your accounting in Newton Abbot, in order to relieve some of your day-to-day pressures and put your firm in a better position to go for growth.
Latest Posts
- 22
- Nov
In recent years, we’ve witnessed a significant shift among company car drivers, especially directors of owner-managed businesses, towards Electric Vehicles (EVs) to capitalize on the available t…
- 13
- Oct
What is Land Remediation Tax Relief? If your property is owned or leased by a limited company, you (whether landlord or tenant) may be able to get tax relief on the costs of removing the asbestos and …
- 13
- Oct
Navigating the UK business terrain, it’s clear that the right funding can pivot your growth trajectory. With this in mind, TS Partners has teamed up with Swoop, creating a bridge between your f…
- 13
- Oct
Despite the limited tax breaks for UK commercial property owners or investors, many overlook the significant tax relief provided by capital allowances. This oversight often arises from unfamiliarity w…
- 12
- Sep
For a while now, there have been persistent suggestions that the UK could be on the verge of entering a recession – and according to at least one authoritative source, that moment may finally come l…
- 8
- Sep
Following an extended period of time in which the outlook did not seem greatly positive for very many businesses in the UK, our experts at TS Partners were cheered to read that according to one new bu…
- 6
- Sep
Talk of recession risk for the UK is becoming a very well-worn theme at this point, but it is also sadly true that many an accountant in Newton Abbot – and their clients – must bear such a risk in…
- 17
- Aug
As things stood at the time of this article being written, the destination of the Women’s World Cup trophy was yet to be decided; nonetheless, the England team has already captured the imaginations …
- 28
- Jul
Recent months, it is fair to say, have been ones of ups and downs for many UK business owners, who have been anxious to see reasons for optimism. The UK did at least avoid what had once been a widely …
- 21
- Jul
It has been clear for all to see in recent times that firms across the UK have been buffeted by a range of adverse factors, not least inflation and climbing interest rates. However, at least one recen…
- 17
- Jul
There sadly isn’t a lack of indicators of the exceedingly challenging situation for many small businesses in the UK – and beyond – at the moment. Sure enough, another one has emerged, with it be…
- 12
- Jul
According to at least one source, it would seem that confidence in the UK economy among the country’s business leaders has declined markedly recently, erasing the progress that had been made in this…
- 10
- Jul
In news that will not be cheering for the Bank of England (BoE) as it continues to struggle to drive down inflation, it has emerged that a far greater number of companies in the UK services sector are…
- 2
- Jul
Amid continuing concerns about inflation and the economy, it seems that the UK Government has at least some reason for cheer: the “tax gap” for the year 2021 to 2022 has remained at its lowest eve…
- 30
- Jun
It isn’t just businesses up and down the South West of England and beyond – including many that have reached out to TS Partners about our digital accountancy in Plymouth, Wellington, or Newton Abb…
- 28
- Jun
In a development that has been described by one industry expert as “somewhat ironic”, it has emerged that the non-departmental funding body UK Research and Innovation (UKRI) owes HM Revenue & …
- 26
- Jun
UK organisations that are keen to take responsible and compliant approaches to their tax and accounting in Newton Abbot, Plymouth, or Wellington may be interested to read about new Government plans th…
- 24
- Jun
No doubt that for many of our blog readers, the various business surveys, indexes, and barometers will be key topics of reading and conversation, as business owners around the UK assess the prospects …