Lloyds Bank’s newest Business Barometer shows that there was a third successive monthly rise in the levels of confidence among businesses in the Humber and Yorkshire region during August.
This report shows a month-on-month rise in the levels of confidence that firms in this area have about their future prospects, with this standing at -12% for August. Combined with their feelings about the wider UK economy in the wake of the pandemic and lengthy lockdown, the Business Barometer reveals an overall confidence level of -13% for Yorkshire and Humberside firms, putting them just above the average for the country as a whole, which is at -14%.
The Business Barometer, which is published every month by Lloyds Bank, speaks to 1,200 companies of all sizes throughout the UK to highlight emerging trends within the economy, both at national and regional level.
Companies in Yorkshire and the Humber area also reported that the virus was continuing to damage demand during August, with 59% reporting that demand had dropped during the month, while 7% stated that it had risen. Both of these figures are down from those of the previous month. Furthermore, 51% stated that the virus was disrupting their chains of supply, but 42% of them anticipated that circumstances would be much better inside half a year. Just 3% expected supply chain recovery to need longer.
Those companies that are struggling with the fallout from the pandemic may choose to speak to professional accounting services in South Yorkshire to help manage their financial situations.