The Lloyds Bank Business Barometer for December showed that the confidence among companies in the Humber and Yorkshire had risen to their highest levels since before the first lockdown in March.
There was a 17-point rise in the level of optimism that firms in this region expressed towards the economic future in comparison to the month before. This rise took the overall level of economic optimism among the Humber and Yorkshire firms to -5% for the month. There was a two-point drop in the levels of confidence that these companies expressed regarding their future prospects though, which produced overall confidence levels of -4%.
Not all of the findings from the Business Barometer were quite so positive for companies in the Humber and Yorkshire, however, with a significant rise in the number of firms stating that they anticipated having to lay off members of staff during 2021. A 20% net balance of firms in the region indicated this, which marks a rise of 17 points on the percentage for November.
Speaking to Insider Media, Lloyds Bank Yorkshire and the Humber Regional Director, Steve Harris, said:
“This significant jump in confidence by the region’s firms is set against the backdrop of the vaccine rollout, which is creating hope for a return to normality in the near future.”
Harris added that this had not yet brought about better prospects for trading, but firms do have the option of accountancy services in South Yorkshire if they need help in dealing with finances until then.