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BUSINESS confidence in Wales rose six points to 43% in June, according to the latest Lloyds Bank Commercial Banking Business Barometer. This is in stark contrast to the general trend in the UK, where confidence has declined.

Businesses in Wales reported an increase in confidence in their own business prospects, with an increase of three points to 38%. Optimism in the broader economy rose even more, up nine points to 48%. Overall, this gave a confidence reading of 43%, up from 37% in May.

Growth goals

Looking ahead, Welsh businesses have identified key growth areas for the next six months. Almost half (47%) focus on investing in their team through training. In addition, 43% plan to evolve their offer by introducing new products or services, and 26% invest in sustainable development initiatives.

The Business Barometer, which surveys 1,200 businesses each month, provides early insight into economic trends both in the region and across the country.

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In the UK, overall business confidence fell by nine points in June, with a net balance of 41%. Despite this decline, trust levels remained above the long-term average of 28%.

Businesses reported lower confidence in their trading prospects, which fell by 10 points to 44%. Economic optimism also fell, down seven points to 39%. However, both values ​​remained relatively strong.

Yorkshire and the Humber led the way as the most confident UK regions in June, with a confidence level of 48%, closely followed by the North East of England (47%) and the East Midlands (46%).

Sector information

June’s sector results were mixed, with three of the four sectors seeing a deterioration in their trade outlook. Construction confidence fell 16 points to 42%, retail trade fell 14 points to 35% and services fell 11 points to 46%. Manufacturing was the exception, with a small gain of two points to 51%.

Expert commentary

Sam Noble, regional director for Wales at Lloyds Bank Commercial Banking, commented on the findings:

“This month’s Business Barometer shows Wales is bucking the trend in the UK. As companies look to capitalize on greater confidence, it is important to closely monitor working capital. The rapid growth that may come with new opportunities can quickly tie up resources in working capital, limiting the financial flexibility of companies. Identifying working capital pressure points in advance and using specialist tools such as invoice finance or asset-based lending can unlock funds that can help companies realize their ambitions.”

Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, added:

“These results suggest a slight decline in business confidence in June as business prospects and economic optimism fell below levels seen in recent months. However, these results are still broadly in line with the positive readings we saw earlier in the year. Fewer businesses indicated their prices would rise over the next few months, coinciding with a decline in inflation last week. Meanwhile, performance across sectors was mixed, with confidence in construction, retail and services falling after rising last month.”

Wales continues to demonstrate resilience and optimism, excelling in a challenging economic landscape.