​Confidence among Peterborough business leaders higher than national counterparts.

​Confidence among Peterborough business leaders is higher than for their national counterparts, according to new data.

​Figures from the latest Lloyds business barometer show business confidence in Peterborough and the rest of the region rose by 10 points during November to 48 per cent.

The increase results from taking the companies in the East reporting higher confidence in their own business prospects month-on-month, which is up 23 points at 72 per cent, alongside their optimism in the economy, which is down one point to 25 per cent.

This gives a headline confidence reading of 48 per cent compared to 38 per cent in October.

Overall UK business confidence dipped three points in November to 41 per cent.

Looking ahead to the next six months, businesses in the East identified their top target areas for growth as evolving their offering, for instance by introducing new products or services (48 per cent), entering new markets (33 per cent) and investing in their team, for example through training (33 per cent).

The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide.

Kirsty Sadler, regional director for the East of England at Lloyds, said: “Business confidence in the East is now above the UK average, driven by growing confidence from the region’s businesses in their own trading prospects.

“Firms will now be looking to translate this optimism into action – whether that’s by launching new products, breaking into new markets or developing new skills. Whatever their ambitions, we’ll be by their side to help.”

Hann-Ju Ho, Senior Economist, Lloyds Commercial Banking, said: “These results suggest that while firms have mixed views about the economy, they see their businesses in a good place to cope with any challenges they might face.

"Hiring intentions, although moderating this month, haven’t fallen by much which is also positive news.

“Overall, these results show that businesses are still positive and feeling resilient, albeit with tempered views on the economic outlook”.