Essex-TV
Businesses across the East of England are feeling optimistic about regional economic growth, with many anticipating a more significant impact from local combined authorities and elected mayors over the coming three years. According to the latest Lloyds Business Barometer survey incorporates feedback from 1,200 UK companies spanning all sectors and regions. Kirsty Sadler, Regional Director for the East of England at Lloyds, said: “It’s great that so many businesses across the East of England are feeling confident about our growth prospects. With the majority believing the East gets the public investment it needs, it’s encouraging that more firms are now expecting local authorities to contribute to the region’s economic prosperity. “Unlocking the investment needed for our communities and infrastructure will require close collaboration between businesses and local stakeholders, helping the East realise its exciting growth potential.”
The national picture
More than 80% of UK businesses express confidence in their regional economic growth over the next three years. While planning and investments in community and transport remain the top drivers for future expansion, there is a clear disparity in how businesses perceive the distribution of public investment across the UK. Confidence levels were highest in the North East, where 90% of firms expect regional growth, followed by the South East (89%) and the North West (88%).
When asked about public investment, 85% of London-based firms believe their region receives its fair share. This sentiment drops significantly to 37% for businesses in Yorkshire and the Humber and 38% for those in Wales, compared to a national average of 64%. Additionally, 62% of London businesses expect to outperform the UK economy in the coming year, the highest proportion in the survey. By comparison, only 28% of businesses in the East Midlands and South West share this outlook, followed by 31% in Scotland, 34% in Wales, and 37% in the East of England.
Amanda Murphy, CEO for Lloyds Business and Commercial Banking, said: “Businesses across the UK are telling us they see opportunities to grow. “Turning this ambition into action requires public and private investment working together to create the right environment for growth. “Whether its investment in infrastructure, skills, innovation or research, businesses have a clear view of what they need locally to drive growth. “Every region and nation has its own unique strengths and, by building on these, businesses will have the confidence to invest, create jobs and unlock their full potential.”
Originally reported by essex-tv.co.uk. This article has been independently rewritten for republication.
