Confidence among businesses in Wales falls dramatically in September

Businesses’ own trading outlook declined eight points to 50%, compared to a 12-month average of 56%.

Official response and confirmed impact

The majority of businesses (57% down nine points from August) expect an increase in output over the year ahead, while those expecting a decrease in activity reduced by one point to 7%.

Among firms expecting weaker activity, the main drivers were economic uncertainty, higher cost pressures and weaker customer demand.

Amanda Murphy, CEO for Lloyds Business and Commercial Banking, said: “While confidence among larger firms remains strong, smaller businesses have seen a fall in sentiment as they continue to navigate higher costs, inflationary pressures and global uncertainty.

Overall confidence remains above its long-term average, and most businesses still expect activity to grow over the coming year, underlining the resilience of UK firms.

Ensuring smaller firms can share in future growth will be crucial in the months ahead.”

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