Tech and AI hopes lead sharp rise in confidence

BUSINESS confidence levels in Wales have risen sharply, according to new research from Lloyds Banking Group.

- SION BARRY

Its business barometer for May reveals firms reporting higher confidence in their own business prospects, up 28 points on April at 52%.

When taken alongside their optimism in the economy, up 14 points to 21%, it gives a headline confidence reading of 36% (compared with 15% in April). A net balance of 23% of businesses also expect to increase staff levels over the next year, up 28 points on last month.

Looking ahead to the next six months, Welsh businesses identified their top target areas for growth as introducing new technology, such as automation or AI (45%), entering new markets (39%), and evolving their offering, for example by introducing new products or services (35%).