Opinion: We can all play a role in economic success

Recent findings from the Lloyds Business Barometer reveal reasons for optimism. Despite ongoing global uncertainties, many of the long term trends we measure are encouraging, with more UK businesses expecting a stronger start to 2025 than they did to 2024, with firms looking to expand, invest, and create jobs over the year ahead.

Here in the Midlands, a third of businesses (30%) believe diversifying or exporting into new markets is their biggest opportunity for growth. Business-owners may have mixed views about the economy, but they have a strong determination to ensure their companies can succeed. 

The challenge now is to ensure that they have the right conditions to turn this optimism into action.

As the Group’s Ambassador for the Midlands one of the most interesting and rewarding parts of my job is engaging with local business leaders to understand the opportunities for growth. From soap manufacturer Little Soap Company in the Cotswolds to cutting-edge research at the University of Nottingham, the region’s potential is clear. 

But, maximising that potential and making significant economic impact requires a joined-up approach between business, academia, and government at all levels. 

Our recent report, Drivers of growth, explains just some of the ways universities can play their part. 

But we all have a role to play.  Growth matters because it means more jobs, better wages, and improved public services. It creates opportunities in communities across the UK, not just in major cities. 

There is no doubt in my mind that the potential for regional economic expansion is significant. But achieving it requires a clear and committed strategy. 

That is why Lloyds works closely with partners to channel investment into critical infrastructure, housing, and business development. In the last five years alone, we’ve supported projects worth over £100 billion – helping to unlock growth in towns and cities nationwide.

When I speak to business owners, entrepreneurs and investors, they’re clear that local government plays a critical role in enabling regional business confidence. That is why it is so important that our local leaders continue to be empowered to create the conditions for growth by addressing planning challenges, skills gaps, and infrastructure needs. This means streamlining approval processes, ensuring transport connectivity, and fostering business clusters that attract investment.

It is similarly crucial that combined and strategic authorities, like the West Midlands Combined Authority, take ownership of our collective economic future. And as local businesses and employers, we also need to work with regional leadership, supporting them in setting out bold, long-term growth strategies. These plans should align with local strengths – whether in life sciences, clean energy, or financial technology – and be backed by the collective political support that allow businesses to plan with confidence.We can’t stand still. 

Here in the Midlands our Lloyds Business Barometer suggests half (48%) of firms are eager to expand their workforce but face uncertainty in doing so. We cannot afford to wait for change to happen incrementally. 

That means ensuring businesses have the certainty they need to invest in talent, technology, and expansion today.

Real-world examples show what is possible. Take the work we’ve done with Hornsey Steel Panels and Sections, a Shropshire-based roofing manufacturer. Through our support, they’ve been able to invest in new facilities, allowing them to expand production capabilities and deliver high-quality steel panels and sections to major projects across the UK. 

Or the Manufacturing Technology Centre (MTC) in Coventry where our partnership is helping train and upskill 6,000 graduates and engineers as well as helping more than 700 clients through the Manufacturing Support Service. 

These success stories should inspire action across our county as we look to capitalise on our unique strengths.Delivering growth is not just about economics – it’s about people, communities, and the future of our region. 

When I visit the businesses in our community, I’m always reminded of the impact that a thriving local economy can have: greater employment, stronger high streets, and more opportunities for the next generation. 

If we harness our potential and act with determination, we can all play a role in the nation’s economic success.