Why the Yorkshire economy is continuing to flourish in 2017

As we have now passed the midway point of a very eventful 2017, let’s just take a moment to catch our breath!

After Prime Minister Theresa May kicked off the year by announcing her grand Industrial Strategy, we have also seen the release of the Chancellor of the Exchequer Philip Hammond’s first Budget, the triggering of Article 50 for Brexit negotiations, and one of the most unexpected (and unforgettable) General Election’s in recent memory.

Exhausting right? But due to this period of high political trauma, economic prosperity in the North hasn’t appeared to been a main focus for the government as of late. I can assure you, however, the idea of a Northern Powerhouse isn’t dead yet!

Therefore, as we now find ourselves in a rare moment of relative peace I wanted to take opportunity to discuss why Yorkshire is quietly continuing to flourish, despite the first half of 2017 feeling like a whirlwind for so many others.

According to the Business in Britain report from Lloyds Bank, released in June, business confidence throughout Yorkshire has increased to 23%, from January’s score of 17%. In fact, the region’s business community is feeling more optimistic than London, the East Midlands and West Midlands.

Commenting on these results, Leigh Taylor, regional area director for SME, Lloyds Banking Group, said that “the fact that confidence is rising in the current climate is a positive sign for the region.”

This increase in confidence is also backed up by the growth rate of job creation in Yorkshire and the Humber. The regional Lloyds Bank PMI report, released earlier this year, stated that the increased number of employees has been attributed to an increase in business activity.

This same trend also occurred in June, where Yorkshire and the Humber saw the quickest rise in employment in the entire UK. Companies in the region hired extra staff at the fastest rate in more than two years.

The region’s business community is benefitting from a £1bn lending fund to support small and medium-sized enterprises (SMEs) provided by HSBC. The fund is the largest package of support to be announced by HSBC for SMEs in Yorkshire and is a significant increase on the £850m fund allocated in 2016.

I also think it is worth mentioning that Yorkshire’s economy received an injection of nearly £64m over one weekend in April thanks to the hugely successful 2017 Tour de Yorkshire.

And let’s not forget about the 2017 City of Culture, Hull. The city’s reign has received a positive reaction from the public and business community alike, which will most likely result in a healthy boost for its economy all year round.

I realise I’ve only touched on a few of the region’s achievements from the past six months but with the evidence I presented, I think it is quite clear that Yorkshire’s business community is in a stable state.

Along with a strong economic performance, I also believe that the growth rate of employment is a positive indicator for the region.

Retaining the talent and workforce, however, is the most important role businesses and business owners must now address.

As the region’s towns and cities continue to be desirable places to live and work, prosperity in Yorkshire will grow.

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