The view from the Yorkshire and North East mid-market
11 Nov 2021
Every two months, we ask business leaders across the country to share their expectations and priorities for the future. We want to track how sentiment is changing in the market and get insight on timely issues: from tax to ESG.
Read the latest views from business leaders in Yorkshire and the North East.
What’s changed since August 2021?
Business revenue optimism reduces by only 4%, compared to 12% nationally
Optimism on UK economic outlook falls by just 1%, compared to 9% nationally
49% of businesses expect their profit levels to reduce, compared to 38% UK wide
Andy Wood, Yorkshire and North East Practice Leader for Grant Thornton UK LLP, commented:
“The Yorkshire economy has been remarkably resilient over the last 18 months and the measures to level-up the economy in the Spring Budget were very well-received in our region, with the Humber Freeport, the Treasury North Hub and the new infrastructure bank here in Leeds, doing much to increase confidence, attract talent and investment.
However, this winter is likely to test, once again, the resilience of business plans and contingency measures. Supply chain issues create a very challenging scenario. We have seen examples at docks where container turnaround time is slower due to additional Brexit regulations and container pick up is slower due to a lack of drivers. It really is creating a perfect storm and the combination of the two is exacerbating delays and having substantial knock-on effects further down the supply chain."