As one of the largest hubs outside London, and home of some of the UK's biggest banks, it has been a key asset in our economic make-up.

However, the events of recent days and weeks may cause some to question whether this pride is misplaced.

The merger of HBOS and Lloyds, and the nationalisation of Bradford & Bingley, has caused obvious and real concerns for employees in this region, but while there are clear shifts in the global economy that are having a real impact in this region, we need to remember that the world will always demand financial services.

We should also remember that we have real strengths in mortgage processing, savings and insurance services in this region – the bedrock of customer-facing activities – and in that respect we remain a key player with core strengths to offer.

Yorkshire Forward, lying as it does in the middle ground between the public and private sector, has again found itself ideally placed to coordinate the region's response to these issues.

We are working with partners to pull together an analysis of the regional financial services sector for the Treasury, outlining the long-term strengths of the sector and the support it requires in the current climate.

We are also looking at how resources can be used in the event of further job losses. Clearly, we are not in a position to change the current macro economic climate, but we are in a position to address the impact on the ground and make the business case for Yorkshire and the Humber as clearly and strongly as we can – and that is what we are doing.

We are not alone in this approach. During the last couple of weeks, the region has demonstrated an impressive sense of teamwork, with both local and national politicians declaring all-party support for the initiatives already taken. In addition, discussions have taken place with a number of key business players to explore an industry-based response to absorbing potential job losses from within the sector.

To return to Yorkshire Forward's own response to the current situation, we have been keen to ensure that we don't succumb to the temptation for knee-jerk reactions. We already offer a comprehensive set of business support solutions, either directly or through the Business Link service.

Our key priority at the moment is to ensure that our region's businesses are fully familiar with the breadth of this offer and are making maximum use of it.

So, in the coming weeks you will see an increased level of promotional activity from both Yorkshire Forward and Business Link. This is in an effort to encourage the maximum possible take-up of publicly-funded business support.

We are also examining areas where we can increase the level of funding allocated to key support activities, hence our announcement, this week, of a further £48m for the region's Train to Gain service in order to continue giving our workforce the skills required in today's economic conditions.

The fact remains that while we are facing a difficult time, and are likely to do so over the months to come, Yorkshire and the Humber, at its heart, has a strong economy that has weathered the storms of global economic turmoil before and will do so again.

In line with this, Yorkshire Forward will continue to respond appropriately to the short- and medium-term challenges in front of us, while maintaining a focus on the long-term prosperity of this region.