By Rashmi Dubé

Published 11th Jan 2023, 11:45 BST

It is this time of year, that first month of January, that seems the longest. But once it finishes and we enter February, the rest of the year feels as if it is already starting to come to a conclusion. So inevitably we take stock of what has occurred in the previous 12 months and what we are likely to be faced with in the coming months.

2022 was an odd year in that we all came out of a global pandemic full of lockdowns, Brexit was just beginning to show its real impact, and the world leaped forward in terms of digital transformation by eight years. The way we all worked or wanted to work had changed, with home working becoming more embroidered into the workplace psyche (for those who are privileged to have that opportunity). and women’s basic rights came to the fore.

This wasn’t just in terms of equality, for instance under the gender pay gap, but also relates to biological issues surrounding menstruation and menopause, and the impact these have on women in the workplace, alongside the fundamental human rights erosion of a woman or girl to have any control over their body.

2022 was a year of adjustment for us all and understanding how we need to adapt given the world we knew had transformed.

So what of 2023? Well, the business community remains optimistic. There is an air of buoyancy and perhaps for the first time in a long time, a true understanding (forced by mother of necessity) that working together with all sizes of businesses is one of our strengths. In particular, there is an awareness that the SME sector has a greater ability to be more agile and adaptative.

The UK and particularly Yorkshire still remains a positive place to invest and recruit. Looking at the statistics from 2022, investment in tech start-ups and scale-ups in Leeds alone reached £288m - an increase of 88 per cent from the previous year. Manufacturing firms are also seeing investments. This is all very positive indeed, but an air of caution would not go amiss.

We see in the start of the new year with strikes in the health sector and transportation, and a continuing shortage of both labour and skills, the obvious concerns over inflation, energy prices and continuing issues with trade deals, and supply chains have moving parts that have yet to settle into a formation.

The last recovery from the Global Financial Crisis took about 18 months. With that as a yard stick, a full recovery is not likely to take place until 2025. The turning point will be between this year and 2024. Covid-19 will continue to play a part and we would be foolish to assume another continuous virus will not strike again sometime in the future. We should, as businesses, regardless of sector, not be blind to the world of crypto currency and watch for fluctuations which will inevitably have an impact upon the market.

I am optimistic as I enter into 2023 - looking for investments, collaborations, and ensuring the cash chest is being refilled.

For Yorkshire, we still remain a place where businesses and investors are emigrating to. Yes, we need more in terms of funding and resources but for the first time in a long time the future looks bright, and I am walking on the sunny side of the street (with vigilance).

Rashmi Dubé is a partner at gunnercooke

Causes for business optimism as 2023 gets into gear: Rashmi Dubé