Improved productivity '˜could boost Yorkshire's economy by £60bn by 2025'

Grant Thornton said Yorkshire's economy could grow by nearly £60bn over the next decade if productivity in the region matched the G7 average.
Andy Wood of Grant ThorntonAndy Wood of Grant Thornton
Andy Wood of Grant Thornton

A new study for the accountancy firm showed that gross value added per worker is £39,417 in Yorkshire compared to £64,953 in London.

The study also shows the capital has nearly twice as many businesses per adult than Yorkshire.

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The findings from the Centre for Economics and Business Research and YouGov come as Grant Thornton launches a new campaign called Vibrant Economy.

The fifth-placed firm said the campaign aims to encourage the stimulation of discussion, ideas and solutions that help unlock the UK’s full potential and help bridge a total £479bn potential gap.

Andy Wood, senior partner at Grant Thornton in Leeds, said: “Today’s research has revealed significant potential across the Yorkshire region. We believe that addressing at root some of the UK’s fundamental social and economic challenges collaboratively can create vibrant cities and communities across the UK, where businesses and people can flourish.

“In the Yorkshire region, while businesses clearly have the opportunity to make many of these changes themselves a series of external factors can also help to reach British business potential.

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“These include improved infrastructure, with better transport links, broadband and location topping the list of factors that are most important to business growth.

“Clearly the Northern Powerhouse agenda can and will play a crucial role in the economic growth of the Yorkshire region and in the creation of a truly vibrant economy.”

Grant Thornton is backing a series of national events over the next 18 months, the first of which will be held in Sheffield on May 12, to look at how the UK can accelerate economic progress, social good and opportunity for businesses, cities, people and communities.

Sacha Romanovitch, the new chief executive of Grant Thornton UK, said: “We want to use the combined knowledge of our company, our clients and our networks to bring people and organisations together to develop the ideas and partnerships on which a vibrant economy will be built.”

She is repositioning the firm in a highly competitive market.