'Inflationary pressures remain biggest worry for many of Yorkshire's business leaders'

The latest survey from the Chambers of Commerce for Mid-Yorkshire and West & North Yorkshire, which is backed by Leeds City Region Enterprise Partnership, indicates a slowdown in the pace of growth has continued for many businesses.

Amanda Beresford, Chair of West & North Yorkshire Chamber of Commerce, said: “The latest survey results, while disappointing, were largely expected. We’re now seeing confidence falling, and businesses halting any plans they had for investing due to the recent heightened political and economic uncertainty. The new administration must immediately show how it plans to deal with soaring energy bills, labour shortages, spiralling inflation and interest rates.

“With regards to the economy, we realise that it will take some time for things to improve and so the sooner we have some clear, sound measures for stability and recovery, the better. It’s obviously been a very tough time for many businesses in recent years, with Covid following Brexit, then the Ukraine war and global uncertainty, and now the current situation in government.”

She added: “We’ll keep working closely with our partners to offer the best possible advice and support to our members during these difficult times.”

Martin Hathaway, Managing Director of Mid-Yorkshire Chamber of Commerce, added: “It is concerning but not surprising to see a downturn in domestic and export sales, given the current economic climate.

"Businesses are being more cautious about investing and growing, while consumers are being equally cautious about where they spend their money with the threat of a recession making headlines.”

Mark Roberts, Chair of Leeds City Region Enterprise Partnership, added:

“This quarter’s survey results show continued difficulties for the West Yorkshire economy, with expectations of more to come due to declining domestic and international orders.

"We are all very conscious of the squeeze that businesses are facing, whether it be increased energy costs, raw material prices escalating, difficulties in recruitment or, in some sectors, with consumers having lower discretionary spend available which limits demand.”