Most Yorkshire businesses confident they can withstand economic shocks, research finds
Yorkshire and the Humber businesses are showing resilience in response to global uncertainty, with 76 per cent saying they are confident in their ability to withstand economic shocks, according to new findings from the Lloyds Business Barometer.
The Lloyds Business Barometer survey is made up of 1,200 UK firms from across all regions and sectors.
More than half (55 per cent) of Yorkshire and Humber surveyed businesses said they had been impacted by recent global uncertainty, with 37 per cent citing rising costs and 29 per cent citing supply chain disruption as the main consequences. Despite this, 47 per cent of firms said they still expect to grow this year.
The latest research also reveaed that 64 per cent of firms in the region are actively adjusting their strategy in response to global uncertainty.
Among those taking action, 48 per cent have introduced cost-saving measures, 39 per cent have increased their inventory levels and 29 per cent have locked in commodity, raw material or input prices.
Martyn Kendrick, regional director for Yorkshire and the Humber at Lloyds said: “It’s encouraging to see Yorkshire businesses responding to global uncertainty with confidence and clear-sighted planning.
“Across the region, firms are taking sensible steps to protect themselves, from managing costs to securing supply chains. That resilience is why so many are still setting their sights on growth this year.”
Nationally, UK businesses are showing resilience in response to global uncertainty, with 84 per cent saying they are confident in their ability to withstand economic shocks.
More than half (57 per cent) of businesses say they have been impacted by recent global uncertainty, with rising costs (45 per cent) and supply chain disruption (37 per cent) cited most frequently as consequences.
Despite this, a further 57 per cent of firms said they still expect to grow this year in spite of shifting market conditions, while 30 per cent expect trading levels to remain the same.
Amanda Murphy, CEO for Lloyds Business and Commercial Banking, said: “What we’re seeing from businesses is not just resilience, but decisive action in the face of ongoing uncertainty.
“Across sectors like manufacturing, logistics and food production, firms are taking practical steps to protect their operations – increasing inventory and locking in costs where they can.
“Many also recognise that global supply chain challenges and energy market volatility are structural issues, not temporary blips. In response, businesses are managing costs, securing supply and building greater resilience into their operating models.
“That puts greater focus on working capital and funding, but it also reflects a confidence. Firms are backing their ability to navigate uncertainty and continue to grow.”