As another turbulent year draws to a close, most businesses I speak to here in Yorkshire and the Humber are going into 2023 with a fair bit of uncertainty. But it’s not all doom and gloom by any stretch of the imagination.

I know many of them can still see opportunities to grow, even though we’re facing the reality of a recession and tough times for households in the region. The cold snap has reminded us just what difficult decisions too many people are being forced to make at this time during a cost-of-living crisis.

Our own economic forecast for next year confirms that’s where we’re heading. But the CBI is more optimistic than some forecasters, in part based on what we’ve heard about firms’ investment intentions. Of course, they’ll only go beyond ‘intentions’ if the government can create the momentum that supports them. We’re also more optimistic because we know we can work side by side with the business community to push for a new economic plan for the UK.

It’s what we’ve got to play for now. To make sure the economy gets no worse than our predicted contraction of 0.4 per cent and gets back to growth in 2024. It’s important for jobs and livelihoods here in Yorkshire and the Humber.

It’s why we’re not letting up in our efforts to challenge the biggest barriers to business. Even if there is far less money in the government pot.

On skills shortages, it’s why you saw us at our recent Annual Conference urging politicians to make tough choices on issues such as immigration. And why we’ll continue to argue for greater flexibility in the Apprenticeship Levy to help train or retrain our domestic workforce. It’s also the driving force behind our focus on how we can help more people to remain in, and return to, the labour market – the UK economy is in part struggling because of the higher numbers of those economically inactive.

There are a multitude of reasons for this: from over 50s choosing to retire earlier rather than return to work post-pandemic, to NHS backlogs meaning more people remain ill and unable to work. This will be a huge challenge for us as a country to reverse those fortunes in 2023.

But there are many reasons to be cheerful on the business front as we head to Christmas. Our region has so much to offer and I’m never less than inspired when I talk to CBI members in the region on what they’re doing to get through tough times, to grow and to support their local community and staff.

Businesses have noticeably stepped-up in a time of crisis – many have gone above and beyond to support staff and customers. From increasing pay where they can, to providing one-off bonuses, supporting carpools, and subsidising canteens – firms have dug deep to find ways to help. Regardless of what has been thrown at them, most business leaders have done everything in their power to meet customer need and support their employees. In drawing on best business practices, like a strong company ethos, clear strategic vision and commitment to effective communications, firms and their staff have brilliant building blocks in place to rise to any challenge.

I’m not saying next year will be easy. But I do believe in the resilience of British business.

Within the local business community, we have huge reserves of leadership, resilience and ingenuity.

Olga Watterich is CBI Associate Regional Director for Yorkshire and Humber

Reasons for Yorkshire businesses to be cheerful about 2023 prospects: Olga Watterich