Regional business confidence should begin to rise in 2024, says KPMG head of private enterprise

Mr West said: “There’s no doubt that businesses, including our own, have had a challenging year in the midst of macroeconomic and political uncertainty which impacted confidence and potential investment.

"We’re certainly not immune to these pressures, but despite this, I see a lot of reason for optimism.

“When I speak to organisations in the region, I see a lot of ingenuity and innovation, and more and more businesses choosing to make Yorkshire their home, something that we should be proud of.

"With falling inflation, we should hopefully see greater business confidence in the year ahead.

Mr West’s comments come as the UK arm of KPMG records another year of revenue growth, with a rise of 9 per cent from £2.72bn to £2.96bn for the year ending 30 September 2023.

The firm said that increased client demand for advice on tax transformation, as well as the use of Generative AI from its tax and legal business, delivered an 8 per cent increase in net sales.

KPMG’s consulting arm also recorded an increase in sales of 7 per cent, while the firm’s audit practice grew 19 per cent. The company said this was driven by expanded reporting requirements.

The wider slowdown in the global deals market and challenging UK market conditions in the firm’s fourth quarter of financial reporting saw deal advisory sales decrease in the year by 6 per cent.

Jon Holt, chief executive and senior partner of KPMG in the UK, said: “Our people have worked exceptionally hard to deliver strong revenue growth against a challenging economic backdrop.

“Digitisation and emerging technologies are at the forefront of our clients’ minds, and we have the expertise to meet demand and help them gain a competitive edge.

“I am confident that our long-term strategy is delivering and putting the right foundations in place to transform the business for future, sustainable growth.”