Vaccine likely to renew confidence in Yorkshire’s economic recovery

Throughout the first lockdown, there was a real focus on survival as companies looked towards crisis management strategies, but as we have moved through the pandemic we have also observed some positives, and even new opportunities which have tested both the dexterity and agility of business management teams.

These have included finding new markets, pivoting the business to continue to trade within lockdown restrictions or identifying new customers and expanding previously non-core distribution channels.

Many Yorkshire businesses have achieved this successfully but as we head into 2021, further challenges are afoot.

Some businesses will need to adapt to different rules and regulations following the end of the UK’s Brexit transition period, others will be looking at rebuilding diminished stock levels and for many they will be looking at the careful management of cash flow as Covid-19 loan scheme repayments start and crown borrowing also needs to be repaid.

The housing market has been a shining light in 2020, but I wonder what the impact will be if the stamp duty is returned to pre-Covid levels, as planned at the end of March?

Vaccine to renew confidence in Yorkshire’s economic recovery

During 2020, Yorkshire businesses have had to adapt to the dynamic and challenging economic environment, writes John Laud, Barclays Head of Corporate Banking, West and North Yorkshire.

While many consumers have been impacted by reduced wages, there are large swathes of the population who will have both pent up desire and the financial ability to spend within the domestic market, on home improvements, vehicles or staycations.

This will all be good news for the Yorkshire economy as the ‘multiplier effect’ comes back into play.

Finally, with the vaccine roll out getting under way, this is likely to result in renewed confidence within the wider market and a potential improvement in Yorkshire’s economic recovery over the months ahead.