Virgin Money reviews the 2020 impact on Yorkshire

Back in January, no one could have anticipated what would transpire over the course of the year or predicted that, by December, we would be preparing to enjoy the Christmas period in a very different way to anything experienced since the 1940s.

A number of businesses have struggled with the ever-changing implications of lockdowns and tiered restrictions. Some industries have changed forever, with many companies unable to reopen or return to trading. There has also been a need for state intervention unlike anything we have ever experienced. And to add to all of that, there is still a lack of clarity on exactly what Brexit will look like at the end of this month.

Helpful developments

But we must find the positives. The government and banking industry responded well, with significant support put in place to help businesses navigate through this difficult period, and hopefully even out the other end and into normality.

We found that many people can productively work at home – certainly the technology has worked for the most part. There has been the benefit of no commuting for many, and quieter commutes for those who still need to travel to work.

And above all, we’ve witnessed incredible adaptability and invention by many businesses – at a ground-breaking pace.

Vulnerable people

While the health and social care sector started 2020 with a great degree of optimism, as we entered March, the already growing impact of the pandemic on the frail and elderly was becoming apparent. These businesses reacted with steely determination to protect the most vulnerable and the people working in them have been extremely resilient in the face of significant challenges that take on both a work and a personal dimension.

Many lessons have been learned that will better serve social care in the future and we have been pleased to play our part in supporting our customers through this year. We are unashamed in taking every opportunity to remind anyone who will listen of the key role our customers, and businesses like them, play in our communities and why we need to push for a more sustainable basis for funding of aged, and other social, care.

Farming impact

The agricultural sector, an industry that is well used to change, has been forced to pivot even more than usual in 2020. From record-breaking flooding at the start of the year, to one of the worst harvests on record, many Yorkshire farmers will be keen to consign 2020 to the history books.

The image of thousands of litres of milk being poured down the drain as cafes and restaurants went into lockdown and hospitality sector demand was put on hold, will be etched in our minds. Beef prices dropped as the foodservice market for the highest value cuts collapsed overnight.

But in typical farming fashion, they quickly adjusted to ensure supermarket shelves were well-stocked. We are now at a turning point for UK agriculture, and with Brexit and climate change, it looks like this 2020 cycle of disruption and recovery is a glimpse of what is to come.

Across our sectors, as with all our customers, this year has taught us that sometimes there is no choice but to adapt. So, next year must be about keeping pace and making space for this inevitable change.

We are optimistic for the future and the progress on vaccines is certainly very good news. However, there is likely to be a bumpy economic ride ahead and we will remain focused on continuing to support our customers.

While we don’t know exactly what the next few years have in store, what we do know is that we must work together to plan and build resilience throughout our economy. Our future is looking very different, but that doesn’t mean we can’t tackle it head on.