Yorkshire factories are rebalancing UK economy away from City, says BDO

Latest figures from accountancy firm BDO show Yorkshire is the only UK region where the export value of medium-sized manufacturing firms is higher than that of consumer markets or financial services, accounting for a third of all exported goods and services out of the region.

Consumer markets, which include retail, wholesale and leisure companies, nearly equal the export value of manufacturers but fall slightly short at £1.2bn.

The professional services sector follows but the value plummets to £470m – less than half the worth of the two leading sectors, said BDO.

Terry Jones, partner and head of BDO in Yorkshire, said medium-sized firms are still under-valued when it comes to their contribution to UK growth and economic recovery.

He said: “Approximately 75 per cent of all mid-market exports take place outside London and South East, yet the Government’s focus still lies heavily with the City of London.

“As policymakers strive to rebalance the economy, it’s important to recognise that regional mid-market firms contribute significantly. What’s exciting, yet equally frustrating, is that they’d have even more growth potential if the right support was in place. There’s considerable appetite for international expansion among Yorkshire firms.

“It’s now up to the Government to put the right policies in place and give these companies the tools to thrive.”

Yorkshire’s mid-market falls behind the export performance of the North West, West Midlands and the East of England.