Yorkshire needs a new version of the building society revolution for today's uncertain times: Beckie Hart

Linking today’s turbulence with the 18th-century origins of the first building societies in Yorkshire and beyond, she highlighted the parallels between historical industrial revolutions and the current era of digital transformation.

Today business finds itself similarly caught in a storm, a real economic hurricane in fact.

Globalisation, once the tide that lifted millions out of poverty, is retreating.

President Trump’s US trade tariffs are shaking the world economy.

The UK’s own growth forecast has shrunk from 1.6 per cent to just 1.1 per cent.

Businesses are on the frontline once more.

But history shows us that times of upheaval can also be times of opportunity.

Just as Richard Ketley did in 1775 when he sparked a revolution in finance by founding the first building society, we too must innovate through adversity.

The UK is not short on brilliance.

We boast world-class universities, lead Europe in quantum start-ups, and run the third-largest tech ecosystem on the planet.

But when it comes to translating this into real-world productivity gains, we are falling behind.

That’s why the CBI is calling on the government to launch a National Tech Adoption Plan, building on the success of the Made Smarter programme.

Started in 2019 in the North West, Made Smarter is a simple but powerful proposition: it helps manufacturers access government-backed tech advice and funding to boost productivity.

The results are striking.

For every £1 of government money, Made Smarter delivers £8 in return.

While we welcome the government’s expansion of the programme across the UK, we know that manufacturing where it’s been implemented is only part of our economy.

We need to expand this to all sectors now.

Our research shows that getting just 25 per cent of small businesses to adopt new tech could boost our economy by £45 billion by 2030. That’s a future worth investing in.

As the UK government is preparing for its next Spending Review, it will no doubt be having to make tough choices amid a challenging fiscal squeeze.

But supporting Made Smarter – and scaling it up – is not just spending. It’s investing in growth, productivity, and resilience.

Harnessing technology and innovation is part of a long-term solution to respond to global turmoil, which doubles down on this government’s mission for growth and has the potential to truly raise living standards right across our region.

Beckie Hart is CBI regional director for Yorkshire and Humber