Transport decisions can shape Yorkshire's economy for generations

Lawyers at the Leeds office of Top 100 UK law firm Ward Hadaway believe that the fate of landmark projects such as HS2, and the proposed HS3 rail link across the North, will have a major impact on the growth of Yorkshire’s economy for decades to come.

Frank Suttie, a partner in the commercial team at Ward Hadaway, who has advised a range of transport operators, said: “We are now entering what is arguably one of the most crucial periods of development for transport across the North since the coming of the railways.

“The transformative effect which the arrival of rail transport had on the economies of the North is well documented – in many ways it literally powered the industrial revolution and helped to make the North of England the powerhouse of the world.

“While times have changed, the potential for improved transport links to drive the Northern Powerhouse in the 21st century is there for all to see. More frequent services and shorter travel times between the main centres of the North can bring the various areas of the region closer, increasing the ability for companies to work and trade more together as well as expanding the available employee pool.”

Mr Suttie said the local transport fund, which has been started by the Leeds City Region LEP in conjunction with West Yorkshire Combined Authority, is rapidly becoming a vital transformative tool.

Mr Suttie said: “There remain threats to successful business growth within our transport system. Congestion is recognised as the biggest challenge to local transport services and for businesses striving for success in rural areas recruiting and retaining staff is far from easy, if the means of getting to work has been lost, and access to further education and training becomes a challenge.”

The increased impetus on trading with the rest of the world post-Brexit has also contributed to the importance of an improved transport infrastructure in the North.

Mr Suttie added: “A recent report commissioned by Transport for the North showed that improved international links from Yorkshire and the rest of the North could see up to 75 million passengers travelling to and from the region by 2050.”

“International investors are already showing increased levels of interest in the North so accelerating that process could see even more overseas funding being put into harnessing and developing the potential of the region.

“Better connections to the North’s airports and ports can also help Yorkshire businesses to go global. Many of the companies who have appeared in the Ward Hadaway Yorkshire Fastest 50 in previous years have seen rapid growth thanks to their success in selling internationally, so a better transport system could help many more businesses to follow in their footsteps.”

Transport for the North, which aims to help bring about sustained improvement to the region’s transport system, estimates that a “transformational” plan along these lines could see the North contributing an extra £97 billion to the UK economy by 2050 with 850,000 more jobs in the region compared with “business as usual” projected growth.

Mr Suttie said: “Figures like this underline why decisions taken over the next few years on improving our transport system are so crucial to future prosperity – get it right and the region could really win big. Get it wrong and it will be a huge opportunity missed.”

Funding the kind of schemes to bring about such a transformation will not be easy with estimates ranging from £10bn to £15bn – not counting the projected £55bn cost of HS2.

According to Ward Hadaway, expectations are realistic, however, particularly when compared with investment planned for London, particularly as the Transport for the North blueprint encompasses not just rail but also road, air and port infrastructure.

Mr Suttie pointed to various innovative funding routes which can be pursued to unlock finance for projects. These routes have proved to be affordable and to deliver returns on investment.

He added: “There is also the question of how much it will cost us to do nothing about the situation – can we really afford to let this opportunity pass us by?”

Edward Nuttman, a partner in the employment team at Ward Hadaway in Leeds, who advises major bus, coach and haulage companies, said: “Transport companies are naturally keen to see real progress on this front.

“With more investment in the sector, they can develop their services further and have greater scope for innovation.”

“If road, rail and other connections are all improved, it is also likely to increase competition between different modes of transport, with a knock-on effect on fares.”

“It may also see more transport-related companies making their presence felt in the Ward Hadaway Yorkshire Fastest 50 lists of the future.”

The current prime movers of Yorkshire business will be revealed next month at the Ward Hadaway Yorkshire Fastest 50 Awards 2017.

The Yorkshire Fastest 50 highlights the privately-owned, profit-making companies who have seen the biggest annual expansion in their turnover in recent years.

This creates a definitive list of the 50 fastest growing companies in Yorkshire, with the 2017 version appearing in The Yorkshire Post at the end of this month.

Then, in March at a special event, awards will be handed out to the fastest growing small, medium-sized and large businesses.

One of those three winners will then receive the accolade of being crowned Yorkshire’s overall fastest growing business for 2017.