Yorkshire firms positive on region's growth outlook but feel more investment needed
Yorkshire businesses remain positive about the region’s economic growth outlook, but many feel it does not receive its fair share of public investment, according to new findings from the Lloyds Business Barometer.
More than three quarters (76 per cent) are confident Yorkshire's economy will grow over the next three years, with 24 per cent feeling very confident. This compares with 75 per cent in Wales, 78 per cent in the East Midlands and a UK average of 82 per cent.
But just 37 per cent of Yorkshire firms feel the region receives its fair share of public investment, the lowest proportion of any UK nation or region and well below the UK average of 64 per cent. Almost a third (31 per cent) disagree that Yorkshire receives its fair share.
Martyn Kendrick at Lloyds, regional director for Yorkshire and the Humber, said: “Yorkshire firms remain optimistic about the region’s growth prospects, and it is encouraging that more than three quarters expect the economy to grow over the next three years
“However, the findings also highlight concerns about Yorkshire’s share of public investment and the proportion of firms that have experienced an economic decline. Addressing these concerns and turning investment into visible progress across the region will be important in strengthening business confidence and unlocking Yorkshire’s long-term potential.”
More than two in five (44 per cent) believe Yorkshire’s economy will outperform the UK as a whole over the next 12 months, while 35 per cent disagree.
Among Yorkshire firms confident about growth, the leading anticipated driver is a local planning regime supportive of business development and growth (47 per cent). This is followed by investment in apprenticeship schemes (38 per cent) and investment in transport and logistics infrastructure (30 per cent).
More than a third (36 per cent) of businesses surveyed say they have already witnessed notable growth in Yorkshire over the previous three years. Overall, more than three quarters (76 per cent) report some degree of growth in the region’s economy.