Bernard Ginns: Firms should stand up and shout about their successes

The unflattering comparison comes from Cameron Clyne, chief executive of National Australia Bank, who points to the current downturn in the UK “being longer and slower to recover than experienced in the 1930s”.

It was not a helpful comment. Indeed, it could easily be construed as adding insult to injury following Mr Clyne’s decision to cut more than 1,400 jobs at Yorkshire and Clydesdale Banks.

Nevertheless, the assessment will make grim reading for our Prime Minister, whose Government is struggling to create the conditions for growth.

But despite this and other setbacks, businesses in this part of the world are doing their best in a challenging economic environment.

Margins are coming under pressure, but companies with good products and services are doing well. I only wish they would shout about it a little more.

Kenton Robbins, of the Institute of Directors, summed up the Yorkshire mood in his response to news from the Official for National Statistics that the UK has entered a double-dip recession.

“This is a blip on the radar as opposed to a trend,” said Mr Robbins.

“Regionally, we are looking more positive than this – I feel Yorkshire is doing better than that.”

Yorkshire manufacturers are among the best performers, particularly those selling to overseas markets.

The sector expanded at its fastest pace in nearly a year in March, according to the most recent purchasing managers’ index.

The Government must do more to help spur growth in this all-important sector.

In response to a recent fact-finding mission, the manufacturers I approached had one simple, workable idea to encourage growth.

“Carefully targeted capital investment tax allowances for machinery,” said one, encapsulating the views of many.

“I don’t just mean in enterprise zones as currently available.

“Timing is perfect. Much of manufacturing is busy with many factories working to near full capacity but there is no real confidence.

“Hence this would boost necessary investment to enable manufacturing everywhere to continue growth.”

In the absence of any real industrial policy, this change to tax policy would go a long way to unlock vital investment, particularly in Yorkshire, which has a strong manufacturing base employing thousands of talented and hard-working people.

I wonder if the Treasury would consider increasing capital allowances on a region-by-region basis.

Highly paid bankers and hedge fund managers – who did more than most to get us into this mess in the first place – could meet any costs.

Recession or depression, Yorkshire is full of wealthy entrepreneurs who have made billions of pounds from successful business ventures.

That explains why companies operating at the top end of the consumer market continue to invest in cities like Leeds.

Take JCT600, the family-owned motor group. It has spent £800,000 on a new Ferrari showroom in the city. Models on sale include the new FF, retailing at £227,000.

David Clapham, brand director at JCT600 Brooklands, told me: “Long term we see Leeds as a major hotspot for luxury items.

“We enjoy good business with our other brands and with Ferrari in particular we have a very exciting model range and the future looks very bright.”

The day after the Yorkshire Post ran the story, the dealership sold five used Ferraris, which might also say something about our readership.

Prestons of Bolton provides another example of the inherent wealth in this region.

The jeweller is investing £800,000 in Commercial Street, Leeds to create the first standalone Rolex store outside London, a real coup for Leeds.

David Cutler, general manager at The Rolex Watch Company Limited, told me: “As a privately owned company, it is not generally Rolex policy to comment on our commercial or business activities but I can confirm that Rolex is delighted to be working with Prestons in Leeds as they open, later this year, what will be the only shop dedicated solely to Rolex outside London.

“We are confident that the business there will be a great success and will successfully complement our other existing retailers in Yorkshire and, more generally, in the North of England.”

Both investments represent a great vote of confidence in the city.