State of the Region: Businesses back Yorkshire
BUSINESSES in Yorkshire overwhelmingly believe the region is still a good place to do business despite continued uncertainty over the role of Local Enterprise Partnerships, TheBusinessDesk.com’s State of the Region Survey has revealed.
More than half of respondents (51%) said they did not have a clear understanding of regional funding structures, such as the £1.4bn Regional Growth Fund. Only 5% said they had a very clear understanding of the funding streams, while the remainder said they had some idea.
The impact of public sector cuts was seen as the biggest challenge facing the region over the next 12 months, followed by lack of private investment and an increased North / South divide.
TheBusinessDesk.com’s State of the Region Survey, which has been completed by hundreds of business leaders, is supported by DLA Piper.
The results give a comprehensive view of the business landscape across Yorkshire, the North West and West Midlands.
Click here to download the full report on the State of the Region Survey.
In the survey’s ‘The Region’ section, 67% of respondents said Yorkshire was a good place to do business, while 30% agreed with the statement but said the region was not as good as other places in the UK.
More than half (53%) said there was a very limited understanding of Local Enterprise Partnerships (LEPs), the bodies being established to take the place of regional development agencies such as Yorkshire Forward, a third said there was a general understanding of the concept but a lot of detail still missing, while only 3% believe there is a clear understanding of LEPs.
LEPs are being established in the Leeds and Sheffield city regions while bids in North Yorkshire and the Humber have been rejected.
Mirroring last year’s Yorkshire State of the Region Survey, transport and infrastructure is seen as the issue which needs to be addressed the most to further drive growth in the region. Access to finance and inward investment are also named as major issues.
In response to the question of what could be done to improve the business culture of the region, 27% of respondents said longer term strategic planning, 17% said cities working collaboratively and 14% picked sharing of ideas amongst business leaders.
Neil McLean, managing partner of DLA Piper in Leeds and newly elected chairman of the Leeds city region LEP, said: “It is not surprising that people are concerned about a funding shortfall. Last year regional development agencies received almost £1.4bn, while the Regional Growth fund will be £1.4bn over three years. So we are looking at a cut of about two thirds in funding.
“On the other hand, LEPs will give the private sector the opportunity to play a more visible role in driving growth and prosperity.
“Business leaders have a wealth of experience to bring to the table and the new partnerships will enable the city region to utilise its skills in a new, more meaningful way. Yorkshire’s proud history of economic resilience and adaptability will be sustained by the LEPs for the Leeds and Sheffield city regions working together.”
Natasha Luther-Jones, partner and transport expert at DLA Piper, said: “The survey results show that respondents in every region recognise that transport and infrastructure are essential drivers for growth.
“In Yorkshire we are lucky to have already secured approval for some transformational plans such as the £150m scheme for motorists to use the hard shoulder on a congested stretch of the M62 and the £14m development of a new entrance to Leeds railway station. These plans have survived the cuts and are still earmarked for delivery.”
More on State of the Region:
– Austerity measures won’t stop growth
– Regional markets still key despite challenges
Tomorrow:
– The Economy
Do you agree with the results? Please leave your comments below.
