Video Report: Business leaders raise concern over region’s transport system
YORKSHIRE’S most successful business leaders believe that the region’s transport and communications infrastructure is the issue most in need of attention in order to ensure the future health of business in the region, according to new findings from accountants and business advisers BDO Stoy Hayward.
The findings come following an evening of debate around the publication of the Yorkshire Report 2008 by the Leeds office of BDO Stoy Hayward in association with TheBusinessDesk.com.
The region’s top business men and women were invited to a debate, hosted at Aspire in Leeds, by BDO Stoy Hayward, to discuss what the economic future has in store for Yorkshire businesses, and a panel of experts featuring Elizabeth Jackson, chief executive of Directorbank, Paul Fullerton, agent for the Bank of England, Stephanie France, founder and managing director of Space2Work, and Mark Hunt, head of business assurance at BDO Stoy Hayward in Leeds, led the discussion, which was chaired by David Parkin, Editor of TheBusinessDesk.com.
[VIDEO: 13]
During the evening, questions were posed to the audience and the results reveal that:
• 47% believe that the transport and communications infrastructure is the main issue that needs to be resolved to ensure the future health of business in the region;
• 44% think that during the rest of 2008, Yorkshire businesses can expect to see lower profits but will manage to weather the downturn.
• 50% believe that businesses are just waking up to the reality of a period of stagflation with low or zero growth and high interest rates, whilst 45% think that the region’s companies are aware of the issues and pressures, and are developing strategies to manage this;
• The Yorkshire Report suggested that Yorkshire businesses are inherently conservative in their approach to gearing and investment, and 50% revealed that they think this is a result of a risk averse director and shareholder population;
• 47% think that the next pay round settlement for their company will be 3% or less.
During the evening, questions were posed to the audience and the results reveal that: • 47% believe that the transport and communications infrastructure is the main issue that needs to be resolved to ensure the future health of business in the region; • 44% think that during the rest of 2008, Yorkshire businesses can expect to see lower profits but will manage to weather the downturn. • 50% believe that businesses are just waking up to the reality of a period of stagflation with low or zero growth and high interest rates, whilst 45% think that the region’s companies are aware of the issues and pressures, and are developing strategies to manage this;• The Yorkshire Report suggested that Yorkshire businesses are inherently conservative in their approach to gearing and investment, and 50% revealed that they think this is a result of a risk averse director and shareholder population;• 47% think that the next pay round settlement for their company will be 3% or less.
The evening also discussed how the economy has changed drastically over the past 12 months and the impact that this has had on Yorkshire’s businesses. Stephanie France, who runs an SME which fits out offices and has bases in Wakefield and Huddersfield, revealed that she is starting to see the effects of the credit crunch first-hand and clients are being more cautious and reserved when it comes to spending.
Paul Fullerton believed that the Yorkshire region is seeing some sectors struggle, for example, parts of retail, domestic and commercial property, but that manufacturing exports are performing well, helped by the recent depreciation of sterling.
Looking ahead, Mark Hunt cautioned that businesses should be as flexible as possible and wherever possible, and that it will be a case of survival of the fittest and who has the most robust strategies in place. Elizabeth Jackson advised that companies should consider the glass half full and that there are lots of good business opportunities out there to capitalise on.
Ian Beaumont, managing partner of the Leeds office of BDO Stoy Hayward said: “The Yorkshire Report 2008 presented some interesting findings and it was great to open this up to a debate between our expert panel and our audience featuring some of Yorkshire’s best business men and women. The subject of the region’s transport and communication infrastructure was an issue that the panel and audience agreed needs attention to help businesses in the long-term, and we will continue to closely monitor what the next twelve months have in store for Yorkshire’s business community.”
Copies of the Yorkshire Report are available by e-mailing yorkshirereport@bdo.co.uk
Do you agree with the panel’s views? Tell us what you think below.
