News / Growth expected in Yorkshire
Growth expected in Yorkshire
Monday 2nd November 2009
Most Yorkshire businesses expect to see consistent economic growth within 18 months, according to new research from Yorkshire Bank.
More than two-thirds (70 per cent) of business managers surveyed for the bank, including those in North Yorkshire, believe the region will have consistent economic growth by spring 2011.
These figures, suggesting growing confidence, are consistent with research from BT published in The Press on Monday, which showed that 62 per cent of York firms remain confident or very confident about their own business prospects.
Martin Ibbetson, managing partner of Yorkshire Bank’s York-based North Yorkshire Financial Solutions Centre (FSC), said his bank’s research showed that the sentiment among North Yorkshire businesses reflected that of many leading economists.
He said: “Yorkshire Bank economists believe that, although the economy will see some growth next year, we will have to wait until the first half of 2011 for it to be consistent and sustainable.
“It is heartening to see that North Yorkshire businesses of all sizes, and particularly small and medium enterprises, are optimistic about the future in terms of the local and wider economies.”
Tom Vosa,Yorkshire Bank’s chief UK economist, said: “The worst of the economic conditions appear to be behind us, but we should still approach 2010 with caution. UK businesses are likely to see some growth before the end of the year, particularly given the annual Christmas bump.
“However, it is likely that 2010 will still experience some rocky moments and it won’t be until 2011 that we see stability in the UK.”
Yorkshire Bank’s North Yorkshire FSC, which has 40 staff and includes an office in James Street, Harrogate, covers the whole of York and North Yorkshire, apart from Craven District, and has the biggest Agri-business team in the bank’s UK network.
