BDO’s Yorkshire and North East team, based in Leeds, has served Britain’s economic engine for over 15 years. We offer a diverse breadth of services across the region and a number of our national sector specialists, including the national BDO head of food and drink and head of transport, logistics and supply chain management, sit in our region.
REGIONAL SNAPSHOT
Business leaders in Yorkshire and the North East remain bullish, and with good reason: the region has a diverse mid-market ecosystem that was growing fast before the coronavirus pandemic.
In the new reality, it is likely some sectors, such as manufacturing and retail, will have to react and build resilience before realising future benefits. But there are also many sectors, from food and drink to FMCG that could be naturally resistant to the shocks of Brexit and the Covid-19 pandemic.
BDO RESEARCH HIGHLIGHTS
According to our latest Rethinking the Economy survey forty per cent of mid-sized businesses in Yorkshire said the cost-of-living crisis is the biggest threat to business success over the next six months.
Only ten percent of companies in the region are planning to raise salaries in line with current inflation rates to support staff with the cost-of-living crisis, compared to a national figure of 30% of companies raising wages above inflation rates.
Despite these challenges businesses in Yorkshire are looking towards innovation to counteract the impact of inflation with 30% saying they will launch new products or service or introduce new systems to increase efficiency and reduce costs across their business.