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
Staff shortages and COVID related debts are the two key areas that may curb the growth of Yorkshire & North East businesses.
According to our latest Rethinking the Economy data, more than a third of Yorkshire companies admitted that unexpected delays from domestic suppliers were significantly affecting their ability to operate at normal levels, with 30% citing low stock levels and nearly a fifth blaming staff shortages.
As a result, many regional businesses are considering reducing their product lines or services to help manage staff shortages, with 47% of companies admitting they would have to act within the next month if the situation doesn’t change. Many businesses anticipate that this reduction in services will only be a temporary measure, with 40% of regional companies exploring incentive schemes, such as referral bonuses, to help plug the skills gaps.