YORKSHIRE AND HUMBER The Yorkshire and Humber economy A joint response to changing economic circumstances

July 2008 02 The Yorkshire and Humber economy

Contents

03 Foreword

04 Coping with tougher economic conditions

05 The new Yorkshire and Humber Economy

07 The response to current economic challenges

11 Next Steps The Yorkshire and Humber economy 03

FOREWORD

The global economy is facing work with other agencies across Yorkshire This document encourages local businesses, unprecedented challenges. The twin and Humber to support the economy, build the voluntary sector and other local groups impact of tighter credit conditions and on Yorkshire’s strengths and help Yorkshire to continue communicating to regional increases in global commodity prices, in families and businesses through the tougher bodies and to central Government how the particular oil, mean we can expect difficult times ahead. In addition to the work detailed economy is changing in their area, whether times for the UK economy in the coming in this document there is other extensive current policies are working, and what months. This will affect each region in work being done by local councils and further needs to done in specific areas or different ways in line with the different the voluntary sector to support economic sectors. economies of each region. After the development in their areas. We expect this unprecedented growth of recent years, to feed into a comprehensive programme Whilst times may be harder over the Yorkshire and Humber and other regional of work across a range of different coming months, there is no doubt that economies will need to prepare themselves organisations across Yorkshire and Humber, the many strengths of the Yorkshire and for a more challenging economic climate. as well as informing the Government’s work Humber economy will help it through this in the run-up to the Pre Budget Report. difficult period. This document sets out how At this time it is critically important Yorkshire Forward, working with other local that national Government and regional In conjunction with this document, the agencies, together with central Government, bodies listen carefully to the experience Government is also launching the second will ensure that the region’s economy of businesses and other local groups to round of the Regional Funding Advice performs well in the coming months and ensure they understand what is happening (RFA) exercise, which offers regions the years. on the ground. And it is important that opportunity to advise on their long-term businesses are clear what support is offered priorities to support sustainable economic by Government and by regional agencies to growth. Yorkshire and Humberside is being help them manage in these difficult times. asked to provide advice on regional funding allocations of over £900m in 2008-09. This document has been drawn up by the Government and Yorkshire Forward as an initial framework for discussion with business, councils, housing groups, the voluntary sector and community groups. It sets out the next steps on how the Government and Yorkshire Forward will

Rosie Winterton Yvette Cooper Minister for Yorkshire and the Humber Chief Secretary to the Treasury

Pat McFadden Terry Hodgkinson Minister of State, Department for Business Yorkshire Forward and Regulatory Reform 04 The Yorkshire and Humber economy

Coping with tougher economic conditions

Two world shocks have thrown the UK economy off-course: the global credit Figure One: unemployment in Yorkshire and Humber crunch and the global surge in oil and food prices. This means the UK is facing 23,000 unprecedented challenges. The practical impacts on businesses are that it is 22,000 harder to raise capital to fund investment. Operational costs – especially for energy 21,000 - are rising. The input cost of commodities like steel, wood and fertiliser are 20,000 Flows increasing, squeezing profit margins and putting upward pressure on prices. These 19,000 challenges also have an impact on the individual consumer, particularly in terms 18,000 of higher prices at the petrol pump and a more expensive weekly shop. 17,000 We expect these tougher economic Jul 06 Jul 07 Jan 07 Jan 08 Nov 06 Nov 07 Sep 06 Sep 07 Mar 07 Mar 08 conditions to hit all businesses, but their May 07 May 08 impact varies across regions and sectors. Off-Flow On-Flow In the first half of 2008 the Yorkshire and Humber economy has held up to this The region’s service sector has achieved sector that is now being hit hardest by challenge relatively well, but there are signs significant growth over the last decade in the combined effect of tightening personal that these economic pressures will have a jobs and output. Service companies and and commercial credit, rising input and significant impact. Business confidence has retailers are being affected by declining energy costs, falling values and a major dipped significantly, particularly amongst consumer spending and confidence, as fall in consumer confidence. It is becoming smaller businesses that are especially well as rising energy costs. A significant more difficult to agree new property deals affected by tighter credit conditions. It will number of banks and building societies and there are examples of those that are be vital to help businesses take action to are based in the Leeds city-region. The completed and even on site being stalled. mitigate the impact of the slowdown over issues surrounding liquidity and funding Commercial speculative build has stopped, the second half of the year. within this sector and the attendant credit although there are parts of the construction constraints within the marketplace are sector – education and hospital building Yorkshire and Humber has a strong and inevitably having a significant effect on programmes – that are sustaining the diverse manufacturing base which has these businesses, including some major market. undergone a major restructuring over the businesses. Whilst many are well placed past 20 years, but still employs around 15% to deal with these challenges, some The last two months has seen an increase of the region’s workforce. Manufacturers companies are restructuring their balance in the numbers of people claiming job in the region are used to difficult trading sheets in response. Yorkshire’s strengths seekers’ allowance. In June the numbers conditions and many still report relatively in the financial sector are in a broader grew by 2,200, a 2.9% rise and the second healthy order books, but domestic orders range of financial and professional services highest in the country (see Figure One). The have slowed over the last few months. such as accountancy and legal services. impact is fairly evenly spread by geography Those sectors that have developed strong Businesses in these sectors are in general and industry. All indications are that this will specialisations based on higher value added not experiencing the same impact of the grow again in July. There are indications are activities are better placed to adapt to credit crunch as those in the banking sector. that this will grow again in July. There has change, with their track record of seeking In 2006 employment in the financial services also been a slow down of the numbers of export markets, investing in skills and sector was made up of 67% business job vacancies available. technology and innovation. Examples of services, 12% property related services and This represents the current analyis of the these in Yorkshire and Humber include 21% banking and insurance services. Yorkshire and Humber economy. Both Pace electronics which has recently won a nationally and regionally it is important contact to supply BT with set-top boxes for The property and regeneration sector that we keep up with developments in its online TV service. Other sectors may be has experienced a strong period of growth the economy by continuing to listen to more exposed to rising input and energy over the last decade leading to visible businesses and other regional organisations. costs, particularly in highly competitive global improvements in all of the region's towns markets. and cities, but it is the residential property The Yorkshire and Humber economy 05

The new Yorkshire and Humber Economy

Whilst these economic changes herald Figure Two: Yorkshire and Humber Working Age Employment Rate (%) a more challenging time for Yorkshire and Humber, it must be remembered 75.0 that the region’s economy has changed fundamentally over the past decade. With 74.0 a population of more than five million people and over 300,000 businesses, the £82 billion economy is as big as 73.0 Denmark, Norway or Scotland and has grown faster than the European average 72.0 for seven consecutive years. There are almost 250,000 more people in jobs, more 71.0 businesses and fewer people in receipt of Government benefits. Yorkshire Forward 70.0 has led a strategy over the last ten years to build a more diverse economy, less 69.0 dependent on one or two sectors such as textiles and steel. This means the region is 68.0 less exposed, although not immune, to a

downturn in the economy. 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Yorkshire and Humber’s new diverse economy combines a strong service The Sheffield city-region is no longer a Yorkshire and Humber has more people sector with a higher value manufacturing European Objective One area and accounts in work than for a generation, with an sector, with more people starting their own for a higher proportion of the UK’s total employment rate of 73.5 % (see Figure Two) businesses and social enterprises. There are steel production than it did in the 1960s and and a spread of employment across the new jobs in growing industries like digital 70s. The first major commercial airport of public, service and manufacturing sectors. media and the financial services sector its type in the UK for 50 years has opened There has been a decline in the numbers in the Leeds city region. Leeds itself and at Doncaster. More exports go to the world of long term unemployed, with 19% fewer the cities of Bradford, Wakefield and York through the Hull and Humber Ports than any people classed as long term unemployed as have attracted billions of pounds of private other UK ports complex. The rural economy compared to last year. Although Yorkshire investment. Industries like engineering, in North and East Yorkshire has thrived, now and Humber does not have the extremes chemicals and food are producing leaner contributing almost 20% of regional GVA, of wealth of London and the South East, manufacturing businesses that can compete although upland farmers have struggled. there are significant numbers of people on the world stage thanks to stronger links Striking regeneration is revitalising towns who remain excluded from the mainstream with our ten top class universities. The White like Barnsley, Grimsby, Scarborough and economy. Incapacity benefit remains a Rose universities of Leeds, Sheffield and Huddersfield. challenge, with over 230,000 people York together attract more investment in claiming the benefit in July 2008 although research than Oxford or Cambridge. there has been a decrease of 4.1% over the past two years. 06 The Yorkshire and Humber economy

Yorkshire and Humber has a more flexible and mobile labour market than ten years Figure Three: Yorkshire and Humber business stock - Number of ago. There are more people with the VAT registered businesses per 10,ooo population technical (level two) and high level (level 450 four) skills that are vital in the new mixed economy. But major challenges remain - 400 especially to catch up with the UK average on skills improvements and to ensure 350 school leavers and adult workers have the basic skills businesses need. The region 300 has historically had below average rates of new business start ups but the region continues to make steady progress on 250 improving the rate of this (see Figure Three). Business survival rates have increased to 200 above the UK average. Total investment has increased in the last ten years, and 150

Yorkshire and Humber achieved record levels stock per 10,000 VAT pupulation of foreign direct investment in 2007/08. 100 These 124 companies have created 1,100 new jobs and brought private investment of 50 over £320m.

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

UK England Yorkshire and Humber The Yorkshire and Humber economy 07

The response to current economic challenges

Despite the fundamental improvements International Action Investment in Yorkshire and of recent years, the challenges of the No government in the world can stop the humber current economic conditions will require global economic slowdown, or solve the The Government has today set out a coherent and comprehensive response. challenges of high prices immediately, but investment in Yorkshire and Humber’s Whilst is not possible to alter global the Government is working closely with other housing and regeneration, transport and economic conditions, it is possible to countries to face up to the international economic development of over £2.7bn mitigate their impact on individuals and causes of the problems. It has recently during the next three years. The publication businesses, and to better equip them to discussed with Saudi Arabia and other oil of Regional Funding Advice: guidance on respond. All agencies – from local groups producers how the world might be able to preparing advice marks the launch of the to national Government – have already increase oil production in the short term, and second round of the Regional Funding begun working closely together to ensure is simultaneously working with European Advice exercise and seeks views from Yorkshire and Humber is as well-placed and other countries to cut the world's regions on their priorities to support as possible to respond to any economic dependency on oil in the medium term. The sustainable economic growth. The advice downturn. Government has also worked closely with will enhance Yorkshire and Humberside's Yorkshire Forward – working with other the IMF to support financial stability and take input into policy development and public regional and local partners – is helping steps to get global credit markets moving spending decisions that affect the region, to businesses in Yorkshire and Humber to again. help ensure that investment are focussed on prepare for the challenges ahead. The the right developments, at the right time. Regional Economic Strategy (RES), the National Action to Support product of the work and ideas of more than Stability 5,000 people in the region, remains the Nationally, it is essential that we avoid a guiding framework for Government action to temporary international inflation shock being help businesses and individuals achieve their transferred into domestic inflation, leading potential through these tougher economic to a return to the price-wage spirals of times. This road map for public and private the 1970s and 1980s. The Government sector leaders of “Team Yorkshire and has made clear the need for responsible Humber” sets out actions on business, jobs, wage setting in both the public and private skills and infrastructure for towns, cities sector, from the boardroom to the shop and rural areas across the region. The RES floor. The independent Bank of England identified global trading conditions, inflation has a responsibility to set interest rates and energy, oil and producer input prices as so that inflation is kept under control. The key risks to the local economy and set out Bank has an agent in all regions, including a series of actions Yorkshire Forward would Yorkshire and Humber, to ensure that the lead in the event of more testing economic Bank’s decisions on rates are informed by conditions. conditions on the ground.

Now such a scenario seems likely, a whole To address the blockages in mortgage range of programmes are in train across markets, the Treasury is facilitating the Bank Yorkshire and Humber, led by a range of of England's Special Liquidity Scheme. By different agencies from the Government providing increased liquidity to the banking through to local level, to respond to the system this will help take pressure off issues about which people in the local the banks and building societies, many economy are most concerned. of which are based in the Yorkshire and Humber region, during the present period Government is acting to address current of uncertainty, maintaining the stability of economic challenges on both a national and financial markets. It will create the right international level. conditions to ensure banks will be able to lend to each other, and to others, which will in turn support the provision of new mortgage lending to households. 08 The Yorkshire and Humber economy

The response to current economic challenges

Support for businesses Figure Four: Which of the following costs presents the main Yorkshire Forward is leading a wide range upward cost pressure on your business at present? of action locally, together with other agencies, to ensure Yorkshire and Humber 24% is best prepared for any future economic 22% challenges. 20% • Helping businesses to cut energy 18% costs: An immediate priority for many 16% businesses is to cut costs and to make 14% their operations less dependent on 12% increasingly high energy costs (see 10% Figure Four). In May, Yorkshire Forward 8% announced a £10m investment over 6% the next three years to help regional 4% businesses to improve competitiveness 2% by adopting more efficient use of resources. Green business support 0% Raw Materials All selecting organisations, notably the Carbon Trust and bought in Cost of None of more than one Energy services (other Transport Property Staff Other costs finance these answer and Envirowise, have a vital role in than energy improving energy efficiency. Yorkshire and Humber businesses – and those Source RDA National Business Survey, June 2008 (Yorkshire and Humber respondents) across the country – can also benefit from the Government’s Enhanced Capital • Simplifying support for small 600 businesses so that their importance Allowance (ECA) scheme. The ECA businesses: The Government is making to the local economy and their future scheme enables businesses to save its support to business simpler, so it is plans are factored into investment money on energy efficient equipment by easier to access the £2.5bn-worth of decisions. Jobcentre Plus has a vital role writing off the whole cost of an investment tools and techniques available, through in responding to industrial restructuring in designated energy-saving technologies Business Link and other routes. Yorkshire and the safeguarding of jobs. Yorkshire and products against their taxable profits Forward is exemplifying this, overhauling Forward recently successfully worked with of the period during which the investment the way that business support is Jobcentre Plus to help a major company was made. delivered in the region through Business who were restructuring to ensure those Link Yorkshire, a single, easy to access people made redundant were able to find • Helping companies to access new gateway to quality business advice. It is jobs quickly in other companies looking for overseas markets: As domestic markets refocusing its operations from over 100 individuals with those skills. have tightened over the last 6 months, initiatives to 7 priorities businesses need companies may be considering whether most, with no diminution of funding, • Bringing overseas investment to to diversify overseas, particularly to working with local government to Yorkshire and Humber: Yorkshire exploit opportunities in markets which are rationalise local services, shifting resource Forward took difficult decisions to improve growing strongly. Businesses that trade from overhead to front line support its inward investment performance a overseas are more likely to be competitive, services and opening up specialist year ago, building closer links with local have a higher level of productivity, enjoy advisory services to the private sector. government and UKTI and moving higher than average growth rates, employ Business Link will pay particular attention to payment by results contracts with more people and be able to deal with to financial and cash-flow issues, given the overseas agents. Record levels of foreign domestic downturns. Yorkshire Forward challenges facing many small businesses direct investment were achieved in 2007/8 has responded by expanding its export in the current climate. In addition, all the and all new companies to the region, no support services through a £7m package region’s local authorities are working matter what size, are being visited by and building an even closer delivery actively with Yorkshire Forward to simplify Yorkshire Forward as part of its aftercare partnership with UK Trade and Investment the initiatives aimed at business. approach. Yorkshire Forward has also built (UKTI) to simplify access to services. closer links with local government and UKTI’s International Trade Teams in the • Working with big business: The UKTI who have a vital role in delivering English regions, and its network of offices decisions made by large companies a co-ordinated and responsive regional in some 100 markets around the world, can have a big impact on the economy approach to inward investment. are there to support companies for whom and jobs. Yorkshire Forward and local the UK is a base from which to go for authorities have worked together to build global growth. relationships with the region’s largest The Yorkshire and Humber economy 09

• Helping businesses to access finance: carbon management, built on very strong advice on the procedures to follow Yorkshire Forward, EU and private international expertise present in the and how to keep employees or their sector funding is in place through the region. representatives informed. Jobcentre South Yorkshire Investment Fund and Plus provides a proactive service to Partnership Investment Fund to provide Nationally, measures in the Innovation employers and employees experiencing finance for companies who wish to White Paper will keep the UK at the redundancy situations, working with other expand but have been unable to secure forefront of innovation. The Government organisations such as the Learning and finance elsewhere. The Selective Finance is piloting a refocused small business Skills Council, and Regional Development for Investment scheme is available for research initiative and undertaking a study Agencies and business organisations. firms seeking capital to help in expanding, of innovation vouchers. And the R&D Tax reorganising, or modernising business Credit continues to provide unprecedented Looking forward, Yorkshire Forward processes or moving from development levels of support for innovative companies, and Jobcentre Plus will work even more to production. These funds are even more having provided over £1 billion of support closely to monitor job losses and gains in important in the current credit conditions to SMEs since its introduction in 2000. regional businesses so that we can match and are being utilised to help businesses people losing their jobs to expanding • Meeting skills needs: Skills are a big firms. A Regional Rapid Response struggling to fund good business priority for the region and vital to its future proposals. Taskforce will be enhanced to react even competitive advantage. The Regional more swiftly to announcements of firm The Government’s Enterprise Strategy Minister, Rosie Winterton, is leading a closures that will have a significant impact – published in March 2008 - announced group of business ambassadors to look on the local or regional economy, working measures that will help increase business at more effective ways of tackling skills with businesses, trade unions and local competitiveness. These include an extra issues in the region. The Minister and the partners. £30 million for enterprise education and ambassadors will be looking at prioritising establishing the first Enterprise Academy actions to take forward apprenticeships, • Providing assistance to firms which and an increase in the amount of bank engineering skills, promoting the Skills are struggling with debt: Businesses lending through the small firms loan Pledge, and identifying the demand for which are finding it difficult to balance guarantee scheme by £60 million to skills. The Learning and Skills Council is their books can access one of 500 debt a total of £360 million for this financial enhancing Train to Gain to ensure a more advisors employed by Citizens Advice year. Yorkshire Forward is enhancing comprehensive and responsive offer to the Bureau and Advice UK network. The enterprise support in response to the region’s businesses. National Debtline on 0808 808 4000 also provides free confidential and independent Strategy including enhanced support • Matching people to job vacancies for female entrepreneurs and via the advice on how to deal with debt and getting people back into work: problems. Prince’s Trust providing young people from Yorkshire Forward and Jobcentre Plus disadvantaged backgrounds with start up are experienced at getting people straight Improved cash flow management can also loans and mentoring support. back to work after major redundancies. help businesses. Research commissioned • Helping businesses to innovate: In some types of jobs, particularly in the by BERR found that over 80% of business Yorkshire and Humber businesses have service and care sectors, the numbers of to business transactions are on a trade not traditionally invested in innovation as vacancies far outweigh the numbers of credit basis. The Government recognises much as their counterparts in the South people claiming Job Seekers Allowance that late payment, and uncertainty on of England. Yorkshire Forward has a that are seeking work. Jobcentre Plus is payment times, cause difficulties in long term strategy to increase levels of working to develop innovative ways of cash-flow and financing costs for small innovation and announced in June £43m meeting such mismatches across sectors businesses. BERR is working across of investment through grants for R&D to and geographic areas. Yorkshire Forward government to promote prompt payment help businesses to develop and retain is supporting Jobcentre Plus by providing in the public sector. Additionally BERR is their competitive edge. This approach intelligence relating to growing sectors exploring non-legislative approaches to has led to the development of world- and companies so that the most relevant tackling late payment issues. information is available to jobseekers. leading facilities on advanced engineering • Providing additional support for in Rotherham, remote electronic labelling Government is also focused on ensuring specific sectors: Yorkshire Forward will in Halifax, logistics in Hull and chemicals the right employment support is available enhance its support to manufacturers in North Lincolnshire. Clearly the region’s to businesses who need to consider by an additional £7m investment in the universities have a vital role to play in short-time working, laying-off some Yorkshire and Humber Manufacturing helping businesses to innovate. They employees or making redundancies. Advisory Service. This will enhance have adopted a strong focus on lower Local Business Links offer practical the service available to regional 10 The Yorkshire and Humber economy

manufacturers, helping them to cut costs market conditions. Yorkshire Forward is www.energywatch.org.uk can help families and to improve efficiency, profitability and focusing on physical “de-risking” of sites, reduce their bill by switching supplier competitiveness. Yorkshire Forward will including access and services, while the or getting a better deal. Switching to a launch a successor Regional Venture market is slowing, with the intention of water meter could also help save money. Capital fund later this year. It will also taking schemes to market at a later date. Certain groups can get a Government invest £2.5m in the Leeds Financial English Partnerships is working alongside grant to pay for insulation and heating Services Initiative to promote Leeds as the Yorkshire Forward and local authorities improvements, and pensioners on low leading financial services centre outside to mitigate against the impact of the incomes can receive free central heating London and to support the growth of economic downturn. or other fuel discounts. Information the sector – which accounts for almost can be found at www.warmfront.co.uk 300,000 jobs - across the city-region. Support for consumers or www.energysavingtrust.org.uk. The • Helping family finances: It is important Government’s Winter Fuel Payments give Support for housing for the success of local businesses that help of at least £200 to pensioners, and The property and regeneration sector is consumer demand holds up through more to the over-80s, including extra being hit particularly hard by the slowing more challenging times. The Government money for this winter. economy. Across the region – as nationally is committed to achieving this through • Assistance for those in debt or – housebuilding is slowing rapidly whilst first reforms to the tax system. Most families struggling to make ends meet: Families time buyers and others are finding it harder across Yorkshire and Humber with in debt may be able to manage their to get mortgages, despite falling prices. children should be getting extra cash this payments better following Government Action is underway to tackle the various year already as tax credits have gone up, reforms to provide access to affordable challenges in the housing market. and basic rate taxpayers can expect an credit. The Government has proposed extra £120 from this autumn due to the changes which will make it easier for • Support for the mortgage market: The changes in tax allowances too. Government is committed to action to access responsible credit provided by improve mortgage markets and, as well as • Helping families to pay their mortgage local credit unions. The Government facilitating the Bank of England’s Special or rent: Families struggling to pay their has also expanded access to free Liquidity Scheme, yesterday published mortgage should talk to their lender legal representation at county courts analysis by Sir James Crosby that should as soon as they start to experience throughout England for households at assist this process. difficulties. Those out of work or getting risk of repossession. Those struggling Pension Credit may also be able to with debt can also access one of the • Investment in affordable housing: get support with paying their mortgage many debt advisors employed by Citizens To ensure continued investment, the interest through the Support for Mortgage Advice Bureau and Advice UK network Government will be providing over £10bn Interest Scheme. Details can be found throughout Yorkshire and Humber, or from the Regional Housing Pot in England at www.thepensionservice.gov.uk. The phone the National Debtline, which over the 2008-11 period, of which over Financial Services Authority (FSA) has a provides free confidential and independent £8bn is being invested in affordable detailed website which provides advice advice on how to deal with debt housing, and has recently introduced for those worried about increases in problems, on 0808 808 4000. flexibilities into the National Affordable mortgage payments or coming to the Housing Programme including the new Those worried about making ends meet end of their fixed rate mortgage. The and payment of regular bills may be Rent to HomeBuy scheme to help website www.moneymadeclear.fsa.gov.uk/ prospective first-time buyers. Spending able to access a range of benefits and mortgages contains impartial advice and support from the state depending on their has been agreed for Yorkshire and practical tools for the people of Yorkshire Humber totalling £560m; £315m from the circumstances. Some may be entitled and Humber on the web to help people to tax credits and help with childcare National Affordable Housing Programme, make informed decisions. The Community £82m for making local authority homes costs. Jobcentre Plus across the region Legal Advice helpline on 0845 345 will be able to advise on what they might decent, and £163m to help bring private 4345 also provides independent advice sector homes up to a decent standard. be entitled to. People who cannot afford about debt, benefits and tax credits, to pay their Council Tax may be able to • Supporting regeneration programmes: employment and housing problems, and get help by way of Council Tax Benefit. In parallel, Yorkshire Forward is working will call back for free. This can provide a full or partial rebate, closely with developers, investors, local • Supporting families in meeting fuel depending on a household’s council tax authorities and the emerging Homes and other bills: Rising fuel bills are liability, income and savings, and there and Communities Agency (following the causing stress to many families, but are more generous rules for pensioners. merger between English Partnerships there are initiatives that can help. The Advice is available from the local authority. and the Housing Corporation) to ensure energy companies have pledged an extra The local authority also manages housing that regeneration schemes in towns £225m over three years to help support benefit, which may help those who cannot and cities across the region are re- vulnerable consumers. Energy Watch afford to pay their rent. structured to respond to the changed The Yorkshire and Humber economy 11

Next Steps

This document sets out an initial For further information, please framework for discussion with stakeholders contact: across the region. Yorkshire Forward and the Government will be working closely Yorkshire Forward with a whole range of local and regional Victoria House partners over the coming months to Victoria Place address the challenges described at the Leeds start of this document, and to build on LS11 5AE the support and initiatives described above. We will be asking councils, 0113 394 9600 regional agencies and voluntary sector [email protected] organisations to add to this framework and to work with us on how best we www.yorkshire-forward.com support businesses and households in Business Link Yorkshire the region. We expect this to feed into a comprehensive programme of work across 1 Capitol Court a range of different organisations across Capitol Business Park Yorkshire and Humber, as well as informing Dodworth the Government’s work in the run-up to the Barnsley Pre Budget Report. S75 3TZ

Looking forward, Yorkshire and Humber 0845 6 048 048 will be refining its spending plans following [email protected] the publication of Regional Funding Advice: guidance on preparing advice, and the www.businesslinkyorkshire.co.uk Government will set out further steps to Citizen’s Advice Bureau support the economy at the Pre Budget Report. There are a number of Citizen’s Advice Bureau across Yorkshire and Humber. Yorkshire Forward will continue to use For details of the nearest branch, go to: its strong links to individual businesses, developers and the CBI, IOD, Chambers of www.citizensadvice.org.uk Commerce, FSB and EEF provide in-depth and timely intelligence and analysis to ensure that Government, including the Regional Minister, understand the challenges that businesses in the region are facing. Yorkshire Forward, which produced the regional analysis in this document, would welcome views from local businesses, third sector organisations and business groups on any of the issues contained in this document. The Yorkshire and Humber economy