Some very sad-looking emails plopped into my inbox during the opening week of the new year.
According to Deloitte’s quarterly CFO report, most financial chiefs “anticipate the UK will fall back into recession”. Meanwhile, Ernst & Young’s ITEM Club said there were “worrying signs of underlying weakness” in manufacturing.
It’s going to be a challenging year. Modest growth would be a stunning achievement. So before we all batten down the hatches, close our eyes and hold our breath until the storm passes, it’s worth noting that the same Deloitte report states that half of chief financial officers believe “a weak economy brings opportunities”.
I’d argue that this could be a defining year for Yorkshire business, which could result in tangible progress on some exciting initiatives.
Leeds and Sheffield continues to punch their weight in important industries such as manufacturing and healthcare, while Hull’s prospects have been rejuvenated by multimillion-pound plans related to the renewable energy sector (p32).
I was also impressed by the optimism and focus of business leaders in York and North Yorkshire who spoke to me for our city region review (p40). Yorkshire businesses are looking not just nationally but internationally for growth. The key will be having the confidence to invest while the economy is fragile.
Finally, I’d like to remind you of three awards ceremonies that are coming up. Now is the time to get your entries in for our Made in Sheffield (22 March), Digital and Technology (28 March) and International Trade Awards (23 May). You can find details on our website.
May I take this opportunity to wish you a successful 2012. Here’s to a great year for Yorkshire and the emergence of a more positive outlook as the year progresses.
Richard Abbott, editor
Also in: January 2012
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Entrepreneur of the Month: Ella Snowball
Recruit4health’s growth has been phenomenal over the last five years, but it hasn’t been easy. Ben Pindar hears how hard lessons have helped to secure a bright future
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2012 Economic Preview
A year of inspid growth or a land of opportunity? To kick off our guide to 2012, we asked business leaders and advisers to put their neck on the line