New figures released as CYBG Bank confirms board appointment to Northern Powerhouse Partnership
New research commissioned by CYBG, owner of Yorkshire Bank, has revealed what the North’s small and medium-sized businesses think about the Northern Powerhouse agenda. The findings come as the Bank confirms the appointment of David Duffy, Chief Executive, to the Board of the Northern Powerhouse Partnership.
The figures show good support for the Northern Powerhouse with over half (57%) of decision markers in the North of England feeling confident in the investment being made by the Government, and that it will benefit the local economies, while a third (33%) are less confident in the Government’s efforts.
Whilst SMEs in the North East and North West of England are optimistic, more needs to be done to promote the benefits of the Northern Powerhouse across Yorkshire and Humber.
· Over half (51%) of SME decision makers in Yorkshire and the Humber surveyed said they are not confident in how the Northern Powerhouse will benefit the economy
· This compares to 78% in the North East and 55% in the North West, who are confident when asked the same question
· 63% of Yorkshire SMEs admit that they don’t understand the impact the Northern Powerhouse will have on their business
· 73% in the North West and 60% in the North East confirm that they do understand how they will be affected
David Duffy, Chief Executive at CYBG, said:
SMEs play such an important role in our economy and they are facing a range of challenges, which comes across in this research. There has been growing momentum around the Northern Powerhouse. These figures show that there is strong support from the business community for the Northern Powerhouse but they also reveal that more needs to be done to convince businesses, especially in Yorkshire and the Humber, that the Northern Powerhouse will bring opportunities, investment and growth. If our SMEs aren’t confident, it will be a struggle to unlock the economic potential of the North and that cannot happen.
The Bank has a proud history in this area and we want to continue contributing to the debate, playing our part in developing how we increase growth and prosperity in the North to ensure its success. The Northern Powerhouse Partnership is a key body within the Northern Powerhouse agenda and has a clear outlook on the current economic challenges and opportunities. Joining the Board is an extremely positive milestone for the Bank and I will be sharing our experience, and the views of our SME customers, to help shape the future of the North.”
Northern Powerhouse Partnership Vice-Chair Lord Jim O’Neill said:
We are delighted that CYBG are joining the Northern Powerhouse Partnership Board. As a major Northern employer and a committed supporter of SMEs in the region, they will provide invaluable support in driving the North’s ambitions and backing the economic potential of the Northern Powerhouse.
“The research they have carried out shows an encouraging level of business support for the Northern Powerhouse agenda, but clearly there is still some work to do. Bringing together businesses of all sizes to help the North fulfil its potential and pull its weight in economic terms is fundamental rebalancing the economy and narrowing the North-South divide. We will continue to work with business leaders to ensure that we have full consensus to focus on the key issues affecting every family in the Northern Powerhouse.”