Re­gion’s econ­omy in pe­riod of tran­si­tion

Yorkshire Post - Business - - FRONT PAGE - Greg Wright DEPUTY BUSI­NESS EDI­TOR @greg­wrightyp

YORK­SHIRE’s econ­omy is in a tran­si­tional phase as it moves from heavy in­dus­try and man­u­fac­tur­ing to­wards a greater fo­cus on the tech­nol­ogy and ser­vice sec­tors, ac­cord­ing to a new study.

The re­port by Deloitte also found that many busi­ness lead­ers are de­mand­ing im­prove­ments to the rail sys­tem.

While man­u­fac­tur­ing still rep­re­sents 15 per cent of the re­gional econ­omy, above the 10 per cent na­tional av­er­age, sec­tors in­clud­ing fi­nan­cial and in­sur­ance, trans­porta­tion and stor­age and pub­lic ad­min­is­tra­tion are demon­strat­ing the strongest pro­duc­tiv­ity growth, ac­cord­ing to Deloitte’s study.

Deloitte’s Power Up UK-Wide Growth is based on re­sponses from 50 busi­ness lead­ers, ed­u­ca­tors, lo­cal gov­ern­ment of­fi­cials and other key fig­ures from across the UK.

Beckie Hart, CBI re­gional direc­tor, said: “The big­gest chal­lenge af­fect­ing busi­ness in the re­gion is def­i­nitely in­fra­struc­ture; 55 per cent of busi­nesses in the re­gion are dis­sat­is­fied with the cur­rent in­fra­struc­ture and 95 per cent of busi­nesses in our re­gion think that the North­ern Pow­er­house rail propo­si­tion is very im­por­tant.

“Bet­ter in­fra­struc­ture is a huge driver of im­prov­ing pro­duc­tiv­ity.”

Tom Rior­dan, chief ex­ec­u­tive of Leeds City Coun­cil, said col­lab­o­ra­tion would help to un­lock growth.

He added: “Col­lab­o­ra­tion has most im­pact when busi­nesses, uni­ver­si­ties and coun­cils align their col­lec­tive ef­forts and in­vest­ments around spe­cific as­sets and skills that are dis­tinc­tive and of na­tional and global sig­nif­i­cance.”

He said the best ex­am­ple in Leeds is ‘HealthTech’, which uses tech­nol­ogy to im­prove pa­tient care.

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