Yorkshire SMEs are set for a collective investment of more than £150 million. This has been revealed in a recent survey by financial firm Together. According to the survey, this is one of the highest amounts in the UK, with only London and the South East with plans to invest more.
At the top of the agenda for SME spending is plans for the expansion of both premises and workforce.
Results of this survey were published after the EU withdrawal bill was voted through the Commons. With just The House of Lords left to navigate before Brexit on January 31st; it has been claimed small businesses in Yorkshire and The Humber owe this spending boom to a decline in apprehension.
The affect of Brexit uncertainty on Yorkshire SMEs
A fifth of SMEs surveyed say they had postponed plans to move premises due to Brexit uncertainty. Meanwhile 23% had delayed pay rises for workers, and 19% deferred plans to take on more staff.
Now, Yorkshire SMEs planning investment said they expect to spend an average of nearly £370,000 each, as the end of the uncertainly surrounding Brexit allows them to plan their future.
“The investment taps can now be turned back on with UK SMEs expecting to pump more than £1.7 billion into the national economy. Our survey had identified major commitments in the North and Midlands in particular where firms plan to spend more that a third of the cash.”Head of corporate relationships at Together, Andrew Charnley
As concerns of the UK’s departure from the EU fade, 27% of SME owners and executives plan to move premises. Moreover, 23% of companies surveyed said they have plans to expand their workforce within the next two years.
Wosskow Brown Foundation
Jim Lawson, Director of the Wosskow Brown Foundation said, “We are delighted to hear this really positive news from the Together survey. Particularly that Yorkshire is 3rd in the UK in terms of amount of investment planned”
“It’s a sign of business confidence returning when SMEs are talking about moving to larger premises and expanding the workforce. We launched the Foundation five years ago to help businesses with their ambitions for growth, and with a mission to help regenerate our local economy. Within that time we have helped over 900 organisations in some way.”
The Wosskow Brown Foundation will be continuing to support the region’s business growth ambitions, by soon launching our new programme ‘Let’s Grow Together’. This comes with the ambitious plans to help companies to scale, and create new jobs over the coming years.