Established businesses in Yorkshire fall by 2.9 per cent
Summarised from 2 outlets · Updated 13 Oct, 06:03 · Archive
The number of established small and medium-sized businesses in Yorkshire and the Humber has fallen by 2.9 per cent since 2023.
According to a report from Allica Bank, the number of established SMEs in Yorkshire and the Humber has fallen by 2.9 per cent since 2023. These businesses support 34 per cent of private sector employment in the region, making the decline a concern for jobs and growth across the area.
The decline is particularly acute in specific areas. North East Lincolnshire has seen a 7.3 per cent drop in established SMEs, Sheffield has fallen by 6.2 per cent, and Kingston upon Hull by 5.3 per cent. This trend contrasts sharply with London, where the established SME population grew by 5 per cent over the same period.
Despite the overall decline, some businesses continue to perform well. Nearly 1,000 established SMEs in Yorkshire and the Humber increased their turnover by at least 20 per cent over the past year. Conrad Ford, chief strategy officer at Allica Bank, said established businesses 'are the engine of Yorkshire and the Humber economy' and called for greater support through regional growth forums and devolved skills funding.
How it is being reported
- Sharp decline in Yorkshire businesses sparks concerns over jobs and investmentA sharp decline in established businesses is threatening jobs and growth across Yorkshire and the Humber, according to a report from Allica Bank.The Press (York) · 13 Oct, 05:00
- Sharp decline in Yorkshire businesses sparks concerns over jobs and investmentA sharp decline in established businesses is threatening jobs and growth across Yorkshire and the Humber, according to a report from Allica Bank.Gazette & Herald (Malton) · 13 Oct, 05:00
In this story: Yorkshire and the Humber · Allica Bank · North East Lincolnshire · Sheffield · Kingston upon Hull · London · Conrad Ford
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