Businesses in Yorkshire and Humber are lagging well behind the rest of the country when it comes to future growth prospects according to new research from Santander Corporate Banking.
The bank says the average company in the region with a turnover of £20 million or less expects to grow its revenue by 56 percent over the next five years – or around nine per cent a year.
That compares with businesses across the country, that are predicting an 88 per cent increase over the next five years. Only companies in the North West and the West Midlands are gloomier than those in Yorkshire and Humber when it comes to growth prospects. Meanwhile, three out of five Yorkshire and Humber businesses said the trading environment was the biggest challenge they faced and only one in ten firms said their business was in better shape than ever before. Santander Corporate Banking Yorkshire and Humber regional director, Neil Williams, said: “Given the low anticipated growth in the UK over the next few years, companies looking to meet their aspirations will need to focus on the fundamentals such as cash flow, customer service and strategic planning to realise their ambitions.”