How Yorkshire ranked the third highest region for business confidence in the UK

UK business confidence fell to a joint record low in June, but remained the highest in Europe and above the global trend.

While the findings come amid global economic uncertainty, the positive news for Yorkshire was that it ranked third in the country for business confidence with +29 per cent.

Despite dropping from +45.7 per cent since February, the region still ranked above London, +28.1 per cent, down from +62.6 per cent, the UK average, +28 per cent and the global average, +22 per cent.

The sentiment held by Yorkshire’s business leaders was also reflected by the region’s higher profit expectations for the next 12 months. The region ranked second within this category, at +15.4 per cent.

Helen Morgan, Leeds city region lead for Accenture, said: Despite the ongoing pressures businesses across the globe are facing, Yorkshire is once again showing its strength.

“Over the last few years, Yorkshire has cemented itself as the technology powerhouse outside of London, with many firms in Leeds demonstrating they have the technological capabilities and specialist skills needed to support the UK economy.

“There’s no doubt that the next twelve months will bring further challenges, but firms in the region will prove to be resilient if they continue to transform their business by investing in local talent and digital capabilities.”

Across the country, a net balance of 28 per cent more private sector firms forecast their activity to increase over the coming year. This is half the level recorded in February, +56 per cent, and the joint-lowest since the survey began in October 2009.

Both the EU and global averages were below the UK at +16 per cent and +22 per cent respectively.

Matt Prebble, strategy and consulting lead for UK & Ireland at Accenture, said: “Inflation and a cloud of economic uncertainty have understandably knocked business confidence.

"Whilst some predict lower profits and are cutting back on research and development, it is worth noting that the more confident sectors are continuing to sustainably invest in new products.

"Over the past few years UK business leaders have proven resilient in the face of constant change which may explain their optimism compared to other countries.”