With a GDP of £80bn that is rising faster than the European average and 2006-07 proving to be the best year ever for foreign direct investment, Yorkshire and Humber has established itself as a place that really delivers the goods.
Centrally placed between London and Edinburgh with the east coast mainline rail route running right through the heart of the region, three international airports and the nation’s largest ports complex, the region is well served by routes across the country, into Europe and beyond. Add in the criss-cross road network of the M1, A1 and the M62, and the area is en route to anywhere you care to travel.
The region has always been a transport hub at the centre of the country, and steps have been taken to maintain this reputation. For example, work is underway to improve rail access to the Humber ports of Hull and Immingham, which will allow more freight to travel by rail and slow the increase in road freight, ensuring that businesses keep delivering products to 370m customers in Europe.
Two hours away from London by train, the region is a critical staging post on the E20 European trade route linking Limerick in Ireland to St Petersburg in Russia. And the Humber ports of Goole, Grimsby, Immingham and Hull constitute the largest ports complex in the country, handling over 78m tonnes of freight from 53 different countries each year.
Ferries from the Port of Hull provide fast overnight crossings, giving hauliers no worries about time allowances when driving into Europe and a healthy investment programme from Associated British Ports promises further growth.
Key locations across the region – Wakefield, Doncaster, Selby and Leeds – also have fully equipped modern inter-modal rail terminals which provide services to destinations across Europe. The area also has the country’s newest international airport – South Yorkshire’s Robin Hood – plus Leeds Bradford airport and Humberside airport. Collectively they provide connections to over 40 countries.
And if you prefer to drive, the region’s just four hours away from either London or Edinburgh, putting businesses within easy reach of up to 40m British customers.
Business growth
Yorkshire is one of the most profitable of all UK regions with a powerful and diverse economy, which for the last five years has grown faster than the European average. The number of businesses in the region is on the up and GDP growth has been above the UK average for the past five years.
This growth is well demonstrated by the Leeds skyline, which is changing rapidly as developers strive to keep pace with demand for residential and business premises in a city that is showing a sustained increase in population and economic performance.
‘With a GDP of £80bn that is rising faster than the European average and 2006-07 proving to be the best year ever for foreign direct investment, Yorkshire and Humber has established itself as a place that really delivers the goods’
The region has always been known for its strong manufacturing base and, despite the reported decline in this sector nationally, still makes one of the largest contributions to the economy and output is predicted to grow by more than 12% over the next eight to 10 years. It also has an IT sector that is growing quicker than almost anywhere else, and the biggest banking and legal centre outside of London.
Building on its industry strengths, the region has identified seven key business sectors that are being developed as drivers of economic growth, and that have the potential to encourage higher value-added businesses. Companies are being developed up and down the supply chain, creating critical mass in these sectors. Closer links are being forged with the universities to help businesses to innovate.
As a result, the regional development agency Yorkshire Forward is focusing its economic development activity mainly on these seven sectors: advanced engineering and metals, bioscience, chemicals, digital, healthcare technologies, food and drink, and environmental technologies. It has also been working to streamline the region’s business support services to ensure increased frontline services for businesses and a single gateway of information.
A wide range of public sector grants and loans are available, enabling assistance to be increasingly flexible and tailored towards regional priorities. This is in addition to a regional venture capital market worth more than £50m.
The universities act as a vital source of ideas and are consistently ranked in the top three for spin-off companies. They are internationally renowned for their work in areas ranging from computer sciences and electronics to metal-cutting technology.
Yorkshire and Humber was the first region in the UK to launch a series of centres of industrial collaboration: an £11m programme designed to help firms exploit the world-class research at the region’s universities. Since their launch in July 2003, these centres have grossed more than £40m in research income, created more than 1,300 jobs and led to over 1,700 projects with businesses. Most universities have innovation centres, science parks or a portfolio of spin-out companies through which to channel business support.
Life outside work
Yorkshire is the largest county and has more historic houses, castles and national parkland than anywhere else. More than 80% of the region is rural, and the region’s national parkland covers over 1,000 square miles, making Yorkshire and Humber’s countryside and breathtaking landscapes one of its greatest attractions.
For commuters, the region’s travel-to-work times are one of the shortest in the country, with Sheffield and Leeds regarded as among the most transport-friendly cities in the UK. Wherever you are in the region, you are never more than 20 minutes away from a rural location, and housing stock is second to none. At 73% of the national average, it is also affordable.
Some of the finest shopping in the country is available in cities like Leeds and York, and at Meadowhall, near Sheffield. The region’s cultural life is equally rich with one in 10 of all the country’s museums, galleries and historic houses located here. On the sporting front, there is first-class football, cricket, rugby and horse racing to follow.
Simon Hill is executive director, business, for Yorkshire Forward