Business Breakfast: Yorkshire and Humber see growth in foreign investment

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Yorkshire and the Humber attracted fifty one foreign investment projects last year, up from a total of 40 in 2021, according to consultancy firm Ernst & Young.

EY’s ‘attractiveness survey’ showed the region was the UK’s sixth-best performing. Its share of UK FDI projects increased to 5.5% from 4.0%, despite the UK seeing a 6% fall in project numbers.

The survey analyses the attractiveness of a particular region or country as an investment destination. It is designed to help businesses make investment decisions and governments remove barriers to growth.

The region’s strong performance was driven by growth in key sectors, including machinery and equipment, utility supply, and health and social work. sales and business services, manufacturing and logistics.

Stephen Church, EY’s North Market Leader, said:

“Amid a strong year for the North on FDI, Yorkshire and the Humber’s results stand out as exceptional. After a few years of falling project numbers, it’s very encouraging to see the region deliver a significant increase in projects and a strong performance on investment attractiveness relative to the rest of the UK. A positive performance on FDI-supported jobs in 2022 suggests Yorkshire has been able to do well not just on project volume, but on project value too.

“With sustainability and climate change high on investors’ agendas, clean technology is an increasingly important investment focus, providing the UK with the opportunity to play to its regional strengths. Expertise in manufacturing and utilities – key sectors here in Yorkshire – will be crucial to any efforts by the UK to establish itself as a place where clean technology is not just deployed, but also developed and built too.”

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Vida Court, the third care home of Harrogate-based specialist dementia care provider Vida Healthcare, has been rated as Outstanding by the Care Quality Commission (CQC).

All of Vida’s three specialist care homes have now been awarded an Outstanding rating.

The inspection highlighted the exceptional dementia care that is provided. Staff’s exceptional creativity when following best practice guidance was applauded. Person-centred care is prevalent throughout the service, and this includes how people wish to be cared for at the end of their lives and approaching difficult conversations.

Sharon Oldfield, Vida Court Home Manager at Vida Healthcare, said:

“We are extremely proud of the Vida Court team. It is a privilege to work with people who are so focused on enriching residents’ lives and providing the highest quality of care. We are delighted that our inclusive and open working environment, alongside the hard work and creativity of our team has been recognised by the CQC.

“We are committed to developing, promoting and implementing innovative methods of care to deliver an outstanding service to our residents”.

James Rycroft, Managing Director at Vida Healthcare, commented:

“The commitment of the team at Vida Court, highlighted in the inspection report, is what makes our service outstanding. Securing an Outstanding rating for all of our care homes is an incredible achievement, and really sets us apart from other care home operators in the UK. Our staff are our greatest asset and I would like to thank them all for their dedication. “

Vida Court has recently opened a specialist unit to support people living with Huntington’s disease.

Staff at Vida Court celebrate the homes CQC Outstanding status

Harrogate, Leeds and Sheffield tipped for best economic growth in Yorkshire

Harrogate, Leeds and Sheffield have been named as the three places forecast to experience the region’s highest economic growth over the next two years.

The EY Regional Economic Forecast, compiled by accounting firm Ernst & Young, says Leeds’ economy is expected to grow by 2.1% per year on average over the course of 2024 to 2026.

Harrogate and Sheffield are predicted to have the joint-second fastest-growing economies across Yorkshire and the Humber over the same period, with both projected to see annual average growth of 1.9%. Hull fares worst, with forecasted growth of 1.2%.

The region’s overall forecasted average annual growth of 1.7% is the joint lowest in the UK — and well below London’s predicted 2.6%.

Stephen Church, Ernst & Young’s north market leader, said:

“The north is home to many of the UK’s most dynamic and innovative businesses and, while the next 12 months will be economically challenging, there are areas across the region where we can expect to see encouraging growth over the next few years.”

But Mr Church added “too many places are still expected to trail behind” and that regions “need their own clear strategies for growth, which reflect each region’s own strengths and unique attributes”.

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By 2026, Harrogate’s local economy is expected to be £0.2 billion larger than in 2022. The real estate activities and professional, scientific and technical sectors are expected to record the biggest absolute increases in growth over this period.

As well as expecting some of the fastest economic growth in the region from 2024 to 2026, Harrogate and Sheffield are also forecast to see their employment growth match the national growth rate over the same period, with annual average growth of 1.3% in both places.

The regional average is 1.1%.

Ernst & Young, one of the big four accounting firms, uses economic data to model future performance for the forecast.