Paul Kenny, managing director at Aquatrust and Non Exec Director at Connect Yorkshire, amongst Yorkshire business leaders have welcomed the “stability” offered by Chancellor Rachel Reeves’ Spring Statement but said there are “still some key areas which require attention”.
In her spring statement, the Chancellor said the OBR had “adjusted the profile of GDP so that it grows slightly slower in 2026 and faster in 2027 and 2028”, growing by 1.1 per cent in 2026, 1.6 per cent in 2027 and 2028, and 1.5 per cent in 2029 and 2030.
Reeves said economic stability had been restored and hailed the level of defence spending “in an increasingly dangerous world”.
Mark Casci, head of policy and representation at West & North Yorkshire Chamber of Commerce, said: “Whilst the news that the nation’s economy is heading in the right direction is of course to be welcomed, there are still some key areas which require attention.
“The economy is expected to grow but at a rate lower than two per cent. Further acceleration is needed if businesses are to have long-term confidence to grow.
“And of course the OBR’s inflation forecast was produced ahead of the disruption caused by the widespread military clashes seen in the Middle East.
“Yorkshire’s employers need to feel the wind at their backs so they can invest, create more jobs and produce greater goods and services that our region has been synonymous with for centuries.”
Paul Kenny, managing director at Yorkshire-based Aquatrust and Non Exec Director at Connect Yorkshire, also welcomed stability.
“Most SME leaders I speak to, me included, are focused on keeping our heads down, delivering on our goals, and continuing to progress despite the noise around us,” he said. “A stable outlook gives us the breathing room to do that.
“I’ve recently raised with our regional Lord Mayor that the next big shift for SMEs is going to be technological advancement. We need the tools, digital infrastructure and support to be able to compete alongside the big players. Initiatives like digital grants, access to emerging tech, and proper mentoring can level the playing field. If that support is prioritised, SMEs won’t just survive – we’ll thrive.
“There are two clear levers for growth right now. First, embracing digital transformation, from automation to AI to more efficient systems, can unlock capacity and competitiveness overnight. Many SMEs are only scratching the surface of what this could do.
“Second, investing in leadership and development. We’ve seen the impact of programmes like Help to Grow: Management in our own business. It gives SME leaders the headspace and structure to step back, plan properly, and scale with confidence. For many owners, the challenge isn’t the lack of opportunity but the lack of time to think strategically — these programmes change that.”
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