BUSINESS confidence in Yorkshire and the Humber is lower than anywhere else in the UK, a survey of chartered accountants has claimed.

Sentiment tracked by ICAEW’s Business Confidence Monitor (BCM) for Yorkshire and the Humber for Q4 2022, published today, found confidence at -27.4 on the quarterly survey, below the national average.

Half of firms in Yorkshire and the Humber reported the availability of non-management skills as a growing problem, and the proportion of firms troubled by staff turnover was higher than in any other region.

Companies in Yorkshire and the Humber increased salaries at the joint-fastest rate in the country.

However, they managed just a 1.8 per cent increase in the workforce last year. Only companies in the East Midlands lifted staff levels at a slower rate.

Dr James Callaghan, ICAEW Regional Director for Yorkshire and the Humber, said: “As sales at home and abroad continue to slow, firms are now faced with new financial pressures – in the form of late payments and bank charges – as they grapple with inflation, rising costs and ongoing recruitment difficulties.

“On Thursday, the Government must outline a plan to restore confidence, generate environmentally sustainable long-term economic growth, and bring opportunity and prosperity to our left-behind communities and regions.”