The Huddersfield business economy, like the rest of the nation, has been significantly impacted by the Covid-19 pandemic and the Brexit transition, serving to heighten the day-to-day challenges that come with operating a business.
Ongoing and shifting national restrictions – and full lockdowns – have had a huge impact on businesses locally. Coupled with changes to trading rules and regulations, businesses have had to understand and manage some incredibly difficult circumstances over the last 12 months.
Some firms have fared worse than others, with sectors such as retail and hospitality bearing the brunt of strict Government closures as we tackle this health crisis. Exporters and traders have struggled with new arrangements with the EU.
But what does this mean for the Huddersfield business economy? Can we consolidate the damage the pandemic has done, and what does the future hold for our firms?
Roadmaps and restrictions for the Huddersfield business economy
While restrictions have been tough and forced many firms to close their doors – including some permanently – they have been under ongoing review.
The Government’s roadmap out of lockdown has provided a clear plan that, depending on circumstances, means business leaders can finally begin to put tentative plans in place as we emerge from the pandemic.
Phase one saw education and outdoor exercise beginning once more, with phase two allowing for the opening of non-essential retail, beauty and fitness locations as well outdoor hospitality.
Phase three will see indoor venues opening no earlier than 17 May and, if all goes to plan, phase four will see all restrictions being lifted in late June.
State of employment
On a national scale, employment figures have dropped and the number of people claiming unemployment related benefits has risen.
In Huddersfield, the number of claimants has increased by 3.1 percentage points since March 2020, a likely result of the pandemic.
Even before the pandemic hit, Huddersfield was ranked 10th in the country as the town with the highest competition for jobs. Comparatively, locations such as York and London ranked 56th and 58th respectively.
The local Chamber of Commerce published its economic survey results for the first quarter of 2021, showing that firms’ intentions to recruit were increasing and even starting to return back to pre-pandemic levels. A promising outlook for the Huddersfield business economy.
Looking ahead
As we look to the future, the picture isn’t quite as bleak.
There will be challenges and businesses must prepare for scenarios where the Government’s roadmap may be delayed or altered. But overall, Huddersfield businesses can look ahead with hope.
The Chamber’s report also showed that business confidence had significantly improved from last year, with businesses in the region expecting both turnover and profits to increase in the next year at levels last reported over five years ago.
Mayoral support
2021 will also see the election of a metro mayor for West Yorkshire, bringing greater control and influence on the decisions made for the region.
Metro mayors are directly responsible for the strategic growth of their city-regions’ economies and will have control and funding to develop areas such as housing, transport, education and skills development.
Polling indicated that business support and access to skills and training were among the top areas that voters would like to see devolved to local politicians.
A helping hand for the Huddersfield business economy
As with furlough and other financial support schemes, there are ongoing provisions for further support as businesses emerge from over a year of ongoing restrictions.
Support available includes:
- Super deduction
- CIS reverse charge
- Coronavirus Job Retention Scheme
- Statutory Sick Pay reimbursements
- Business rates relief
- Self-Employment Income Support Scheme
- Recovery Loan Scheme
- Coronavirus Restart Grant
The Huddersfield business economy is on the road to recovery. If you require support or advice on what this means for you and your business, please get in touch with our team on hello@itsrelative.co.uk or give us a call on 01484 441431.