Strategy is nothing without action. Yorkshire’s business leaders know better than most that plans are only as good as their execution. As the Regional Director for Institute of Chartered Accountants England and Wales (ICAEW), I regularly hear from members the importance of a strategy that is clear, ambitious, and firmly rooted in reality. It must tackle pressing issues head-on, set measurable goals, and crucially, have the backing of all stakeholders.
Six months ago, the UK Government pledged a ten-year Modern Industrial Strategy designed to provide the certainty businesses need to invest in the high-growth sectors that will power the economy. With its expected publication later this month, the question remains: will it deliver the stability and ambition that will support economic growth across Yorkshire and the UK more widely?
Businesses across Yorkshire, from SMEs to industry giants, are crying out for stability, a regulatory framework that fosters innovation, and policies that instil confidence in investment, skills development, and job creation. The time for hesitation is long gone. We need action.
This was borne out by our most recent Business Confidence Monitor survey for the region, which put sentiment for Yorkshire and the Humber at -5.7 on the index in Q1 2025, significantly below the national figure of -3.0 and the region’s fourth consecutive fall in sentiment. The tax burden was the most widespread growing challenge, cited by half of respondents.
Yet Yorkshire boasts untapped potential, from world-class natural resources to a thriving professional services sector. We must seize the moment, ensuring that government support aligns with our ambitions, particularly in emerging fields like renewable energy and advanced manufacturing, where Yorkshire can lead the way.
ICAEW members, alongside business leaders across the region, have consistently made their voices heard. We’ve called for long-term policies to boost growth, investment in skills, and a robust security strategy to safeguard our economic resilience. When announcing the development of the Modern Industrial Strategy last November, the Chancellor promised targeted plans to unleash the power of our cities and industrial clusters. The strategy must now live up to that promise.
At ICAEW, we are leading by example. Our own roadmap, Direction 2030, sets out a vision to re-energise our Institute ahead of its 150th anniversary. As markets shift and technology transforms how we work, our profession must be agile, resilient, and relevant, qualities any successful strategy must embody.
The business landscape is transforming rapidly. Market dynamics are shifting, global trends are evolving, and emerging technologies are opening doors to new possibilities. In this rapidly changing environment, our profession must stay ahead of the curve. That is why our new strategy is built on three key pillars: relevance, reputation, and resilience. It provides a clear framework to focus our efforts and resources, ensuring that we adapt and thrive in an increasingly complex world.
But ultimately, our success will be measured by the success of our members, the professionals driving prosperity in communities, regions, and cities across Yorkshire and the wider UK. They are the heartbeat of the economy, and the ICAEW strategy is designed to support them in shaping the future.