This week in West Yorkshire Combined Authority:

Business Board Charts Course for Economic Growth Amidst Global Uncertainty

The West Yorkshire Business Board convened on Wednesday, June 3rd, 2026, to tackle the region's economic landscape, focusing on strategies to foster growth and support businesses. A key concern highlighted was the potential impact of the Middle East conflict, which poses a significant risk of increased inflation and a possible recession. This global instability underscores the importance of robust local economic planning, especially for small businesses and those in vulnerable sectors.

Economic Pulse: Navigating Headwinds and Opportunities

The Board received an in-depth economic update, revealing that while the UK economy showed modest growth in early 2026, the international situation presents a clear threat. Data from the West Yorkshire Business Pulse Survey, conducted before the conflict escalated, indicated a more optimistic sentiment among Board members and the Mayor's Business Council compared to the wider regional business community. However, the timeliness of this data was questioned, with a call for more up-to-date lead metrics to guide decision-making.

Key economic indicators discussed included:

• Gross Value Added (GVA) and Productivity: West Yorkshire faces an £11 billion GVA gap with the UK average, primarily driven by lower productivity. While the region has seen stronger productivity growth than the national average between 2019 and 2023, this hasn't yet translated into a significant narrowing of the employment gap.
• Skills Development: Progress has been made in upskilling the workforce, with a narrowing gap in high-level qualifications and near parity in reducing the number of individuals with no or low qualifications. This is crucial for ensuring residents can access better-paying jobs and for businesses to find the talent they need.
• Exports and R&D Expenditure: The region lags behind the national average in both exports and research and development (R&D) spending, with the gap widening. This is a significant concern, as R&D is vital for innovation and future economic competitiveness. Mayor Tracy Brabin highlighted that devolved innovation funding will be instrumental in addressing this imbalance, aiming to boost the region's capacity for groundbreaking discoveries and new business creation.
• Business Growth: West Yorkshire saw more new businesses starting in 2024 than the national average. However, the number of high-growth businesses and overall business density remained below average a year later. This points to a need for enhanced support and infrastructure to help these nascent businesses scale and thrive.

Concerns were also raised about the impact of rising National Insurance Contributions and other taxes on businesses, highlighting the financial pressures many are facing. The Board acknowledged the importance of combining statistical data with real-world anecdotal evidence from businesses to gain a comprehensive understanding of the challenges.

Sector Spotlights: Driving Innovation and Investment

Updates from key industry clusters showcased the diverse economic strengths of West Yorkshire:

• Green Economy: This group is focused on positioning West Yorkshire as a leader in climate innovation. Their work includes mapping the green technology ecosystem and identifying the infrastructure and resources needed to support new ventures. This initiative is vital for creating sustainable jobs and addressing the climate crisis.
• Creative Industries: With a focus on fashion and textiles, games, immersive experiences, music, and screen, this cluster is working to align with the new Business Growth Hub. The approval of additional funds for intellectual property development and the potential impact of tax incentives for film productions were highlighted as key opportunities to boost this vibrant sector.
• Local Visitor Economy Partnership (LVEP): The visitor economy is a significant contributor, accounting for around 10% of West Yorkshire's total economy and employing approximately 54,000 people. Despite challenges like increased taxation and global events impacting consumer confidence, the sector has shown strong growth. The LVEP is developing a destination management plan, promoting the region's cultural heritage and landscapes, and exploring initiatives like a regional visitor pass and an overnight visitor levy to further support the sector.

Launching the West Yorkshire Business Growth Hub

A major focus of the meeting was the upcoming launch of the West Yorkshire Business Growth Hub. This new initiative aims to create a more streamlined and accessible system for business support, offering a no wrong door approach. It will connect businesses with a network of public and private sector support, covering finance, skills, innovation, and market access. The public rollout is scheduled for June 2026, with a comprehensive marketing campaign designed to raise awareness and encourage engagement. Board members were urged to act as ambassadors for the Hub, amplifying its reach and ensuring businesses across the region are aware of the support available.

Key Appointments and Future Events

The Board confirmed its governance arrangements, reappointing Mandy Ridyard as Chair and appointing Asma Iqbal as Deputy Chair. Nominations were also made for representation on the West Yorkshire Combined Authority Board and Transport for the North.

Updates were provided on two significant upcoming events:

• UK Real Estate Investment Forum (UKREiiF): This annual event in Leeds attracts property and investment professionals from across the globe. West Yorkshire's presence, including a dedicated pavilion, showcased investment opportunities and businesses, generating significant media coverage and fostering valuable connections.
• Climb26: Taking place in July, this business growth event aims to connect businesses with investors and improve access to finance. Climb26 will also serve as a platform to promote the new West Yorkshire Business Growth Hub, with a cohort of businesses set to attend.

The discussions underscored the interconnectedness of economic development, innovation, and business support, highlighting the Combined Authority's commitment to fostering a thriving and resilient West Yorkshire.