Yorkshire Forward
Yorkshire Forward was set up by the UK Government to promote sustainable economic development throughout the Yorkshire and Humber region. One of England's nine Regional Development Agencies (RDAs) it is a business led organisation that aims to help improve the region’s relative economic performance and reduce social and economic disparities.
A regional approach to economic development allows local businesses and communities to formulate solutions that are appropriate for the particular circumstances and strengths of this region.
Yorkshire Forward supports the expansion and development of business in our region by encouraging public and private investment, and by connecting people to economic opportunity. We also work to improve levels of education, learning and skills, and do all that we can to enhance the region's environment and infrastructure.
The RDA's aim is to maintain and develop this success, making Yorkshire and Humber a truly world-class region in which to live, work and invest.
Yorkshire Forward's 2005/06 Performance
When it comes to creating jobs and unlocking land for development, there is no regional development agency (RDA) in England better than Yorkshire Forward.
Figures released in 2006 by the Department of Trade and Industry (DTI) showed that for every one per cent of budget spent, Yorkshire Forwardcreated 12 businesses and it cost the agency 19% less than the rest of England's RDAs to create a job and 12% less to reclaim and make fit for development a hectare of land.
These figures also reveal that Yorkshire Forward met all its annual DTI targets to grow the region's businesses, help people into jobs, and bring investment into Yorkshire and Humber in 2005/06.
The agency has supported the creation of more than 1,000 businesses, helped nearly 31,000 companies to improve their performance, and brokered research and development opportunities for another 250 businesses.
It has helped create or protect 23,810 jobs, assisted 2,588 people to get a job, backed 58,607 people in their skills development, and helped 316 people to gain basic skills and 1,587 to achieve NVQ level 2.
In addition, Yorkshire Forward boasts that it has attracted £370 million of public and private sector investment, levered £212 million of regeneration investment into deprived areas, and reclaimed 117 hectares of brownfield land for future development.
The DTI figures show that in a drive for even greater efficiency the organisation achieved £9.6 million in efficiency savings against a government target of £6.4 million.
Tom Riordan Yorkshire Forward's chief executive, said: "Our achievements within the past year show that Yorkshire Forward has again delivered real returns for taxpayer's money in growing the region's businesses, connecting people to jobs and improving our towns, cities and rural areas."
Corporate Plan 2005-10
This Corporate Plan sets out Yorkshire Forward’s overall direction and priorities for the five-year period. It defines our corporate objectives and core business, while also setting out the Investment Planning process that will be used to deliver the Regional Economic Strategy (RES).
The document describes how Yorkshire Forward will use the funds and support it receives to make the region a better place to live, work and invest. The document also helps synchronise the agencies planning and funding horizons with the Government Spending Review process.
Regional Economic Strategies
Each of England's 9 RDA's is required to work with it's partners in the region to draw together a Regional Economic Strategy. This document sets out for the whole region how the RDAs statutory objectives would be met and the region developed.
These strategies are owned by the whole region, not just the RDA. Importantly, they provide the context for all other economic development and regeneration activity in the region and provide Departments with a framework that sets out the direction that their policies in that region should support.
These are reflected in the regional emphasis documents that each region prepared for the Spending Review. These have enabled Departments to consider the impacts that their policies will have in the regions over the next spending period.
The Yorkshire Economy
A vibrant business centre, this region has one of the highest rates of economic growth in the UK and one that's outstripped the European average for 5 years running. Our GDP of over £75 billion is large enough to rank us in the top 20% of the world’s national economies and represents 8% of total UK output.
This is an ambitious region, open to investment and ready to seize the opportunities a new global economy will bring. With years of continued economic prosperity, our growth has outstripped European averages for the last five years.
As you’d expect from a business hot spot, the roll call of our international investors include some of the world's largest and most innovative, bringing with them enormous benefits like job and wealth creation, an injection of new skills and technology, and supply chain development.
Businesses in Yorkshire benefit from operating costs up to 20% lower than the UK average, a competitive property market and average salaries 7% below the national average. To put that into perspective, businesses could save themselves £60 million over the 10 years, simply by relocating to Yorkshire.
Our strong, stable economy and commitment to world trade makes this the best place in Europe for your business.
Over the next 12 months 10,000 full-time jobs will be created in the region, profit margins will grow by over 2.7% and almost £3 billion will be added to our economy.
Qualities like a strong skill base, superb transport network, an economy growing faster than the National and EU averages and confident, resilient, manufacturing sectors, have helped turn this region into one of the most exciting investment opportunities available.
With low operating costs and access to significant levels of UK and European financial incentives, as well as the UK’s low tax economy and internationally competitive corporate tax system, Yorkshire and Humber can offer distinct and advantageous financial incentive to any potential investor.
It's no surprise over 1200 foreign owned companies have already based their operations here.
Cluster Strategy
Yorkshire and Humber is at the forefront of the cluster theory of economic development, actively investing in key business sectors to accelerate economic growth and encourage higher value added business.
A cluster is a group of organisations in related industries that are linked together because they buy or sell from each other or because they use the same infrastructure, customers or skills base.
A cluster is much more than an industry sector. Clusters encompass a broad range of organisations linked by a common element. For example, a ‘Food and Drink’ cluster would include food producing companies, logistics and freight providers, financiers, research institutions, distributors etc. It would be made up of every part of the chain from raw ingredients to packaging designers and retailers.
Companies who are part of an active cluster have been shown to be more competitive and profitable. They benefit from the following advantages:
Yorkshire Forward has identified seven key clusters that have the potential to deliver significant economic growth in the future. They are:
"Yorkshire Alive with Opportunity!"
"Yorkshire Alive with Opportunity!" represents a new 'one voice' approach to a region that is as successful and dynamic as it is diverse.
If you are a company operating out of Yorkshire and Humber, you already know that the region has a tremendous amount to offer - whether it be people, lifestyle or business opportunities - but do your counterparts outside of the region know this?
Our aim is to promote the Yorkshire and Humber region as being a world-class business location and as someone who either lives, works, studies or invests in the region, you have an important part to play.
Everyone who uses the regional brand - whether on a website, letterhead, brochures or at events - is playing a direct part in the effective marketing of the region - and therefore, themselves.
See also