It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.  It has become something of a tradition, given that we’ve been doing this now for over 30 years. Here we speak to Sally Appleton, a partner at independent accounting firm, Saffery, in Yorkshire. There’s no doubt 2024 was a year of two distinct halves. The first part was dominated by the legacy of high inflation. Businesses had to manage their cost base and this inflationary environment carefully, but thankfully inflation did ease midway through the year. In the second half of the year, the focus was around the new government and what the Budget would have in store for businesses and individuals. Since then, impending hefty increases to National Insurance bills have dominated and this will remain a key factor in 2025. There’s now a greater concern around labour and the associated cost base, and for those watching cash carefully, this cost is suddenly their priority – especially in businesses that are very labour intensive. Hospitality, leisure and retail businesses for example, that often employ lots of people, face soaring costs and detailed planning and cash flow forecasting is more important than ever, because charging customers more isn’t necessarily the answer in a price sensitive market. On the other hand, there are businesses that want to invest in new technology and AI that might reduce the need to employ so many people. This would also see them taking advantage of the favourable corporation tax treatment that’s available for certain types of investments. Entrepreneurial businesses will always see opportunities, but lots are having to weigh up whether the National Insurance burden and other cost pressures mean they delay their expansion plans. Yorkshire is also home to lots of farms, rural businesses and family-owned firms, which are suddenly having to navigate the changes to inheritance tax and reevaluate their succession plans, and this will remain a theme during 2025. In fact, the importance of revisiting succession plans in 2025 should not be underestimated, following the tax reforms announced in the Budget, including the £1 million limit on the value of assets qualifying for 100% Business Property Relief (BPR) or Agricultural Property Relief (APR). Crucially, there are also a lot of macro-economic factors at play, with the likes of the US and China increasingly impacting what happens on a very local level here in Yorkshire. Often our local economy can be susceptible to sudden changes in global markets, especially when it comes to supply chains and local businesses that operate worldwide. As an accountant and trusted business and tax adviser, our role is also constantly evolving. We must have the best people in our team to ensure that we can provide quality advice as well as always adding value to our clients. Our core aim is to look after our clients’ business interests and work out how we can turn changes into opportunities. This spans day to day planning and cash flow management right through to creating the most efficient succession plans. We are also keen to develop local networks and bring businesses from similar industries together to learn from each other and share best practice, which is all going to be important as we head into 2025.

Elected Mayors from across the UK have come together to launch a ‘Mayoral Innovation Exchange’ to foster collaboration, enable innovation, and share best practice between mayoral combined authorities. The inaugural event was hosted in South Yorkshire by Sheffield Hallam University and PwC at the University’s Advanced Wellbeing Research Centre. It was the first time that the UK’s elected mayors have come together since the Government published its English Devolution White Paper in December 2024 – which places Mayoral Combined Authorities at the forefront of delivering growth and raising living standards. South Yorkshire Mayor Oliver Coppard welcomed Mayors to discuss issues including harnessing data to tackle common health challenges, procuring environmentally sustainable public transport fleets, and aligning local skills systems to support the delivery of critical infrastructure such as new housing. Specialists from PwC, who work across the public sector in health, Higher Education and transport, facilitated sessions to share best practice, including international examples, and stimulate discussions and ideas. Mayors and representatives from each of the combined authorities also learned more about projects being pioneered by the Advanced Wellbeing Research Centre and its partners, which focus on innovative new ways to increase people’s physical activity, improve health outcomes and drive economic growth. Findings from the inaugural innovation exchange will influence the work of combined authorities across priorities such as health, skills and transport, whilst also shaping how Mayors collectively influence the Government around the devolution agenda. The next Mayoral Innovation Exchange will be hosted by the North East Mayoral Combined Authority. South Yorkshire’s Mayor, Oliver Coppard, said: “As Mayors we are already tackling some of the biggest issues that face our communities – whether that’s improving public transport, boosting skills and training locally or growing our economies. Mayors are making a difference and are here to stay. “Now, as the number of Mayors and Combined Authorities across the country grows, we have the chance to tackle national challenges and help the whole country to thrive. The Mayoral Innovation Exchange gives us the opportunity to share the brilliant work we’re all doing in our regions – and also plan how we work together nationally, with Government, to renew our country.” Katie Johnston, local and devolved government leader at PwC, said: “Less than a month since the Government published its English Devolution White Paper, it’s an important step forward bringing the Mayors together and collaborating to solve the biggest challenges facing cities and regions. “Bringing PwC’s sector knowledge and expertise from across the UK, and facilitating the convening of ideas, we hope to help solve some of society’s most important problems and explore the art of the possible with leaders from the combined authorities.” North East Mayor Kim McGuiness said: “Mayors stand ready to address the long-standing challenges that for too long have held our communities back and stifled people’s potential. From helping people with poor health find and stay in work, to getting our skills and training offer right, and building better public transport, mayors are working together to reimagine public services. “Working with a government committed to devolution and empowering local leaders, we have ambitions to transform the prospects of the people we serve, helping unlock opportunity and prosperity for our regions and the country.”