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Economic Outlook Roundtable: What Yorkshire’s Finance Leaders Are Saying About Growth, Hiring and the Road Ahead

Senior finance professionals from across Yorkshire recently joined Sharp Consultancy for an exclusive roundtable discussion featuring an economic update from Paul Mount, Economist and Deputy Agent at the Bank of England. The session provided a timely, in-depth look at the UK’s economic landscape — followed by a candid conversation about what businesses are experiencing on the ground.The picture that emerged was one of cautious realism. While official forecasts point to easing inflation and a gradual return to stability, many organisations across the region continue to navigate weak demand, rising labour costs, tightening legislation and stalled investment projects. Yet despite these pressures, there remains a strong sense of resilience and adaptability — qualities that have long defined the Yorkshire business community. At Sharp Consultancy, our specialist finance and accountancy teams speak daily to employers and professionals across commerce, industry, public practice and the not-for-profit sector. What we heard in this session closely aligns with the insight we gather from clients and candidates across the region. Below, we explore the key themes shaping business confidence, recruitment activity and the outlook for 2026. Inflation Is Easing, but Confidence Has Yet to Follow The Bank of England outlined its latest central forecast: Inflation expected to gradually return toward the 2% target. GDP growth set to remain modest but stable through 2026. Interest rates anticipated to settle around 3.5% based on market expectations. Unemployment projected to hold near 5%. However, the sentiment in the room was clear: despite improving headline numbers, confidence across most sectors remains fragile. Many organisations described the environment as “flat” — not contracting, but unable to capitalise fully on opportunities due to economic uncertainty. Sharp Consultancy continues to see this play out: businesses are stabilising rather than expanding, focusing on cash management, operational efficiency and carefully controlled hiring. Labour Costs Continue to Reshape Workforce Strategies Wage pressures were a recurring theme throughout the discussion. Employers highlighted: Significant increases to the National Living Wage. Higher employer National Insurance contributions. Expected future changes to minimum wage equalisation for younger workers. Rising cost and complexity associated with apprenticeships. These factors are pushing up costs at every level of the workforce and reshaping recruitment behaviours. Across Sharp Consultancy’s accountancy and finance divisions, we are seeing: Strong demand for replacement hires where roles are business critical. Lower volumes of growth hires, particularly in commercial and project-focused appointments. Clients increasingly prioritising candidates who bring breadth, adaptability and long-term value. Construction & Infrastructure: Capacity Under Pressure Leaders from the construction sector painted a challenging picture — one mirrored by many Sharp Consultancy clients operating across the wider built environment. Key themes included: Planning delays of 9–10 months, particularly related to the Building Safety Act. Businesses holding on to workforce capacity despite reduced margins — a strategy that may not be sustainable in 2026. Difficulty justifying new capital expenditure under IFRS when future cashflows are uncertain. Concerns that smaller subcontractors may not withstand prolonged delays or reduced demand.Yet, attendees also highlighted that construction could become a catalyst for economic recovery — provided policy reform and planning improvements unlock stalled projects. Manufacturing: Rising Costs and Shifting OperationsLeaders representing manufacturing shared concerns around: Rising energy and operational costs. Increased frequency of site closures and offshoring. Significant challenges in attracting engineering and technical talent. Early signs of contraction in several sub-sectors, with aerospace a notable exception. These pressures reinforce the growing importance of finance leaders who can model scenarios, manage volatility and guide long-term planning — roles Sharp Consultancy continues to support across the manufacturing landscape. Charity & Public Sector Organisations Facing Acute Strain For organisations reliant on local authority funding, the challenges are particularly stark. Attendees reported: Government and council funding caps. Rising NI, wage costs and VAT changes adding millions to annual budgets. Increasingly complex consultation requirements under forthcoming employment legislation. The likelihood of significant cuts to the frontline services in the months ahead.Sharp Consultancy’s continues to work closely with organisations navigating these pressures, supporting clients through restructuring, recruitment challenges and financial planning needs. Recruitment Outlook: Stability Over Expansion Across sectors, the message was consistent: 2026 is expected to be cautious, steady and focused on maintaining capability rather than expanding headcount. Attendees forecast: Workforce levels remaining broadly flat. Hiring driven by essential replacement roles. Transformation, M&A and large-scale project hiring likely to remain subdued. Improved recruitment confidence only once interest rates and policy direction stabilise. For employers, this means sharper competition for high-quality finance talent — an area where Sharp Consultancy’s specialist teams continue to provide targeted, market-led support. What Comes Next? A Slow but Steady Rebuild Despite the challenges discussed, the roundtable ended on a constructive note. Many leaders believe that once interest rates settle and stalled investment begins to move, the region could see a more meaningful upturn — potentially from 2026 onwards. Yorkshire businesses have proven time and again that they are resourceful, resilient and ready to adapt. Sharp Consultancy remains committed to supporting them through every stage — whether stabilising teams, recruiting future leaders, or navigating the next phase of growth. If you’d like to understand what these economic trends mean for your business or team, speak to our specialist consultants for a confidential market discussion. Contacts Us

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This year, for most of us – whether by choice or through circumstances – we have been afforded a little bit more ‘me’ time. I’ve recently taken the opportunity to read, or rather re-read (actually its possibly re-re-read), a book which looked at why some people are able to achieve more in comparison to their peers and many of the points being examined resonated as much, if not more, with me this time around as I applied the author’s thinking to what I see every day working in recruitment. We probably all remember being a child and hearing the story about the hare and the tortoise? It’s a familiar tale; the super confident hare sets off at such a pace that he feels he can afford forty winks and still beat the cumbersomely slow tortoise to win the race. The outcome – which has no doubt been repeated by parents time and time again – is that it is the tortoise who in fact claims victory and the moral of the story is that ‘slow and steady wins the race’.

We tend to focus on how it is the hare’s 'sure-of-himself attitude' that causes his comeuppance, but, just for a minute, let’s consider what it was about the tortoise’s approach which resulted in him gaining success and how that can play out when we apply that to achieving our own career ambitions.

What we are seeing is momentum. Rather than charging off at a break-neck speed which cannot be sustained for the duration of the race, the tortoise adopts a much more manageable pace which he is able to maintain for far longer. And the real undoing of the hare was that after stopping, he found that it was much, much harder to get going again.

How does that translate into the work place? It’s quite simple really. Essentially, it comes down to doing most – if not all – of the right things for most of the time. Being consistent, getting better results for putting in small amounts of effort into tasks over a sustained period of time as opposed to having to make a huge effort to get something done in a shorter time frame.

I thought about this some more in the context of candidates that I’d interviewed and placed over the years; what sets those that had gone on to achieve arguably greater successes in their career over a longer period of time apart from those that perhaps hadn’t quite fulfilled the early promise they had shown was this idea of momentum. There will always be the few exceptions, but for the most part, you could see how those that had climbed the career ladder at a steady and consistent pace – a more manageable pace - over the course of a number of years were achieving ‘more’ than many who, in the early stages of their career, had burst onto the scene with a bang but had been unable to maintain the same trajectory.

After initially showing great potential, what were they doing – or not doing – that was holding them back? I kept coming back to this idea of momentum and how it is somehow easier to keep something going once it has been started – when it has become a habit - and how it’s harder, or more time consuming, to have to go back to tasks we’ve let slip but ultimately still need to be done. And these are often uninspiring, yet no less important, everyday tasks. For example, think back to when we had paper copies of everything and documents needed to be filed. It was a far less onerous task for those people who took a few minutes to diligently file everything away at the end of each day, rather than leave it to pile up until the end of the week (or month).

If we consider again the moral of the hare and the tortoise story – slow and steady wins the race – and understand that what we are really aiming for is ‘steady’ then we see that whilst the drive and confidence in one’s own abilities as displayed by the hare will undoubtedly serve you well, it’s the tortoise-like qualities - reliable, diligent, methodical, dependable – that are absolutely fundamental to achieving longer term career success.

Sharp Consultancy specialises in the recruitment and executive search of finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for temporary, interim and permanent roles across the full spectrum of positions throughout Yorkshire and beyond. CONTACT UStoday and speak to a member of our team about your recruitment needs or next career move.