A CUT ABOVE

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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A desire to work with people led William Pleasance to enter the barbering industry but with a flair for sales and a commercially focused mindset, he has swapped clippers for CVs and is now forging ahead with career in a recruitment. We caught up with William – a consultant in our Leeds office – to find out more.

Tell us why you wanted to work in recruitment.

After leaving full-time education, I wasn’t fixed on a particular career path; I knew I wanted to work directly with people and after moving from barbering to business to business sales I was keen that my next move would allow me to partner both my commercial and people skill sets – recruitment was the natural choice.

Do you specialise in a particular area of recruitment?

Each consultant at Sharp has a particular area of expertise which allows us to fully immerse ourselves in the market and understand the key factors affecting recruitment at each level and across different geographic locations. I specialise in the permanent placement of part qualified to newly qualified finance professionals across the North and West Yorkshire working predominately with a client base of private businesses in all industries, excluding practice.

How is the current marketplace and what are your expectations for how the next 6-12 months will look?

The current market going into 2022 is very busy following a strange couple of years. We have seen a huge increase in demand from businesses for the part qualified and newly qualified professionals and, as we are yet to fully see a spike in active candidates following the Christmas break, this demand currently outstrips supply.

What are the main recruitment challenges being faced in this area?

The main challenges we face are due to a shortage in candidates. The reasons for people seeking a move now are very different to what they were pre-Covid. Work life balance is a huge factor for people. Whilst we are seeing high candidate demand and low supply, salaries and packages will naturally increase as businesses compete to attract new talent and retain existing members of staff. Not only that, active candidates may find they have multiple opportunities to choose from which means companies must first attract them into applying for a role and then potentially re-attract them during the latter stages of the recruitment process.

What should employers be doing to overcome these challenges?

Employers need to fully understand the challenges of the current marketplace and look at where there can be flexibility in the recruitment process and their requirements for the role.

Salary is – and will remain – a crucial factor, however, employers should consider all options and not jump in at a higher salary level. There may be opportunities to look at bringing in a candidate at a lower salary point and level of experience and investing in their future.

The option of flexible working is becoming much more of an expectation amongst candidates, whether this is hybrid working or working hours on a flexi timetable. Those employers that can blend the needs of employees who want office-based time alongside those for whom an element of home working is a priority will find they are in a stronger position to cherry-pick the best candidates.

In times of candidate shortage, speed is very much of the essence and any delays – even by so little as a day – can see good candidates either snapped up or attracted by additional opportunities making it even more competitive to secure your first choice.

What particular skills are currently in demand? What should candidates be doing to take advantage of this opportunity?

Commercially focused and analytical skills are in high demand as businesses look for their teams to identify both risks and opportunities which can be capitalised upon to generate value. Candidates should be aiming to broaden their technical ability which will see them add another dimension to what they can offer and pay dividends in the future.

What should candidates be looking for when considering a new role opportunity?

Try to not only identify what you want as an immediate return from your next move, but also consider what you want and where you want to be in say five years’ time. For example, salary may be the driving force right now, but once you have secured an increase what else does that opportunity offer you by way of career progression and supporting your overall goals and ambitions? Candidates should look for a supportive business, supportive direct manager and a role that gives as much exposure to the full finance function which is essential in order to accelerate your career in the right direction.

What advice would you give to a client about recruiting?

Employers should look at what they can offer candidates external to monetary benefits. Whilst money is important, the top part-qualified/newly qualified candidates will be keenly looking at the exposure the role gives them and the study package and support from both the business and direct manager.

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to find out more.