West Yorkshire Combined Authority Chair Cllr Peter Box and Leeds City Region Enterprise Partnership Chair Roger Marsh have welcomed the news that UK firms are considering ‘re-shoring’ jobs that have previously been moved off-shore.
Responding to new research carried out by GE Capital and Warwick Business School both said that Leeds City Region is an ideal location for these jobs returning to the UK.
The research found that a quarter of the UK’s mid-market firms are considering re-shoring at least some of their transferrable business activities. This could mean the creation of an extra 126,000 jobs per-year in the UK over the next three years.
The research found that the destination for 28% of ‘re-shored’ jobs is London and the south east, despite the high costs of doing business there, while 8% of them were bound for the Yorkshire & Humber region.
Responding, Cllr Box said, “An influx of jobs on this scale could put further strain on the capital’s crammed infrastructure and further over-heat its economy which could, in turn, shrink the savings these companies plan to make through ‘re-shoring’.
“With an economy larger than nine EU countries, the Leeds City Region has already seen over 100,000 companies making it their home.
“We have a flexible and well-trained workforce, nine universities on the doorstep and we can offer the talent, premises and access to customers, markets and supply chains of a leading European business location but at a more competitive cost.”
Leeds City Region Enterprise Partnership Chair, Roger Marsh said: “Leeds City Region is the largest manufacturing centre in the country, supported by a dynamic and flexible SME base.
“We have a long tradition of finding engineering solutions across a range of manufacturing industries, which makes us the ideal location to build strong and sustainable supply chains for current operations and those returning to the UK.
The huge number of suppliers based here in such sectors as automotive, textiles, construction and electronics are testament to this.”
Read more about the GE Capital and Warwick Business School research (opens in new window).