Issue - meetings

This report presents updates on the local financial climate, core business support work and Council-led initiatives, and includes an update on the state of the national and local economy, key account management work, progress against major milestones, and inward investment.

Resolved:

          i. That the Quarterly Economic Update report is noted.

Reason: To support York’s ongoing economic work and understand how York is performing from an economic perspective.

The Executive Member considered a report providing updates on the local financial climate, core business support work and Council-led initiatives, and included an update on the state of the national and local economy, key account management work, progress against major milestones, and inward investment. 

The Head of Economic Growth detailed the report, highlighting that the price of energy and petrol is driving inflation and having a large impact on households and businesses. He explained that this has affected mortgage rates, business borrowing costs, business loans, debts, transport costs and wage resulting in low confidence levels for businesses. He also stated that the Council predicts 1 in 5 households in York will suffer due to the cost of living increase. 

He noted that job vacancies continue to rise with around 3,800 jobs available within a 5 mile radius of York. Unemployment rates remain level with 2,440 people claiming out of work benefits, but he explained that this is still higher than pre-pandemic levels. 

Officers highlighted the York Business festival which is a month long event focussing on supporting businesses to find ways to alleviate costs and trade better this month and encouraged people to sign up. They also provided updates on the Great British Rail bid, the UK Shared Prosperity Fund, the additional Covid-19 relief fund from which nearly 1000 local businesses benefited from, and the Good Business Charter before he confirmed 100 businesses from York have signed up to it, including Make it York and Yorwaste. 

The Executive Member expressed agreement with the concerns set out in the report and,

Resolved:

i. That the Quarterly Economic Update report is noted.

Reason: To support York’s ongoing economic work and understand how York is performing from an economic perspective.