This is particularly the case for SMEs who are more nimble and fleet of foot than their larger competitors. As they proved in the immediate aftermath of the 07/08 global financial crisis, these firms are more than capable of outmanoeuvring more cumbersome, large corporates when it comes to adjusting their strategies and cost bases and shifting their investment decisions.
Similarly, while those firms who are focused heavily on domestic customers such as housebuilders may see a near term impact on trading, the region’s strong services, engineering and industrial heritage should see its exporters benefit from Sterling’s recent weakness while our burgeoning healthcare and technology sectors should continue to benefit from resilient earnings and strong product pipelines.
With East Yorkshire MP David Davis now appointed Secretary of State for Brexit, the North also has a clear and compelling voice at the table when it comes to negotiating the exit plan.
Like the shifting sands of the political landscape, the Northern Powerhouse agenda is likely to change shape over the coming weeks and months. However, regardless of any short term uncertainty, it still definitely has a future when it comes to shaping economic policy.
This article was first posted on thebusinessdesk.com on 19.07.16.