Business Economic Breakfast Unites Humber Region During Business Week

The Business Economic Breakfast, held at the Grimsby Institute during Humber Business Week, brought together nearly 100 business leaders and professionals from across the North and South Banks of the Humber for a morning of insight, discussion and regional reflection.

Hosted at one of the Humber’s leading education providers, the event featured thought-provoking presentations from Paul Tofton, Partner at Forrester Boyd, and distinguished guest speaker Justin Urquhart Stewart, a renowned business economist and commentator.

Paul opened the session with a regional economic overview, drawing on insights from Forrester Boyd’s client survey and comparing these against both the UK200Group national data and Hull & Humber Chamber’s Q1 2025 findings. He commented, “I truly believe our region is full of businesses who are a resilient bunch,” noting that while business sentiment remains cautiously balanced, many local firms are continuing to face pressing challenges.

One of the more concerning themes was the number of businesses without succession plans in place. Paul stressed the importance of exit planning, particularly in light of the upcoming changes to Inheritance Tax due in April 2026. “Businesses should always have a clear exit plan,” he said, encouraging business owners to review their tax exposure and seek advice to mitigate future liabilities.

Following Paul’s regional focus, Justin Urquhart Stewart provided a compelling global economic outlook. From US growth driven by Chinese consumer demand to the economic turbulence in Russia and China, Justin painted a vivid picture of the interconnected challenges and opportunities.

He highlighted India’s emergence as the world’s fifth-largest economy and the growing strength of the ASEAN region due to the rise of the oriental middle class. Closer to home, he reminded attendees that the UK remains the sixth-largest economy in the world, ninth in manufacturing and fourteenth in exports—figures often overlooked in mainstream headlines.

Commenting on the Humber region, Justin expressed confidence in its future. “Clustering works, and the Humber does that very well,” he said, pointing to the area’s Freeport status, strong manufacturing base, and growing investor confidence.

His concluding remarks emphasised the need for progressive policies: “We should be creating tax incentives, not tax increases,” he said, calling for reforms in areas such as stamp duty, family financing, and the growth of regional tech hubs.

The event offered attendees a rare opportunity to reflect on global and local economic landscapes, take stock of challenges, and explore strategic paths forward.