Economic Breakfast Brings Together Humber Business Leaders to Discuss Challenges and Opportunities Ahead

More than 80 business leaders and professionals gathered at the Grimsby Institute for the Economic Breakfast, one of the flagship events of Humber Business Week.

Now in its second year, the event was hosted by the Grimsby Institute in partnership with Forrester Boyd, Bridge McFarland and Systematic, bringing together businesses from across the region to hear expert insight on the economic outlook nationally and locally.

The keynote address was delivered by Alpesh Paleja, Deputy Chief Economist at the Confederation of British Industry (CBI), who provided a detailed assessment of the UK economy.

Delegates heard that while economic growth remains subdued and inflationary pressures continue to challenge businesses, there are signs of resilience within key sectors including financial services and clean energy. However, rising energy costs, weak investment levels, labour market pressures and ongoing geopolitical uncertainty are expected to continue impacting business confidence in the months ahead.

The focus then shifted to the Humber region as Philip George, Partner at Forrester Boyd, explored the findings from recent regional business surveys and economic data.

Drawing on insights from the Hull and Humber Chamber Quarterly Economic Survey and Forrester Boyd's own client survey, Philip highlighted that businesses across the region are continuing to adapt to prolonged economic pressure rather than pursuing aggressive expansion plans.

While confidence remains cautious, several encouraging trends emerged. Businesses reported improved capacity utilisation, modest improvements in cashflow and early signs of recovery in export order activity. At the same time, many organisations continue to face significant challenges including rising employment costs, increased National Insurance contributions, wage pressures and growing competition within their markets.

Philip noted that many businesses are placing greater emphasis on resilience, operational efficiency and careful investment decisions.

Speaking at the event, Philip said:

"The regional economy is not stopping, but it is slowing. Businesses are still trading, but customers are more cautious, purchasing cycles are longer and confidence remains subdued."

He added:

"Businesses across the region are focusing on resilience over expansion. Investment decisions are being delayed until there is greater economic certainty."

The presentation also highlighted that businesses are increasingly balancing rising operating costs against softer customer demand, creating pressure on margins and influencing recruitment and investment decisions.

Despite these challenges, Philip emphasised the strength of the Humber business community and its ability to adapt.

"The Humber economy is still experiencing a challenging period, but the resilience, adaptability and entrepreneurial strength of regional businesses continue to provide solid foundations for future growth."

Closing the event, Rachel Miskin, Partner at Bridge McFarland, discussed the changing labour market and the importance of developing future talent.

Rachel highlighted rising unemployment among 18 to 24-year-olds and the forthcoming changes to apprenticeship funding arrangements from April 2026. She encouraged businesses to continue investing in apprenticeships and skills development to ensure the region has the workforce needed to support future growth.

The Economic Breakfast formed part of Humber Business Week's programme of events designed to connect businesses, share expertise and showcase the strengths of the Humber economy.