As Brexit continues to dominate the landscape for UK businesses it is difficult to see any specific pattern emerging for commercial enterprises and manufacturers operating within the Sheffield City Region.
In fact the only really consistent effect to date appears to be the exchange rate and Sterling's weak performance against other trading currencies. This is allowing some exporters to capitalise on better returns, while those who are reliant on the purchase of raw materials from overseas may struggle with reduced margins which are not necessarily passed down to the customer, thus affecting performance.
With its unique manufacturing strength, Sheffield City Region is commercially diverse compared to other parts of Yorkshire and Humberside, and because of this it will be interesting to see how the economy changes or affects the region over the coming years as Brexit remains such a determining process.
It is currently difficult to see a pattern developing as far as regional performance is concerned. Some manufacturing businesses are performing very well at the moment and others are being adversely affected by the economy.
Looking further ahead, the economists, business leaders and politicians on both sides of Brexit are still unable to predict whether or not the complications caused by Britain's prolonged extraction from the EU mechanism will push the UK back into recession or whether we will simply adapt, secure new markets and continue to prosper.
What was predicted with accuracy ahead of the referendum is that the changes we are witnessing will by the nature of trading instability, have an unsettling effect on UK commerce with Sterling plunging, investment markets contracting and a lowering of confidence rippling through the business media.
It is clear that some of the region's businesses have prepared themselves as well as possible for the volatility created by Brexit – for example hedging against currencies at a pre-emptive stage or forward purchasing energy to maximise tariff stability and minimise these negative effects.
And that is reflected in the overall picture of performance within the region, which shows that some businesses are indeed performing well, while other businesses are fighting hard to maintain a competitive edge. Again, there are no clear gains and no obvious losses at this stage.
We know that businesses are affected by uncertainty in any instance. Banks, investors, importers, exporters and even consumers like a stable economy because it offers long-term certainty and a situation where we can take that long-term view are still some way off, but we must keep an eye on the future.
We continue to monitor the undercurrents which may affect the region's businesses as time passes. As things stand, the UK's debt is still increasing, we have yet to see an improvement in our balance of payments, oil prices remain unpredictable and we cannot see any consistent growth patterns.
It is just too early for predictions which will reassure business leaders and investors etc, but the efforts to unlock the current Brexit negotiations deadlock might provide some breathing space if they are successful, creating a two-year window for further trade within the common market.
We are still confident, despite all uncertainties, that Sheffield City Region is in a strong position to weather the storm – the region's globally renowned manufacturing skills set, highlighted through the advanced manufacturing hub on the Rotherham border and Boeing and McClaren's decisions to locate research centres here, positions the region at the forefront of manufacturing excellence within the UK and that has the attention of global enterprises.
The region is well and truly established on the international radar, with a level of collective manufacturing experience which is unmatched in the UK and indeed in much of the rest of the world.
We will undoubtedly leave the EU with an inherited package of current EU laws which suit our future needs and even if our separation from the EU leaves us with levies to contend with, we will be in a strong position to continue trading with EU partners and to broker deals with other countries as we did before entering the European Union.
