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Businesses across the North of England are grappling with global trade uncertainty, with new US tariffs high on their list of concerns. Yet the latest Barclays Business Prosperity research suggests that companies in the North East, North West and Yorkshire are finding opportunities amid the disruption.
A significant 78% of businesses in the region expressed concern about tariffs and global trade tensions, reflecting a national mood of cautious apprehension. Nonetheless, resilience is emerging. While 14% of firms are scaling back their operations, premises, or headcount tied to the US market, a more optimistic cohort is leaning into international trade.
Indeed, 40% of Northern businesses report increased participation in global trade over the past year. Perhaps more strikingly, 35% of firms believe the newly introduced US tariffs will have a net positive effect on their profit margins, outstripping the 31% who anticipate a negative impact.
Image by Romana from Pixabay
Productivity also remains a central concern. Forty-four per cent of Northern firms state it is more of a priority now than this time last year, in line with national figures highlighting recruitment difficulties and cost pressures. In response, companies are prioritising investment in people and innovation: 48% plan to develop and train existing staff, while 40% are directing resources toward research and development of new or improved products, services and processes.
Hannah Bernard, Head of Barclays Business Banking, said: “Productivity gains are seen as vital to help offset the increasing cost pressures on businesses. The focus on upskilling staff through training and development is a positive way for firms to combat skilled labour challenges, alongside efficiencies from digital transformation through emerging technologies such as AI.
“Businesses are also identifying key areas for investment and with interest rates coming down coupled with this increasing proactivity in international trade, there are positive signs for reducing barriers to investment.”
The findings follow Barclays’ nationwide survey of 1,000 businesses conducted in May 2025, encompassing firms of all sizes. Nationally, the report points to a trend of UK businesses diversifying trade ties, with Europe and Central Asia seeing more trade growth than North America in the wake of tariff changes introduced on 2 April.
Commenting on the findings, Matt Hammerstein, Chief Executive of Barclays UK Corporate Banking, said: “A strong international trade strategy, and revised supply chain considerations, can turn geopolitical uncertainty into a competitive advantage.”
With most Northern businesses still pursuing international growth and investing in their workforce, the region appears cautiously positioned to weather global headwinds — and potentially thrive in spite of them.
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