Reflecting on 2025 and a look ahead to 2026 for businesses

Despite subdued short-term conditions, the Humber continues to play an important strategic role within the UK economy. Energy transition, manufacturing and logistics remain key strengths for the region. Organisations such as Future Humber have continued to champion collaboration and shared insight, helping businesses stay connected and informed during a challenging period.

Against this backdrop, 2025 has been a significant year for Forrester Boyd as the firm celebrated its 90th anniversary. For nine decades, Forrester Boyd has supported owner-managed businesses, families and organisations across the Humber, Lincolnshire and Yorkshire. Throughout that time, the firm has remained focused on providing clear, pragmatic and practical advice. This year also saw the opening of a new Leeds office, expanding Forrester Boyd’s regional footprint and strengthening its ability to support clients across the wider Yorkshire area. The move reflects continued investment in people and services as client needs evolve.

During 2025, Forrester Boyd was named Mid-Tier Firm of the Year at the Yorkshire Accountancy Awards. The award recognised the firm’s technical expertise, consistent delivery and strong culture during a period when dependable advice has been especially valued by businesses. Throughout the year, the team has continued to provide insight on key issues affecting clients, including Making Tax Digital, Employment costs, Regulatory and tax legislative change, Cashflow and financial planning. All while maintaining close engagement with the regional business community.

Commenting on the year, Mike Beckett, Chairman of Forrester Boyd, said, '2025 has been a year where many businesses have focused on stability and control. The latest survey data shows that conditions remain finely balanced, with turnover and profitability expectations relatively flat while cost and tax pressures persist. Our priority has been to support clients with clear, forward-looking advice that helps them make informed decisions at a time when certainty can be hard to find.'

During 2025, the Bank of England reduced the base rate by 1.00 percentage point to 3.75%. This is the lowest rate since December 2022 and follows a period of subdued inflation and weaker economic activity. For businesses, lower interest rates can reduce borrowing costs where finance is required for investment or working capital. They can also ease pressure on organisations with variable-rate debt, supporting short-term cashflow.

However, Mr Beckett notes that interest rate reductions do not remove wider cost pressures, 'while a rate reduction can help with financing costs, many businesses continue to monitor rising employment and other direct and indirect costs. It is important for firms to think strategically about debt management, ongoing cost pressures and cashflow.'

Looking forward, 2026 is expected to bring a busy period of legislative change that will influence both planning and compliance. The introduction of Making Tax Digital for Income Tax Self-Assessment will require many self-employed individuals and landlords to change how they record and report income, placing greater emphasis on digital systems and more regular reporting. Further tax and policy measures announced in the recent Budget are also set to affect the business community, reinforcing the importance of early succession planning and proactive tax advice. These changes sit alongside wider reforms impacting employment costs, compliance and reporting requirements.

Mike Beckett added, 'preparation will be key in 2026. With ongoing legislative shifts and cost pressures, early planning and good advice will make a real difference in helping businesses manage change effectively.'

As businesses plan for the year ahead, Forrester Boyd remains committed to supporting organisations across the Humber and wider Yorkshire region. By combining local insight with technical expertise, the firm continues to help clients make informed decisions and plan with confidence.