Reacting to the latest ONS inflation data, David Bharier, Head of Research at the British Chambers of Commerce said:
“Today’s figure, showing the CPI is stuck at 6.7%, shows that inflation for consumers remains stubborn. However, prices in the production sector continue to fall as the PPI rate stands at –2.6%.
“Our Quarterly Economic Survey has been showing a diminishing percentage of firms expecting their prices to rise for five quarters running, albeit this indicator remains at a high level.
But this is just part of the picture, as our research finds that most SMEs report no increases in sales, exports, or investment. The rise in interest rates has also emerged as a prime concern for almost half of businesses, with increased borrowing costs another barrier to contend with.
“Businesses need clarity on interest rates, as well as a longer-term plan for growth in the economy, focusing on infrastructure, skills, and alleviating trade barriers.
Reacting to news of an agreement on the UK’s accession to the CPTPP, William Bain, Head of Trade Policy at the BCC, said:
“The addition of the UK to this trading bloc takes it to 12 countries which account for 15% of global economic output.
“It will open up new opportunitiesfor our businessesin both inward and external investment with the other 11 countries.
“The UK has bilateral trading terms negotiated with nine of the eleven current members,but no agreements had previously been reached with Malaysia and Brunei, so they will be of particular interest.
“There are not many multi-national trade agreements like this one, so it is an interesting new prospect.
“We see particular relevance for small and medium sized businesses in reduced costs to import components from member countries to use in manufactured goods for export through the rules of origin in the agreement.
“There are also generous terms for data flows which underpin an increasing part of international trade.
“We will be scrutinising the deal in detail, but at first glance this looks to be good news for UK businesses to enter or upscale their trade in these markets, with increased confidence and more generous trading terms.
“We look forward to speedy ratification and then working with the UK Government, and others, to ensure firmsget the best possible access to this thriving market within the global trade system.”
Responding to the Chancellor’s Mansion House speech announcing reforms of the pension market, BCC Director General Shevaun Haviland, said:
“Boosting investment is key to remaining globally competitive, increasing economic growth and strengthening UK capital markets. Therefore, we very much welcome the proposals set out by the Chancellor in his Mansion House reforms, making it clear that the UK is where business belongs.
‘It is right that the Chancellor is looking at the pensions market and how reform can foster growth and investment. As the largest pension market in Europe, regulation has only ever been part of the story, with the ability to scale up key for unlocking investment.”
“A better funding environment for businesses will allow the growth of UK plc and should see an increase in the number of companies publicly listing here in the UK, following a recent decline.
“Challenges around public investments, such as HS2, illustrate the importance of leveraging more private sector investment into UK infrastructure projects, which can complement the UK’s already strong track record in encouraging private investment into infrastructure such as maritime ports, water supply and airports.
“Green financing must be an area of particular focus, with increased investment needed for both large-scale green infrastructure projects, as well as green innovations.
“However, we can’t forget about channelling investment into our local economies and supply chains. With SMEs accounting for 80% of the UK’s economy, these businesses must also benefit from easier access to capital funding.”
Norfolk & Suffolk Local Skills Improvement Plan (LSIP) has been approved by the Secretary of State for Education. The LSIP highlights the fundamental skills needs required in the key sectors of our region and provides a roadmap for us to help address the shortages we have been facing.
As the Employer Representative Body (ERB) for Norfolk and Suffolk, Norfolk Chambers, in collaboration with Suffolk Chamber of Commerce will continue to work with businesses, educators and trainers and many other stakeholders in our region to deliver critical actions that will ensure business remains at the heart of the skills agenda.
Commenting on the success of a fully approved Norfolk and Suffolk LSIP, Nova Fairbank, CEO of Norfolk Chambers said:
“Our LSIP shows the ability of the Chamber network to bring together a wide range of partners and stakeholders to collaborate effectively and deliver what Norfolk and Suffolk need to upskill our workforce and support the growth of jobs and the regional economy. We will continue to build upon the existing collaborations, strengthening them to help drive forward our Roadmap for Change.”
John Dugmore, CEO of Suffolk Chamber of Commerce, when asked about what happens next, said:
“A vast amount of work has already been carried out in a short space of time by our project team to deliver employer surveys and consultation events. The Chambers are at the heart of our local economies, and we have engaged with hundreds of businesses within and beyond our networks to reach every sector and every size of businesses for a truly representative assessment of the challenges businesses face in the current economic climate.
“Our journey to improve the skills of local people and increase the productivity of our local economies has successfully begun, and we are excited to move into the next phase where we will develop actions to deliver meaningful change, for greatest impact and value for money.”
For further information and to view the approved Norfolk and Suffolk LSIP, click here: Link to Publish PDF of LSIP [currently being moved to front page]
Commenting on the Bank of England’s latest rise in the interest rate to 5.25%, Jack Weaver, Chief Operating Officer at Norfolk Chambers of Commerce, said:
“Businesses across Norfolk will be hoping today’s rise in interest rates is the last they will see.
“While many will have already factored this increase into their plans, it is clear the economic environment is becoming stacked against smaller firms which make up more than 80% of our membership. They are the ones with less cash reserves and greater exposure to the volatility we’re seeing.
There are glimmers of hope however as data from our Quarterly Economic Survey (QES) shows that fewer than half (46%) of Norfolk businesses expect their prices to increase this quarter, down from 61% in the previous 3 months. So whilst there remains significant uncertainty, businesses across our county are feeling modestly more confident about the future.
We are also likely to see a further substantial fall in inflation in July as last year’s energy price rises drop out of the data.
While inflation remains the top concern for Norfolk firms overall, interest rates have emerged as the second top concern, with 41% citing this as more of a worry than three months ago.
Norfolk also remains over-exposed to volatility in sectors experiencing the biggest uncertainty. The tightness of the labour market is most significant in hospitality and tourism, agriculture and health & social care, further fuelling concern about skills, recruitment and talent retention. All of which stymies business growth.
Our members and the wider business community in Norfolk will be watching closely for any further indications on the Bank’s plans and hoping this rate rise will have the desired impact on their inflationary pressures.”
Responding to the announcement of changes to several key Net Zero policies, Shevaun Haviland, Director General of the BCC, said:
“If we are to meet the challenge of making the UK Net Zero by 2050 then we must have pragmatic goals, that business can be confident they will be supported to reach.
“Companies want to address climate change but cannot plan for future investment if the sands keep shifting.
“This means political consensus about the goals, combined with pragmatism on the solutions. Constant tinkering with Net Zero policies will only have further negative impacts on business confidence and investment plans.
“Other countries and trading blocs are pouring billions into low-carbon technology,and we are getting left behind.
“But if we get this right, and play to our country’s strengths then there is huge opportunity for UK Plc. It is vital we have a long-term Net Zero strategy which Governmentmustdemonstrate it can stick to.”
Yesterday our very own superhero Katie Norwood, hosted our brand new North Norfolk Co.nnect Networking Event at Kelling Heath Holiday Park.
This is the first North Norfolk networking group where we had 22 businesses join us. Katie Norwood shared “It was such a lovely morning with a huge passion to get businesses in Norfolk North connecting and working together“.
We will be holding this group every third Wednesday of the month and our next one will be on the 20th March keep an eye out for more details. Thank you to Emma Raines, Louise Tipper and Sarah Knights for supporting us with getting this event off the ground and a big thank you to Kelling Health Holiday Park for providing us with a venue for future meet-ups.
Event Agenda
• Arrival & Networking
• Opening Welcome from Norfolk Chambers
• Small group networking and topics discussed as a group
• Networking
Who is it for?
Anyone is welcome at this event, and it is open to both members and non-members. The first event was free, and then following this a small fee per event will be charged to cover food and beverage.
We invite you to join this fascinating webinar which will bring together industry figures, government representatives and BCC partners exploring the key opportunities, common issues and best advice for UK food and drink exporters to the USA.
Did you know that last year, $64 billion worth of goods and services were exported into the USA, and $1 trillion were invested by the USA into the UK? Given the vast array of opportunities, it’s no surprise that the USA stands out as one of the UK’s most robust trading allies. This is especially evident in the realm of food and beverage exports to the US.
This webinar will give your business an insight into why this market can be so lucrative and what your business can be doing to begin trading or expand your activity in the USA.
We are proud to deliver this event alongside British American Business, who are the leading transatlantic trade group. The BCC is also delighted to welcome our corporate partner WTA Group, trusted logistics experts, who are well versed at helping businesses trade between the UK and USA.
Norfolk Chamber members Chantry Place have been working towards improving the sustainability of the centre. Although built with it in mind, they have been working hard to have sustainability at the heart of their operational practices, culture and values. Their goals include:
Actively monitoring and reducing waste
Considering sustainability in everything we do
Engaging our 1,244 employees with our values
Supporting local businesses, charities and our local community
Being inclusive
Supporting our team with mental and physical wellbeing
Always reviewing, learning and understanding how we can do better
Responding to news of the ratification of the Windsor Framework, William Bain, Head of Trade Policy at the British Chambers of Commerce, said:
“The joint EU and UK decision to give formal effect to the Windsor Agreement is another important step in improving trading conditions between Great Britain and Northern Ireland.
“For the BCC, the priority is now making sure the new customs and paperwork arrangements, plus the trusted trader schemes, work smoothly for businesses either side of the Irish Sea.
“We look forward to close engagement with HMRC over the coming months to make sure the on-the-ground reality of this deal produces tangible benefits for firms.”
The Department for Business and Trade (DBT) are taking expressions of interest from companies who want to be considered to join our UK trade mission and take advantage of the opportunities offered across the Middle East, Gulf States and beyond.
The Department for Business and Trade (DBT) is pleased to announce that we will be taking a delegation of Sustainable Infrastructure companies from the English Regions on a trade mission to the UAE.
This mission is planned for the 3rd – 8th December 2023 and is a great opportunity to learn about the developments and opportunities in the wider construction sector in the UAE and across the Middle East region.
Both the BIG 5 exhibition and COP28 will be taking place in Dubai during the mission dates. If your business is in the infrastructure sector and you are looking to grow internationally, it’s an opportunity not to be missed.
Join our Trade Mission:
We are taking expressions of interest from companies who want to be considered to join our UK trade mission and take advantage of the opportunities offered across the Middle East, Gulf States and beyond.
Places on this mission are limited, so please use the link below to view further information and to register your interest in joining.
Yesterday saw our series of Focus Engagement Groups arrive in Dereham, we met at The George Hotel in Dereham town centre for another opportunity to hear what we can be doing to better support and give voice to every business in Norfolk.
Our thanks go to our event sponsors, Upp, for their help and insight into the day’s discussions, as well as to the George Hotel for hosting us. Thanks also to Kelly Cartwright from Core Recruiter Ltd and Katie Norwood, Account Manager.
To start the discussion, the question of how ageing broadband infrastructure can impact business was raised by our sponsors, Upp. The consensus was that while technology can allow greater connectivity, more rural locations such as market towns and smaller villages can suffer from lack of availability,
The point was raised how broadband speed and mobile phone signal plays a huge part not only for business leaders on deciding where to base their business but also homeowners, it was felt that it now is one of the first things people ask when buying a house.
The other topic of discussion was on the lack of basic skills that is presenting in new employees, Soft skills are a major gap, from the very basics such as CV writing and understanding of Tax and national insurance through to more complicated issues like interpersonal skills.
It is felt that Dereham is growing with new businesses opening in Rusher Green and new housing but the worry is can the infrastructure cope, Dereham is often gridlock.
We were also told about the Konect Bus app which many of us were not aware of which not only is helpful for people to see when busses are coming but also helps parents give teenagers more freedom as they can see where the bus is just by looking at the app giving parents more peace of mind.
Have your voice heard at your local Focus Group – see our upcoming groups here.