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It has been reported that school holidays leave a third of parents feeling stressed!*

With that in mind, we’re running a social media takeover throughout the summer holidays purely focused on wellbeing. Every Wednesday we’ll be sharing tips, activities, news, case studies, facts, or services to help you get through the summer holidays.

Your wellbeing is important every single day, not just during the summer holidays, so we want to showcase local businesses who are doing amazing things within their firm to support their employee’s wellbeing as well as services that are being provided locally.

We’d love to hear from you if your company provides wellbeing services, if you have a fantastic wellbeing programme within your company or if you can provide hints and tips for managing and improving wellbeing.

If you would like to be involved, please get in touch by emailing emma.jermany@norfolkchambers.co.uk by 4^th July 2022.

*https://www.walesonline.co.uk/news/uk-news/school-holidays-leave-third-parents-16540000

CHIEF (Customs Handling of Import & Export Freight) System is being replaced by CDS (Customs Declaration Service) which is the new system that supports making import and export customs declarations.

From 30th September 2022, CDS will be the only system used for import declarations, and from 31^st March 2023, export declarations will be transferred over also with CHIEF no longer in service.

What do you need to do?

1. Register on the Government Gateway

Most businesses will already have an account to access for tax purposes and this account can be used to access CDS. If you don’t have one you can register here.

2. Register for the Customs Declaration Service

HMRC has now automatically registered all EORIs on CDS.

3. Decide how you’re going to pay duty and VAT

Postponed VAT Accounting

If you’re currently using this method to pay for VAT you can continue to do so but you will need to register for statements from CDS here.

Deferment Account

If you have your own deferment account you will need to set up a new direct debit for CDS and will also need to authorise your agent to use this on your behalf via the online service.

Cash Account

This will replace the current Flexible Accounting System when paying for duties. The Cash Account is your own top up account allowing you to pay your import duty and/or VAT. You should automatically get this when registering for CDS and can access it here.

You will be able to make a payment in your cash account and authorise your agent to use your account (you can do this via your Government Gateway).

 Other methods of payment

You can also pay by other methods which can be found here.

Our ChamberCustoms Team are on hand to process export and import clearances and help you to get ready for CDS. You can get in touch with the team  either by email on customercustoms@norfolkchamber.co.uk or on 01603 729716.

Photo credit: Pixabay/ Chamber Canva Pro 2022

The Norfolk Chambers of Commerce is readying itself for a succession in leadership, as it announces the appointment of Nova Fairbank to the position of Chief Executive from August 2022.

The Chambers’ current Chief Operating Officer, Nova will succeed Chris Sargisson who completes his five-year term in July.

Chris, who was appointed to the role in 2017, was integral to disrupting the business community scene by stripping the Norfolk Chambers of Commerce back to its core and revamping the membership organisation and laying the foundation for a Chambers of Commerce with a vision to connect, support, and give voice to every business in Norfolk.

Now is the time, says Chris, for colleague and his number two, Nova, to take the reins for the next important stage in the business’ ambitious modernisation journey.

“I can’t believe five years have passed since I first sat in the ‘Big Chair’ with a mission to build on the Chambers’ 126-year history and reputation,” said Chris.

“From the start, Nova and I have worked side by side. We connected immediately and have together crafted and shared a long-term vision for how we would like the Chambers to modernise and evolve.”

And it’s no mean feat, says Chris: “It’s a long journey, split into two 5-year terms, requiring a different set of skills for each leg. The first, to complete the big-ticket disruption and shift towards a customer-centric culture, complete with the creation of new, bespoke digital programmes, is now complete.”

“The next phase looks to build on this strong foundation, creating business-led, customer-centric innovation to achieve the long-term vision to connect with every business in Norfolk, and there is no doubt that Nova is absolutely the right person to lead the Chambers in this next important stage.”

Nova is keen to continue the story she and Chris began back in 2017: “A succession of leadership does not mean a change of direction. I’m looking forward to carrying the torch for the Norfolk Chambers of Commerce, continuing the current journey backed up by the new, sturdy foundation and building blocks Chris’ leadership has laid for its future development over the last five years.”

“We now have a highly-skilled, incredible team with the digital infrastructure to support our future ambitions and growth. We will continue to deliver excellent customer service, relevancy, and innovation to ensure we are meeting the ongoing needs of our vibrant business community,” she continued.

The future is bright for the Norfolk Chambers of Commerce, says Nova, and she has no plans to slow down or shift gear: “We look forward to delivering even more digital innovation, alongside demand-led events and even greater engagement with a wide range of businesses, ensuring that we can connect, support, and give voice to every business in Norfolk.”

Photo credit: Norfolk Chambers

Significant progress towards implementing a new funding model which will give nuclear projects the financial support they need and attract private investment.

Today (14 June) the government has published documents which show significant progress towards implementing a new funding model which will give nuclear projects the financial support they need and attract private investment.

The new Regulated Asset Base (RAB) model will see projects receive a regulated payment from electricity suppliers, helping these large infrastructure projects come to fruition. The Sizewell C project in Suffolk could be the first nuclear project to use this model, subject to the outcome of current negotiations.

Under the previous mechanism to support new nuclear projects – the Contracts for Difference (CfD) scheme – developers had to finance the entire construction cost of a nuclear project up front, and only began receiving revenue when the station starts generating electricity. This model led to the cancellation of recent potential projects, such as Hitachi’s project at Wylfa Newydd in Wales and Toshiba’s at Moorside in Cumbria.

Under the new RAB scheme, private investors receive greater certainty through a lower and more reliable rate of return in the early stages of a project, lowering the cost of financing it, and ultimately helping reduce consumer electricity bills.

Overall consumers are expected to save more than £30 billion over the project’s lifetime on each new large-scale nuclear power station compared with existing funding mechanisms.

This new method of funding nuclear projects will help the government realise its ambitions for a British nuclear renaissance, with plans to approve up to 8 new nuclear reactors by 2030, boosting UK nuclear power capacity up to 24 GW by 2050.

Draft reasons for designation of NNB Generation Company (SZC) Limited

Sizewell C in Suffolk is a proposed new nuclear power plant which, if built after obtaining all necessary approvals, could power 6 million UK homes, boosting the country’s energy security and potentially reducing bills for households by providing clean, homegrown electricity.

Draft reasons for designating the company operating Sizewell C, NNB Generation Company (SZC) Limited, to receive money through the RAB have been published today. They set out the case for the Sizewell C project meeting the criteria of Nuclear Energy (Financing) Act, introduced earlier this year. Their publication brings the government a step closer to deciding on its commercial negotiations with the project developer.

As required by the Act, the document is currently being consulted on with the Environment Agency, Office for Nuclear Regulation, Ofgem and the NNB Generation Company (SZC) Limited. The consultation will close on 4 July 2022 and is the first step in potentially allowing the nuclear company to receive funding under the RAB model.

Sizewell C is also subject to an ongoing application for development consent, which is entirely separate to commercial negotiations on the project.

Consultation on revenue regulations

The government is today also consulting on the detail of how nuclear projects would receive their funding under the new RAB model.

The consultation launched today seeks views on the proposals to inform the policy behind the regulations, ahead of laying them in draft before Parliament. The revenue regulations will shape how large nuclear projects like Sizewell C receive funding in the future.

It is expected the consultation will be of particular interest to the statutory consultees named in section 25 of the Act, which includes energy companies, the National System Operator and Scottish and Welsh government ministers. Other interested groups include nuclear developers and those directly impacted by the proposals.

The documents are an important step in implementing a RAB model, bringing private investment into new nuclear and cutting the cost of financing new projects.

A large-scale project funded under the RAB model will add at most a few pounds a year to typical household energy bills during the early stages of construction and on average approximately £1 per month during the full construction phase of the project.

However, overall, the lower cost of financing the project is expected to lead to savings for consumers of at least £30 billion on each project over its lifetime. This translates to a saving of more than £10 per year for an average domestic dual fuel bill throughout the life of the nuclear power station – which can operate for 60 years – compared to the existing CfD scheme.

Additional information

• If built, Sizewell C would produce 3.2 GW of electricity, powering the equivalent of around 6 million homes, and providing greater UK energy security
• in January, the Business and Energy Secretary announced £100 million to advance the Sizewell C project to the next stage of negotiations, and help it attract further private investment
• the deadline for a decision on Sizewell C’s separate application for a development consent order has been set as 8 July 2022
• a RAB model is a tried and tested method, typically used in the UK to finance large scale infrastructure assets such as water, gas and electricity networks. The model enables investors to share some of the project’s construction and operating risks with consumers. This entails consumers paying a charge on their bills, but, by cutting the cost of project finance (which is the main driver of nuclear project costs), it is estimated that the RAB model would mean consumers pay less than for a project using the Contract for Difference model
• a large-scale project funded by RAB would at most add a few pounds a year to typical household energy bills during the early stages of construction, and on average around £1 per month during the full construction phase of the project. Over the 60-year lifetime of a generic new large-scale nuclear power station, our funding model could reduce the project cost by more than £30 billion
• the regulated revenue for a nuclear company will be set by the independent regulator in accordance with the nuclear company’s licence, who will ensure that any money spent is in the interest of users. Under the nuclear RAB model, electricity suppliers will be charged as the users of the electricity system to contribute towards the cost of the construction and operation of the relevant nuclear project, and the economic regulator will be Ofgem
• the government published a statement on the procedure and criteria for designating projects to benefit from the RAB model on April 11 2022, setting out some of the factors the Secretary of State is likely to take into account when assessing the maturity of the projects of prospective nuclear companies, and whether designating a company for the purposes of the RAB model is likely to result in value for money for consumers and taxpayers
• further progress was made in relation to the implementation of the revenue stream for the nuclear RAB model last week (9 June), with the designation of Low Carbon Contracts Company Ltd as a counterparty for revenue collection contracts, in accordance with section 16 of the Act
• the Act gives the Secretary of State powers to make Revenue Regulations to set out the mechanics of the revenue stream through which nuclear companies benefitting from the RAB model would receive regulated revenues for the duration of their project’s regulatory period
• by publishing the draft reasons for designating Sizewell C under the RAB model, the government is going beyond the transparency requirements set out in legislation

https://www.gov.uk/government/news/kwarteng-advances-plans-for-funding-new-nuclear-projects-including-sizewell-c 

Photo credit: Getty Images/ Chamber Canva Pro 2022

eBay has launched a new program to help small businesses in the UK by offering training and support. Visiting 12 cities over 12 months, the eBay Business Roadshow has already reached hundreds of small businesses across cities like Glasgow and Newcastle. The next stop? Norwich!

eBay will spend over £1m to train small businesses and is offering the program in partnership with Small Business Britain and the British Chambers of Commerce.

Small businesses attending each of the 12 regional Roadshows will be exclusively invited to apply for grants and support packages from eBay, the total value of which amounts to £1 million. This will be made up of two parts, with up to £250,000 available as grants, and up to £750,000 available as ‘Start and Scale Packages’ to support small businesses to set up and grow through eBay. Each winner will also get 1-2-1 mentoring with an eBay ambassador, over the course of one year, to help them accelerate growth.

It’s only a few days before the eBay Business Roadshow comes to Norwich. With a jam-packed day of tailored content, expert panels, community networking and more – make sure to register today to claim your place. Register at Norwich.ebaybusinessroadshow.com  

What to expect

Grant opportunities

• • As part of the eBay commitment to small businesses like yours, eBay will be giving £1,000 grants to sellers in each of the 12 cities they are visiting.

Networking opportunities and business inspiration 

• • There are several sessions where you will be able to network with other businesses from the region. Snacks, lunch, nibbles, and free drinks will be provided during the event.
  • There will be a great seller panel, where you will be able to hear from local small business owners about how they’ve started and scaled their businesses, as well as hear from senior representatives from Norfolk Chambers of Commerce and eBay.

Expert-led sessions 

Whether you are just starting out or advancing your business online – get tips and tricks from our pool of eBay experts and special guests. Here is a taster of some of our sessions:

• Starting and scaling on eBay: Hear from experts at eBay about top tips and guidance on how to grow your eBay business. These sessions will cover everything from starting on eBay, to using advanced tools like coded coupons to grow your business, to how you can use eBay programs like eBay Fulfilment to scale your business.
• Building a sustainable business: Cian Armstrong from Sustainable Pathways, and Adam Bastock from Small99 will take you on a masterclass in everything you need to start and supercharge your business on its sustainability journey.
•  Small Business Seller Panel – How We Did It: Expect stories, insight, and tips from some our inspiring business-owners who have established and grown their businesses. Regardless of where you are on your journey, this is one session where everyone will take something away from.

You will be able to book a slot with one of eBay’s marketplace advisors on the day to answer any questions or get personalised advice on boosting your online business.

Image courtesy of eBay

• Measures for inflation are at the highest levels on record with over 4 in 5 (85%) firms expecting to raise prices and no sign this is levelling off   

• More than 4 in 5 (85%) cite inflation as a growing concern for their business, also an historical high  

• Three quarters (75%) of firms report no increase to investment in plant/equipment 

The BCC’s Quarterly Economic Survey (QES) for Q2 2022 – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – shows key economic indicators flashing red.  

The survey of over 5,700 firms, including those in Norfolk revealed a weakening in the proportion of firms reporting increased domestic sales, investment intentions, and longer-term turnover confidence.

Measures for investment and longer-term business confidence have slipped back  

Indicators for turnover and profitability confidence, as well as investment, all worsened from their Q1 positions. Firms expecting an increase in turnover over the next twelve months dropped from 65% to 42%, this is the lowest figure since Q4 2020 when much of the UK was under some form of lockdown.

Confidence in profitability also took a significant knock with 30% predicting an increase, down from 50% in Q1. Nearly a fifth (19%) are now predicting a decrease in profits.

Unsurprisingly, this declining confidence in business performance has affected firms’ plans to increase investment, with 3 in 4 (75%) saying they have no plans to do so (up from 73% in Q1).

This metric has remained largely unchanged since Q2 2021.

Inflationary pressures continue to exceed record highs 

71% of firms now expect their prices to rise in the next three months, this is marginally up from 70% in Q1.  None of the respondents expected to decrease their prices.

Expected price rises are being felt most acutely in the retail and wholesale sector, and construction and engineering sector, both at 78%, with production and manufacturing only slightly behind at 77%.

When measured as a net balance (the percentage of respondents reporting an increase minus those reporting a decrease), price expectations are now the highest since records began for this indicator in 1997 for both the manufacturing (+76%) and services sectors (+56%).

When firms were asked which factors were driving price rises, 76% cited utility bills, 74% labour costs, 65% fuel and 55% raw materials.

In the three sectors worse affected (Retail & Wholesale, Construction & Engineering, Manufacturing & Production) all three cited raw materials as the biggest factor.

When asked what external factors were more of a concern to their business than three months ago, 88% of firms cited inflation.

The percentage citing interest rates as a concern also rose for the third quarter running; nearly 1 in 3 (27%) reported interest rates as a concern, down slightly from 30% in Q1.  

Business activity remains buoyant but on downward trend  

38% of respondents overall reported increased domestic sales in Q2, down from 45% in Q1.

In the services sector, the balance of firms reporting increased domestic sales stood at +35%, compared to +49% in Q1. In the manufacturing sector, the balance of firms reporting increased domestic sales fell to +34% in Q2, the lowest level since Q1 2021.

Nova Fairbank, Chief Operating Officer for Norfolk Chambers, said:  

“This quarter’s survey results clearly point to a weakening economic outlook amid unprecedented cost pressures and falling business confidence.

“Domestic demand continues to show buoyancy, with almost half of respondents reporting increased domestic sales in the quarter.

“However, indicators for structural business conditions such as investment, and cash flow, are showing no sign of improvement for most firms.

“Inflation remains by far and away the top concern, with our survey measures going beyond anything we’ve seen before in the history of the data.

“Norfolk businesses face an unprecedented convergence of cost pressures, with the main drivers coming from raw materials, fuel, utilities, taxes, and labour. The continuing supply chain crisis, exacerbated by conflict in Ukraine and lockdowns in China, has further compounded this.

“Some sectors are far more impacted than others. Manufacturers, retailers, and hospitality firms have been sounding the alarm on inflation for 18 months.

“Against this backdrop, it is no surprise that business confidence for the months ahead is waning as we enter a period of heightened economic uncertainty.”

Responding to the findings, Director General of the British Chambers of Commerce, Shevaun Haviland, said:     

“The red lights on our economic dashboard are starting to flash. Nearly every single indicator has seen a deterioration since our last survey in March.

“Business confidence has taken a significant hit and fears over inflation and cost pressures are at new record highs.

“But it is not too late for the Government to take action to help businesses through these challenging times and put the economy on a more stable footing.

“A cut in VAT on energy bills to 5%, and other steps to relieve the tax burden on firms to encourage investment are crucial.

“Better infrastructure, a plan to address labour shortages and a unified long-term economic strategy to give businesses more certainty are also needed.

“The Government must swiftly demonstrate that it is on the side of business if confidence to invest is to be restored.

“Only then will we be able to return some momentum to the economy and find a pathway through the current difficulties.”