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With sanctions very much in the news at the moment in the context of the Iran nuclear deal, the Office of Financial Sanctions Implementation (OFSI) has produced a timely factsheet offering information and advice in relation to arms embargoes, trade sanctions and financial sanctions.

Having to comply with the various types of sanctions imposed by the UN, the EU, the UK and others can be difficult for both importers and exporters, OFSI agrees.

To help affected businesses, the 11-page question-and-answer style guide (which can be found at assets.publishing.service.gov.uk) aims to answer questions relevant to those involved in importing and exporting goods and services, especially in areas where financial sanctions are in force.

The publication addresses general questions about financial sanctions, such as “Should I consider financial sanctions when importing to or exporting from the UK?”.

Not surprisingly, the answer is “yes”, with the advice being to consider not only who and where the goods or services are coming from or going to, but also who is shipping them (is a sanctioned vessel being used?), and whether a designated person is subject to financial sanctions even though they are located outside the country in which your business is operating.

In relation to licensing, the guide considers whether an OFSI licence is required if a business already has an export or trade control licence (the short answer is “you may do”), and what OFSI licensing grounds might apply to importers and exporters.

Questions about financial sanctions along the export chain are also considered, including “Do financial sanctions apply to import and export agents?”. With agents such as couriers, express operators and freight forwarders being responsible for their own due diligence, the answer is again “yes”.

Finally, financial sanctions breaches and penalties are covered and there is also a section on sources of further information.

Find out more about sanctions, embargoes and restrictions here. 

Norfolk Chamber HR Forums are designed to inform your business of all the changes and developments in employment law.

This special two-part session on 20 June, delivered by expert speakers from Howes Percival, Nicola Butterworth and James Mee will Focus on flexible working requests and settlement agreements. Part 1 Employers are increasingly facing requests for flexible working from their employees.  A hasty decision about flexible working can, in certain instances, lead to claims for discrimination, detriment, and/or unfair dismissal. In this practical and comprehensive HR Forum, Associate Solicitor, Nicola Butterworth will explore a range of issues that can arise when dealing with flexible working requests and provide tips on how best to approach such requests and protect the business from facing potential claims.  Part 2 Estates and Trusts Practitioner, James Mee will focus on the legal and practical issues surrounding settlement agreements, including strategies for negotiation and key changes to the tax treatment of termination payments. Keeping up with recent HR and legal updates is crucial for anyone in business. Suitable for: • HR specialists • Employment relations specialists • Employee representatives • MDs/CEOs • Owners of small and medium sized businesses

To find out more or book your place click here

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“I really enjoy the forums and learn a lot from them.” – Linda Holt, Blue Sky Professional Development “Really useful; they take a difficult subject and explain them clearly” – Rachel Harrison, The Forum Trust

In the first quarter of 2018, what growth we saw in the Norfolk economy was due principally to strong global trading conditions, rather than domestic demand, which remained muted. Uncertainty, recruitment difficulties and price pressures remained persistent concerns for businesses of every shape and size, even if short-term confidence levels remain resilient.  Now we are in the second quarter of 2018 – how are Norfolk businesses reacting to the current economic climate? Today (Monday 21 May 2018) is the first day of the fieldwork period for the Q2 Quarterly Economic Survey (QES).  With the economy appearing to ‘tread water’ in the last quarter and with Brexit still delivering uncertainty, it more important than ever that as many Norfolk businesses as possible complete the survey. The QES is the largest independent business survey in the UK and is used by both the Bank of England and the Chancellor of the Exchequer to plan the future of the UK economy.  It is also closely watched by the International Monetary Fund. You can have your say by completing the QES online NOW It takes less than 3 minutes. The completion deadline for this survey is midnight on Monday 11 June 2018.  The Q2 results will be published week commencing 9 July 2018 Key Norfolk findings in the Q1 2018 survey: Manufacturing sector:

• The balance of firms reporting increased domestic sales fell slightly from +17 to +16, the lowest since Q1 2017, while domestic orders remained still at +23.
• The balance of firms reporting increased export sales stayed the same +31 – the regional and national figures are now in line with the Norfolk results. 
• The percentage of manufacturers that attempted to recruit in the last three months also remained the same at 83%.  
• The percentage balance of manufacturers expecting their prices to increase fell from +54% to +49%.  The price of raw materials continues to be the primary source of price pressures, with 81% reporting it as a cause (in line with the 80% last quarter). 

Services sector:

• Export sales and orders remained unchanged this quarter at +8 and +6 respectively.  However, domestic sales and orders both increased at +19 for sales and +13 for orders.
• The percentage of businesses attempting to recruit fell slightly from +65 to +63. Of those, the percentage of services firms reporting greater recruitment difficulties fell from 83% to 63%. Professional and managerial roles are the leading areas of hiring difficulties (53%)
• The balance of services firms expecting prices to increase, fell from +49% to +44%. But the balance of firms citing pay settlements as a source of price pressures rose from 45% to 47% 
• The balance of firms reporting cash flow improvements remains quite low at +11 (up slightly from +10 in the previous quarter). 

Chamber business leaders from across the United Kingdom have today (Tuesday) written to the Prime Minister calling for a renewed focus on tackling the barriers to growth and investment in the United Kingdom – and a radical plan for action.  

Gathered today in Manchester, Chamber business leaders are calling on the Prime Minister to balance the importance of securing the best possible deal with the EU with the urgent need to set out a compelling vision for UK growth and a bold set of domestic policies to fix the fundamentals at home.

Business communities throughout the UK are concerned about perceived inaction in Westminster and Whitehall on key domestic economic matters – where attention and swift action are needed for the UK to succeed after it leaves the EU.

Writing on behalf of the 53 accredited Chambers of Commerce from every region and nation of the UK, Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC), says:

“Our future success depends not just on Brexit negotiations, but also on the big economic decisions that must be made here in the UK. It is time, Prime Minister, for you to set out a compelling, pro-enterprise and pro-growth vision for the future, and a bold set of domestic policies to make it happen.

“It is time for you to tell business communities across the UK how your government will act – fast – to stabilise the faltering training and apprenticeship system and give clarity on migration rules, as businesses face unprecedented labour and skills shortages all across the country.

“It is time for visible action to rebuild our rutted and potholed roads, to use the resources of the state to build more homes, and to speed up the delivery of airport, rail and energy upgrades.

“It is time to eliminate the significant gaps in mobile and digital connectivity that continue to strangle business productivity and UK competitiveness – the central theme of our ‘No More Not Spots’ campaign.

“It is time to set a new mandate for HMRC and economic regulators to support, rather than pursue and punish, the small and medium-sized firms that can drive future growth, and focus their enforcement activities on the small number of companies pursuing questionable practices that are ultimately paid for by the rest.

“After decades of delay and incremental change, it is time to tackle the huge costs and complexities of the UK tax system, which actively discourage investment, risk-taking, and the stronger export performance we all want to see.

“And it is time for your government to deliver a far more explicit blueprint to support economic growth in all regions and nations – including greater local decision-making, away from the centralising instincts of Westminster and the devolved administrations.

“Prime Minister, the many thousands of firms we collectively represent are clear: business as usual is not good enough at a time of significant uncertainty. A concerted drive to ‘fix the fundamentals’ would unlock business confidence and investment – and set the UK on a path to long-term growth, alongside a comprehensive settlement between the UK and EU.” 

Click here to view the letter sent to Teresa May, Prime Minister.

Commenting on Vince Cable’s industrial strategy speech, Caroline Williams CEO Norfolk Chamber of Commerce, said:

“It appears that Vince Cable has listened to business’ plea for greater long-term thinking in policy-making, and has set out some sensible steps that could help to improve the business environment in the Norfolk. His proposals around industrial strategy make an important contribution to moving Britain toward a new model economy. A successful industrial strategy isn’t about picking winners or losers, but about creating the right environment for all businesses to thrive.

“While businesses will be heartened to hear strong support for the establishment of a business bank, this must be more than just a vehicle for existing government schemes. A brand new, fully-fledged business bank is needed to lend to new and growing companies, many of whom report difficulty accessing finance. Companies are clear, though, that nothing less than a ‘full service’ business bank will do – a rebranding exercise for existing government schemes or one that uses existing bank infrastructure is not enough. Businesses need policies that will help over the medium- and long-term, but boost confidence now. The government can do exactly that by addressing the problem of access to finance faced by so many of Norfolk’s firms.

“We have long said that the skills system is failing Norfolk businesses, with resources following the choices of individual learners, rather than the needs of business. The Employer Ownership pilots announced today are an important first step to ensuring that funding actually delivers the training that our companies need in order to grow. We support a further expansion of this approach, with employers having a greater say in how training funds are spent”.