The British Chambers of Commerce oversees a dynamic Network of 53 accredited UK Chambers with affiliates in over 75 international markets committed to creating a platform for businesses to shape the economy for the better. We firmly believe that international trade can make every company a better one. With more than 160 years of experience in the world of trade we know that once you open the door to overseas exports, then the possibilities for expansion are endless. That’s why we want to build a business community in the United Kingdom where more than half of firms export.
Our Chamber Network already does that, and we want to help thousands more do it too. In 2022, there was a continued expansion in UK services exports across the world – cementing our place as the globe’s second largest exporter of services. That needs to grow further. Now we need our goods exports to experience greater growth in the coming years.
Responding to the latest labour market data published by ONS this morning, Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said:
“Employers across the UK will welcome further signs that the labour market is cooling, but more must be done to ensure they can access the skills they need.
“Today’s data chimes with the picture we’re hearing from businesses. Our latest survey showed recruitment conditions eased in Q1 with fewer firms facing difficulties hiring.
“But significant challenges and pressures remain. Competition for skills, increased wage costs and high interest rates continue to ramp up pressure on businesses and act as a drag on investment and growth.
“More needs to be done to stabilise costs and bring people back into the workforce. While flexible and inclusive workplaces can help employers attract and retain skilled people, businesses will need support to increase their investment in workplace training if we are to tackle ongoing skills shortages.
“We need to see action from politicians to break down the barriers to work for everyone. The number of people outside the workforce because of health issues remains a particular concern.
“Getting the strong economic growth we all want to see will only be possible when the skills and workplace challenges are resolved.”
Reacting to the latest ONS trade data for July, William Bain, Head of Trade Policy at the BCC, said:
“Removing the effects of inflation, goods export volumes grew at a decent pace in July, with a 4.4% month on month increase in sales to the EU.
“But a key concern is the continued slowdown in momentum in UK services exports growth – which accounts for just under half of our overseas trade.
“The BCC is recommending that an Exports Council is established by the UK Government to use ONS and other trade data to evaluate, review, and take action to improve UK export performance and strategy.
“As the World Trade Organisation’s World Trade Report this week warned of the global economic consequences of moving away from open, free trade, we must redouble our efforts to open up markets for UK goods and services.”
Detailed Analysis
The data for July shows a 2.1% increase in UK goods export chained volumes (the measure which removes the effects of inflation) on the previous month, and a 0.4% rise in goods import chained values compared with June.
Exports to the EU rose on both the current values and chained volumes measures (by 4.4%) with increases in fuels and machinery sales (including power generators). Exports to the rest of the world experienced downward pressures from fuels, machinery and transport equipment.
Estimated UK services export performance remained at the same levels as in June – on both the chained volumes and current values measures. On services imports the picture was mostly static on both measures. On the chained volumes measure, UK services exports are still 2.9% lower now than in February 2020 at the time lockdowns were applied in many global regions.
Trade Deficit
Overall, there was a slight increase in the deficit for trade in goods and services by £1.2bn to £18.8bn in the three months to the end of July 2023.
A critical part of our mission to every business in Norfolk is to give them a voice. And one of the most important tools we have to do that is the Quarterly Economic Survey (QES).
The Q3 survey is now live and it takes just 3 minutes to complete. Put the kettle on and give us your view on the economy and how it’s impacting your business.
The QES is the largest independent business survey in the UK. This matters because the results are used by the Chancellor of Exchequer, Treasury, Bank of England, IMF and many others to make decisions that matter to you. They love the data from QES because it helps spot economic trends well before they appear in official statistics.
We love it because every 3-months we get to check in with all our businesses and turn that insight into influence. We do this through conversations with local and central government, shaping our events and development of programmes to support you.
How can I get involved?
All you need to do is follow the link and anonymously tell us what you think. It only takes a few minutes. Less time than you need to drink a cuppa.
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Chambers East was one of the speakers lobbying for greater infrastructure investment in the East of England at yesterday’s Labour Party Conference fringe event in Liverpool.
Chambers East brings together the four Chambers of Commerce in the East of England. Cambridgeshire, Essex, Norfolk and Suffolk to lobby with one strong voice on behalf of businesses across the East. Jointly Chambers East has over 485 years of combined experience in supporting businesses and represents 3,550+ business members, employing over 300,000 people.
The event was arranged by the East of England All Parliamentary Group and Transport East. Nova Fairbank, the Chief Executive of Norfolk Chambers was representing Chambers East and sat on a panel of speakers along with Daniel Zeichner MP for Cambridge, the CEO of Transport East, CEO of England’s Economic Heartland, the CEO of Freeports East and the Leader of West Suffolk Council. The discussion was facilitated by Andrew Sinclair, Political Editor from the BBC.
Among the key asks were the Ely and Haughley rail junctions, further dualling of the A47, investment in the Orwell Bridge and the Lower Thames Crossing.
Commenting on the need for greater infrastructure investment, Nova Fairbank said:
“Chambers East understands the frustrations being felt across our region, as a result of historic under-investment in our infrastructure. Businesses need certainty and stability in order to create long term investment plans of their own. As outlined in the recent Opportunities East Report, with the right infrastructure investments, we can unlock an East of England economy worth over £220 billion.
“At present our region is a net contributor to UK PLC – even with the current under-investment. Imagine how much more we could achieve if we were allocated some much needed targeted funding to help galvanise our ambitions, productivity and ultimately economic growth. That uplift would feed investment across the whole of the UK – far beyond just the East.
The British Chambers of Commerce has endorsed the World Trade Organisation’s (WTO) focus on services and digital trade as key priorities.
The BCC was part of a record-size UK delegation to the WTO Public Forum in Geneva, last week. It met with the UK Ambassador to the WTO, the wider UK Mission team, and businesses and other stakeholders from across the globe.
Speaking after the event, BCC Head of Trade Policy, William Bain, said:
“Business voices need to be heard at events like the WTO Public Forum, but also in its work all year-round. The BCC agrees with the priorities of the WTO Secretariat for the next 12 months. Services are a UK, and global trade success story, and expanding markets for tradeable services will increase prosperity for UK businesses and the rest of the world.
“On digital trade, we want to build a wider take up of the agreement on Electronic Commerce – currently accepted by 91 countries. This will cut costs and expand opportunities for both developing and developed nations. We need to do more to get other states into the tent on this agreement.
“A major theme of the week was the effect of regulations and subsidies policies on openness to exports. Countries need to ensure that measures with good intentions on climate do not become overly protectionist in how they are applied.
“We look forward to engaging further with the important work on these issues going on at the WTO. A strong rules-based global trading system matters to business in the UK, and we must make sure our voices are heard.
“We share their aim of putting better trade and growth at the heart of the WTO staff and delegations’ agenda for the coming 12 months.”
The BCC participated in a roundtable on carbon border adjustment mechanisms across the world, and future regulatory and subsidies policy decisions key to the future of the global trading system.
It also heard from WTO Director-General Ngozi Okonjo-Iweala on the WTO’s priorities for the year ahead and the publication of the World Trade Report, focusing on the need to green up supply chains, bolster services trade and e-commerce, look pragmatically at subsidies reform, and expand gender equality and inclusivity in global trade.
“The successful delivery of the Broadland Northway (NDR) was a clear signal that Norfolk is embracing growth and development in order to create the jobs and houses that our region needs and it was strongly welcomed by the Norfolk business community.
However, from a business community perspective, to continue to maximise the potential for our region, the missing link from the A1067 to the A47 needs to be completed as soon as possible.
The Norwich Western Link is a 3.8 mile dual carriageway to connect the Broadland Northway from the A1067 Fakenham Road to the A47 west of Norwich. It will facilitate easier access to both Norwich Airport and Great Yarmouth port. It will further help to improve journeys into and around the west of the city, support potential housing and jobs growth; provide the infrastructure to manage the additional traffic this will create, and improve quality of life for people living in the area.
Commenting on the need for the Norwich Western Link, Nova Fairbank, Chief Executive of Norfolk Chambers said:
“The Norfolk business community strongly welcomed the delivery of the Broadland Northway, but were equally adamant that the missing link needed to be completed with the Norwich Western Link. The proof of economic growth in the Broadland area, as a result of the completion of the Broadland Northway can be clearly seen in the economic statistics – with a stratospheric growth curve, in comparison to the rest of Norfolk. The planning application for the Norwich Western Link is now open for comment and we would encourage the Norfolk business community to have their say on this much needed piece of infrastructure.”
There is not long left to have your say as the closing date for comment is Monday 19 August 2024. Follow this link to comment on the Norwich Western Link, planning application: https://norwichwesternlink.oc2.uk/document/7.
Reacting to the latest ONS inflation figures, David Bharier, Head of Research at the BCC, said:
“Today’s CPI rate of 8.7% indicatesthat after several false starts, the peak in inflation looks to have passed. This is further evidenced by a significant slowdown in the producer price inputrate to3.9%. Falls in gas and electricity costs provided the largest downward contribution to CPI.
“But this does not mean the problems caused by inflation will suddenly go away. Prices continue to rise from an already high base, after 18 months of price shocks.
“The last year and a half has hada devastating impact on many small firms who were just starting to see activity bounce back following the removal of Covid restrictions.
“With the interest ratecurrently at 4.5%, widespread skills shortages, and trade frictions on the rise,the cost of doing business is the highest in years. Action by the Government to help with the squeeze on the labour supply, reform of business rates and support on exports would go some way to helping themface the future with more confidence.”
Responding to the latest Bank of England interest rate decision, Nova Fairbank, Chief Executive at the Norfolk Chambers of Commerce said:
“Today’s decision to increase the interest rate indicates the Bank are still pursuing strong action following yesterday’s surprise rise in inflation. Record high inflation remains the top issue of concern for Norfolk SMEs, and it has been wiping out their ability to invest and grow for almost two years now.
“However, an interest rate rise alone is a blunt instrument that doesn’t address some of the fundamental causes of inflation such as failure in the energy market and global supply chain shocks.
“The cost-of-living crisis and the cost of doing business crisis are two sides of the same coin and SMEs, like consumers, are getting hit from both rising prices and rising borrowing costs. The only way out of this vicious cycle is through taking action to boost economic growth, through investment in infrastructure, skills, and global trade.”
Thursday 4th July was a very busy day for Norfolk, not only did we see a general election take place, we also hosted our biggest Co.next event to date.
Co.next Roots to Business event was hosted at Top of the City, Carrow Road. We welcomed 80 guests on the night. This event was an opportunity for leaders within the business community and those seeking routes into their career to come together and share their career experiences.
We kicked off with our young professional panel, who were all so inspiring to listen to. Thank you for being open and honest.
The event was brilliantly hosted by Kelly Cartwright and Taylor Tassie.
Ending the evening with our guest speaker, Stephen Balmer-Walters who had the audience hypnotised with his talk and lifted spirits with ‘Hugless Douglas’.
Thank you to our event sponsors, Pivotal for sponsoring our welcome drinks and Totally Branded for the incredible branded tote bags.
Thank you to everyone for joining us and thank you for everyone who shared and opened up to the room. Rob Dodsworth captured the evening and we are so pleased to share with you the gallery from the evening, view full gallery here.
Just 2% of more than 2400 companies think that leaving the EU without a trade deal should be a realistic option for the UK’s Brexit negotiators.
Responses to a survey by the British Chambers of Commerce (BCC) reveal that remaining in the Single Market and Customs Union is still the most popular option, with 34% of those surveyed supporting it.
Achieving a comprehensive Free Trade Agreement (FTA) and a customs agreement was favoured by 28% of respondents, while 13% supported remaining in the Customs Union only, and 11% wanted to stay just in the Single Market.
As mentioned above, the option of the UK leaving the Single Market and Customs Union and rely on World Trade Organization (WTO) rules for trade was supported by just 2% of the 2422 businesses interviewed.
Participants were also asked about a transition period – specifically which of the following options would be best for their business: a transition period of three years (supported by 46%); a transition period of longer than three years (22%) or no transition period (17%).
Giving his view on the findings, Dr Adam Marshall of the BCC said that, while they make it clear that there are a range of business views on what the UK should be seeking in a final deal with the EU, “there is near-universal consensus that a deep and comprehensive agreement is needed”.
Coming away with no deal is not seen as a viable option, he added, as businesses want a pragmatic settlement on the practical, real-world issues that affect their operations, not arbitrary political red lines.
Getting transition arrangements on the negotiations agenda as quickly as possible would give businesses the confidence to press ahead with investment decisions, Mr Marshall suggested.