Economic Trends

In recent years the Norfolk economy has seen both recession; up and downturns in the local economy; as well as the vote to leave the European Union in June 2016.   Throughout all this, Norfolk’s diverse and innovative business community have continued to be strive to deliver economic growth and jobs.

We will keep our members up to date on what is happing with Brexit and use the Chamber’s own business survey, the Quarterly Economic Survey (QES) to abreast of the changes in the local economy.

Norfolk Chamber and our members are often asked to take part in a broad range of consultations, on matters that affect the Norfolk business community.  Whether this is economic feedback on the latest Quarterly Economic Survey; how a road closure will impact on businesses; or to provide an opinion on what a local authority is planning for its forthcoming economic growth strategy. 

We will ensure that as many of our members as possible get the opportunity to comment on issues that affect them on a local and regional basis.  The greater the amount of feedback the louder the voice of Norfolk business.

Brexit

With the triggering of Article 50 in March 2017, Norfolk Chamber, in consultation with its members, has called on the Government to take into account five key asks as part of the Brexit negotiations:

  1. Business Voice: The Government appear to be making incorrect assumptions in some areas – there is a need to ensure that businesses have a clear input into negotiations, to explain the potential impact of Government decisions.
     
  2. Labour: Existing EU workers should have the right to stay in the UK.  Going forward, there should be a bureaucratic-free system for seasonal workers and key staff.  A simplified system which will help key Norfolk sectors such as tourism, food producers and agriculture continue to grow.
     
  3. International Trade: Tariffs need to be kept to a minimum, with simplified customs procedures to make exporting as easy as possible.  To grow our export capacity, swift trade agreements with countries should be reached and trade missions should be expanded.
     
  4. Standards: Product standards should be aligned and recognised by the EU, to ensure that Norfolk products remain competitive.
     
  5. Funding: UK funding levels for business and people development need to be maintained in Norfolk to the levels that were formally funded from the EU.

Quarterly Economic Survey (QES)

Facts:

  • QES is the largest independent business survey in the UK
  • It’s a leading indicator – often picking up big changes in the economy long before other surveys or official statistics. 
  • It is used by the Bank of England, the Treasury, the Chancellor and the IMF to compare the health of the UK economy

The Chamber will actively seek Norfolk business feedback for the QES.  The survey questions range from topics such as export sales and orders, recruitment needs, cash flow and business confidence and what types of factors are affecting businesses i.e. raw material costs, interest rates, exchange rates and corporation tax.

The survey takes less than 3 minutes to complete online.  The QES is an important survey to take part in, as the more businesses that complete the survey, the louder the voice of business in Norfolk.

Previous Results

2016

2015

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