Norfolk Chambers hosted an exclusive roundtable discussion on Friday, 17 January 2025, with the Deputy Governor of the Bank of England, Clare Lombardelli, and Kieran Dent, the Bank’s Agent for the South-East & East Anglia. The event, held at the Norfolk Chambers’ Business Hub, brought together a diverse group of Norfolk businesses representing a range of sizes, sectors, and geographies for a rare opportunity to engage directly with senior policymakers shaping the UK’s monetary policy.
The discussion centred on the challenges and opportunities facing Norfolk businesses in light of the current economic climate. The session aimed to provide the Bank of England with critical insights into regional concerns and strengthen the voice of the local business community in national economic policymaking.
Key discussion points from the Roundtable:
Economic Concerns – Investment confidence has dropped sharply due to the policy environment, with many businesses delaying growth plans. 75% of Norfolk businesses identify tax, including National Insurance, as a key concern following the October budget, according to the BCC Quarterly Economic Survey*.
Funding Challenges – Businesses are struggling to secure funding despite favourable interest rates, citing punitive covenants and high arrangement fees as significant barriers.
Labour Market Pressures – Wage increases are being stalled due to rising National Insurance and minimum wage requirements, forcing firms to explore alternative rewards like flexible working and annual leave. Several employers report losing staff to higher-paying projects in sectors like transport infrastructure, energy and to a perception of alternative job prospects outside Norfolk
Navigating the Planning System – Planning processes have seen improvement, with local authorities accelerating approvals for housing, infrastructure, and commercial projects.
Global Trade Concerns – Exporters express apprehension about upcoming US trade policies and competition from low-cost international markets.
Optimism in Uncertainty – Norfolk’s business community remains resilient, drawing strength from its ability to adapt through challenges such as COVID-19, energy shocks, and prior fiscal environment disruptions.
The Bank of England noted that the feedback from Norfolk businesses aligns with sentiments across the UK and echoed previous public comment to attendees that underlying inflationary pressures are consistently decreasing.
Nova Fairbank, Chief Executive of Norfolk Chambers of Commerce, highlighted the importance of the event, “The power of Norfolk Chambers is our ability to convene the Norfolk business community and ensure their voice is heard at all levels. Hosting this frank and open discussion with the Deputy Governor of the Bank of England is a testament to our role as the voice of Norfolk businesses. Opportunities like this demonstrate the unmatched influence and access that the Norfolk Chambers provides.”
Norfolk Chambers remains committed to championing the interests of the business community and delivering tangible policy impact. To learn more about our policy work and how you can get involved, visit NorfolkChambers.co.uk.
ENDS
Notes to editor
*The QES survey was conducted by the British Chambers of Commerce to nearly 5,000 respondents between 11th November and 9th December, including those in Norfolk.
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About the Norfolk Chambers of Commerce
The Norfolk Chambers is a not-for-profit independent business membership organisation and is one of 53 accredited Chambers by the British Chambers of Commerce.
We are a business membership organisation, from start-up businesses, small and medium enterprises, and on to global brands, the Norfolk Chambers of Commerce embraces and represents the County’s business community.
We provide networking opportunities, share knowledge, offer business services, signpost to business opportunities and inspire innovative thinking to enable companies to do better business. Our voice is your voice, amplified through established connections, to ensure that politicians both local and in Westminster are focussed on creating and enhancing the conditions that are most conducive for economic growth in our region. The Chamber’s long track record of 126 years and our diverse membership, make us the pre-eminent network and one of the most respected voices of business in Norfolk.
