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Yesterday, Prime Minister David Cameron and the Chinese President Xi Jinping signed a Strategic Investment Agreement for the construction and operation of the proposed Hinkley Point C nuclear power station in Somerset. The Heads of Terms of a wider UK partnership to develop new nuclear power stations at Sizewell in Suffolk and Bradwell in Essex has also been signed.

The signing has paved the way for the Hinkley Point C project to go ahead and sets the steps for a final investment decision. These include finalisation of long form documentation based on Head of Terms signed today, finalisation by EDF of its financing plan, final approval by the boards of EDF and CGN (China General Nuclear Power Corporation) clearance by merger control authorities in China and Europe.

EDF and CGN have signed the Heads of Terms of an agreement in principle to develop Sizewell C in Suffolk to a final investment decision with a view to build and operate two EPR reactors. During the development phase EDF Group will take an 80% share and CGN will take a 20% share. As part of the planning process, EDF’s initial proposals for Sizewell C were published in November 2012 and the first round of formal consultation with local communities has already taken place.

Caroline Williams, Chief Executive of Norfolk Chamber said: “This new nuclear programme will give the country the secure, low carbon and reliable electricity it needs as it renews old generating capacity and takes action on climate change. More importantly for our region, the signing of the Strategic Investment Agreement for Hinkley Point C will bring the development of the Sizewell C project a step closer. EDF are NorfolkChamber Gold Patrons and we will continue to work in partnership with them to ensure the local business community are engaged with the Sizewell C project.”

He Yu, Chairman of China General Nuclear Power Corporation (CGN) said: “Entering the UK’s nuclear market marks a new phase for CGN. At the same time this is also a triple-win for the existing nuclear energy partnership between China, France and the UK. CGN is highly committed to delivering safe, cost efficient, and sustainable energy and to supporting the UK’s goal of becoming a low-carbon society.”

EDF Energy CEO Vincent de Rivaz said: “Hinkley Point C and successive nuclear projects will guarantee the UK the reliable, secure low carbon electricity it needs in the future. Nuclear power will save customers money compared with other energy options and provide a huge boost to British industrial strength, jobs and skills both in Britain and abroad. Yesterday’s announcements are also good news in the fight against climate change”

Hear a quick policy update from Adam Marshall, Executive Director of Policy & External Affairs at the British Chambers of Commerce (BCC). He outlines his disappointment at the Competition and Markets Authority investigation report who appear to have ‘pulled their punches’ on the investigation into the SME banking market.

Norfolk County Council is to hold a fresh special meeting of the Council following a legal challenge to its decision to find an extra £9.9m for Norwich Northern Distributor Road. The meeting will be held on Friday 6 November (10.30am) at County Hall, Norwich.

On 2 September the Council voted by 59 votes to eight, with three abstentions, to accept offers by the Department for Transport and New Anglia LEP of £10m each towards a £29.9m increase in the cost of the NDR, and for Norfolk County Council to find the remaining £9.9m.

However, on 1 October a representative of the Wensum Valley Alliance announced a legal challenge to the way the Council reached this decision, and subsequently lodged an application for permission to seek Judicial Review on the basis that councillors were given ‘misleading information’.

Rather than contest this challenge, which could delay and increase the cost of the NDR, the Chairman of the Council, Cllr Rex Parkinson-Hare, has agreed to a further Extraordinary Meeting of the Council, which will be heldon 6 November. This will bring back the matter to members of the Council, to confirm they are taking the decisions with the requisite information before them.

At the meeting of the Council on Monday, 19 October, Council Leader George Nobbs warned Members that this further meeting might be necessary. He said the estimated cost of delay in construction of the Northern Distributor Road was around £0.5m a month.

Norfolk Chamber of Commerce attended Norfolk Constabulary’s eighth annual Norfolk Safer Community Awards (NOSCAs) last night.

As part of the Chamber’s partnership working with the Constabulary, it sponsors the Chief Constable’s Special Recognition Award. This year there were two sets of deserved winners for this award: Tony and Chris Callaghan, who survived the Tunisia shootings; and Detective Constable Sarah Mortimer and Police Constable Neil Smith, who had both supported the Witheridge family from Hemsby, following the murder of their daughter, Hannah in Thailand last year.

Nova Fairbank from Norfolk Chamber said: “Norfolk Chamber is proud to support these awards. All the winners and nominees should be congratulated for the contributions they have made and their continual efforts in ensuring Norfolk is a safe place to live and work.”

The State Visit to the UK of China’s President Xi Jinping is set to see the completion of a number of wide-ranging trade and investment deals.

Said to be worth £30 billion and credited with creating nearly 4000 jobs across the UK, the latest agreements are in addition to £14 billion worth of deals signed at the UK-China Business Summit last year.

Sectors set to benefit from deals being signed during the visit of the Chinese President include retail, energy, health and technology, financial services, aerospace, the creative industries and education.

It is also anticipated that agreements on commercial opportunities will see British and Chinese businesses forge stronger links.

UK companies looking to expand into China are expected to benefit from new export opportunities, with the retail sector alone said to be in for a £1 billion boost in export deals which will see British companies expanding into the Chinese market.

At home, the UK’s regions will benefit from Chinese investment, according to Ministers. Prior to the State Visit, Chancellor George Osborne showcased a selection of £24 billion worth of investment opportunities in the North of England.

The Northern Powerhouse will enjoy Chinese backing for infrastructure and regeneration investment projects such as the Atlantic Gateway (a series of projects connecting the Port of Liverpool to the City of Manchester) and Science Central (a cutting-edge development in Newcastle).

The State Visit will also provide an opportunity for the UK and China to discuss how they can better work together on global issues such as terrorism and extremism.

Norfolk Chamber of Commerce is proud to once again support the Lord Mayor’s Awards, and in particular sponsor the Customer Care Award. Helping businesses find new customers, and develop existing relationships, is at the core of Chamber activity. We’ve been providing help and support for the region’s commerce since 1896; always owned and directed by our business members, and always there for businesses of all sizes, and in all sectors.

Heather Garrod, President of West Norfolk Chamber Council said:

“West Norfolk’s businesses have always demonstrated the tenacity and resilience to survive in challenging times, and the innovation and attitude to flourish in brighter days. New technology will provide new opportunities to deliver even better customer care, but established concepts and beliefs, rooted in sound business practice, will underpin the level of customer experience that defines a successful business.

The challenge, to deliver such a level of customer care that is worthy of this award, has never been more demanding. Businesses in our region have raised their game to the highest levels and we are looking for those businesses who stand out above the rest. We are thrilled to be sponsoring this year’s Customer Care Award. It’s never been a more important barometer of West Norfolk’s commercial climate. “

For businesses domiciled in the Borough of King’s Lynn and West Norfolk, there are 9 categories to enter this year:

• Mayor’s Business of the Year
• Business Person of the Year
• Customer Care Award
• Apprentice/Trainee of the Year
• Independent Retailer
• The Community Event of the Year
• Contribution to the Community
• Small Growing Business (Up to 5 years)
• Leisure & Tourism Award

To view the criteria for the categories and to nominate a business online click here.

The closing date for nominations is 5pm on Friday 27 November 2015. The winners will be presented with their awards at a black tie dinner on the evening of Friday 4 March 2016 at the King’s Lynn Corn Exchange.

Commenting on the European Commission’s Single Market Strategy, Caroline Williams, Chief Executive of Norfolk Chamber said:

“At present the EU single market in services exists in name only – to the particular detriment of the UK, Europe’s services powerhouse.

So whilst the European Commission’s drive to make the overall market a more flexible and fairer place to operate is welcomed, Mr Juncker’s plan will be judged on whether a true single market in services and e-commerce emerges.

The European Commission’s new internal market strategy is heavy on measures, many of which appear more cosmetic than substantive. At first glance, it seems less than revolutionary. Firms in Norfolk, the UK and across Europe will hope it is not as light on real actions that make doing business easier.

Business enthusiasm depends entirely on whether these proposals make it easier to trade freely across borders.”

Ahead of the Chancellor’s Spending Review and Autumn Statement announcement on Wednesday 25 November, the Norfolk Chamber of Commerce with the British Chambers of Commerce (BCC) is urging the government to fix the deep-rooted structural issues facing the UK economy.

While the Norfolk economy continues to grow at a good pace, the slightly weaker numbers recorded in the BCC’s latest Quarterly Economic Survey, combined with major uncertainties over China and a continued weakness of the eurozone, are a stark reminder that the Norfolk’s economy remains in need of care and encouragement. Business wants three structural issues to be at the heart of the Spending Review:

• Fixing a dysfunctional business finance system
• Delivering business infrastructure fit for the modern age, including promised investments in road and rail schemes, long term energy security at lowest cost and upgrading our digital infrastructure
• Closing huge and worrisome skills gaps, to help young people succeed in tomorrow’s workforce and enable businesses to compete on the global stage

Caroline Williams CEO Norfolk Chamber, said:

“For decades, successive governments have created and disbanded a raft of business support programmes. The limited resources at the Chancellor’s disposal should target the structural issues that are holding us back – in training, infrastructure and finance.

“Norfolk Businesses broadly support the devolution of powers to local areas in England. If done properly, it can drive greater efficiency, accountability, and better results. However devolution must be done for sound business reasons, and not just for political gain. All devolution proposals should have a test, measuring their impact on businesses, before they are taken into legislation. There should be no business taxation without representation.”

The British Chambers of Commerce (BCC) has written to the Chancellor and set out what they see are the fundamental issues which reflect those of the Norfolk Chamber. See submission here

The BCC’s Spending Review submission outlines a business blueprint for the role of the state, and recommends that central government spending prioritises three areas:

• Delivering fundamentals outlined above, that are vital to supporting growth and productivity, including infrastructure, skills, and a stable tax system
• Intervening where market failure exists, such as improving regulatory oversight to support growth and accepting a role for the state in addressing structural issues such as access to finance
• Facilitating the development of markets that are vital to our economic future, including critical intervention in science and research, which underpin tomorrow’s business prospects

John Longworth Director General of the BCC said:

“Given that some areas of expenditure are ring-fenced, the challenge of delivering the remaining £20bn of fiscal consolidation must not be understated, and our ability to generate sufficient tax receipts has been hit hard by the recession.

“Businesses do support a leaner state overall. However it is unacceptable that programmes that do little to boost UK output are being protected at the expense of capital investment, the maintenance of key infrastructure assets, investment in skills and business access to finance. Fixing our productivity problem requires significant investment in people and infrastructure. Anything less and we will struggle to put our economy on a strong footing.”

Specific measures in the BCC submission include:

• Additional funding to clear the backlog of local road maintenance. A functional road network would result in fewer business hours lost queuing in roadworks and congestion (£1.4bn pa in additional spending)
• Safeguard the upgrades to the UK’s railway network (safeguarding £7.6bn pa budget)
• Ensure that any “national infrastructure plan” investment does not contribute to the debt target, meaning that central government expenditure is not burdened
• Invest in ultrafast broadband, including taking the lead in the introduction of 5G technology (£375m pa in additional spending)
• Improve HMRC service to business by match-funding investment in tax avoidance with investment in support and advice (£160m pa in additional spending)

Real terms protection of science and research budgets, and measures to protect IP, and translate this into practical application for the benefit of British business and the UK economy (safeguarding £4.9bn pa budget)

The British Chamber of Commerce in the Czech Republic along with Deloitte and UKTI are holding a webinar which will focus on opportunities related to M&A in industrial manufacturing in the Czech Republic.

The topics to be covered:

• Why is the Czech manufacturing sector attractive for UK companies
• How can UK companies access it (greenfield vs. acquisitions)
• What is the typical industrial M&A deal rationale
• How to structure a deal in the Czech Republic
• Case studies of industrial manufacturing deals

The webinar will take place on Wednesday 4 November 2015 at 10.00am (UK time).

For more information and register please click here

The responses from Norfolk businesses in the last quarter (Q3 2015) represented 37% of the total responses provided by the East of England. This was an increase of 7% on the Q2 response rate. The more businesses that take part – the louder the voice of the Norfolk business community will be.

The British Chambers of Commerce, together with the accredited Chamber Network, including Norfolk Chamber, run Britain’s most influential private business survey – the BCC Quarterly Economic Survey (QES).

The next fieldwork period for the QES will start on Monday 09 November 2015 and will be open for 3 weeks. But why should your organisation take part? Below are just a few of the reasons why you should take part in this important economic survey:

1. The QES is Britain’s biggest, and longest-running, private business survey.
2. It’s provided consistent data since 1989, and regularly receives over 7,000 business responses. Compare that to the average business survey, which garners a few hundred responses.
3. Norfolk responses represent 37% of the responses from the East of England. (East of England includes: Norfolk, Suffolk, Cambridgeshire, Essex, Hertfordshire and Bedfordshire).
4. It’s a leading indicator – often picking up big changes in the economy long before other surveys or official statistics.
5. The Bank of England’s Monetary Policy Committee uses the QES as one of its key benchmarks when setting interest rates.
6. HM Treasury and the independent Office for Budget Responsibility use the QES to put together their forecasts for the UK’s economic performance.
7. The European Commission uses the QES to assess the health of the UK economy when it makes policy recommendations for both Westminster and Brussels.
8. The Organisation for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF) use the QES when comparing the UK to competitors worldwide.

Details of the Norfolk QES results from Q3 2015 can be found on the Policy Section of the Chamber website. Historic Norfolk QES results can also be found in this location.

So what can your business do to contribute to the QES? During the fieldwork period, the survey can be completed electronically. There are several ways to access this online survey either:

• Visit the Chamber website under the QES section
• Use the link within the Chamber Policy news article
• Use the link that the Chamber can send direct to you

To be added to the Chamber’s QES email list, please contact Nova Fairbank or Jack Edwards by no later than lunchtime on Friday 06 November 2015. Emails: [email protected] and [email protected].

The online survey takes less than 3 minutes and your input is vital to help ensure that Norfolk business has a strong collective ‘voice’.