Across nearly all districts of Norfolk, levels of unemployment fell in June. Overall, the claimant count for Norfolk stood at 7,960, which was a drop of 320 claimants from the previous month. Norfolk is currently ranked 13th in a table of local authorities in the East and south East.
Every district except Broadland recorded a fall in their claimant count rate. Norwich recorded the largest fall in claimant numbers with a drop of 5.7%. King’s Lynn and West Norfolk saw a 2.8% decrease – a better result than the previous month. From a Great Yarmouth perspective, it continued a worrying trend from the previous month with a lack of a strong downward trend in claimant numbers. Their claimant count stands at 2,895 from a total of 2,960 last month.
Ordinarily it is expected that the Great Yarmouth claimant count falls drastically in the summer months, given the local job market’s seasonal pattern. Some on this anomaly can probably be assigned to the shift to full implementation of the Universal Credit, however a continuing trend would be a greater concern.
The British Chambers of Commerce (BCC) today (Thursday) publishes its Quarterly Economic Survey – the UK’s largest and most authoritative private-sector business survey. Based on the responses of over 7,700 businesses in Q2 2017, the results for both sectors indicate that the UK economy grew at a subdued rate in the second quarter of 2017.
The Norfolk services sector, a key driver of economic growth, saw indicators of domestic activity, employment and investment continue to weaken slightly in the quarter. Consumer-facing industries such as retail outlets and hotels reported weaker growth rates compared to B2B businesses in the quarter.
The survey shows Norfolk export sales and orders in the manufacturing sector falling from the previous quarter. Whilst services sector exports remained a mixed picture, with export sales increasing marginally but export orders falling by 4 points.
The balance of Norfolk firms expecting prices to rise has decreased across both sectors, but the percentage of firms reporting concern over raw material costs and pay settlements has risen.
The findings indicate that while confidence in future turnover decreased, the effect could be short-term, as confidence in overall profitability improved. Both sectors showed an increase of investment in training.
Key Norfolk findings in the Q2 2017 survey:
Overall, the figures for both sectors indicate static growth
The percentage balance of manufacturing firms expecting the price of their goods to increase over the next three months has fallen slightly from the near-historic-highs reported in the previous quarter (from +55 to +33), and fell in services from +39 to +29
However, manufacturers report continued pressure from the price of raw materials, with +82 reporting this as the cause of price increases (up from +68). Pressure from pay settlements also rose in both, rising from +20 to +27 in manufacturing and +21 to +49 in services
In the manufacturing sector, the balance of firms reporting increasing domestic sales rose slightly from +9 to +12, as did domestic orders from +6 to +10. The balance reporting export sales fell from +17 to +11 and export orders fell from +20 to +7
In services, the balance of firms reporting increasing domestic sales remained static and domestic orders fell from +13 to +8. The balance reporting increasing export sales rose from +6 to +13 but export orders fell from +4 to 0
The percentage of businesses in the manufacturing sector attempting to recruit fell somewhat but remain relatively high at 68%. Whilst the service sector increase slightly to 65% (up from 60%). Of those, the percentage of firms facing recruitment difficulties dropped but remains high in both sectors at 63% (down from 83%) in manufacturing and 67% in services (down from 81%)
Confidence across the board dipped in the second quarter. The balance of manufacturers confident that turnover would improve over the next 12 months fell from +35 to +23, and the balance for services from +42 to +31. The balance of manufacturing firms confident that profitability would increase remained static but in services rose slightly from +19 to +21
However, the balance of firms in both sectors reporting improved cashflow remains at historical lows, with manufacturing continuing to fall into negative territory from +2 to -15, whilst in services it rose from -6 to 0.
Commenting on the results, Chris Sargisson, Chief Executive of Norfolk Chamber said:
“The latest survey results, which reflect the outlook of companies in all sectors and locations across Norfolk, indicate that for many businesses growth is static at best, and at worst, beginning to slow.
“It’s time for the economy to be put back at the heart of the agenda, with a focus on creating the best possible environment for business growth all across the county. Government must play its part by tackling the issues that hold businesses back, including labour shortages, weaknesses in our physical and digital infrastructure, and high upfront costs which dampen investment intentions and firms’ growth potential. Any talk of higher business taxes to pay for politically-motivated spending must be quashed swiftly, to avoid undermining business confidence further.
“The subdued growth picture also underlines the importance of getting as much clarity on the Brexit transition as possible, as quickly as possible over the coming months.”
Nova Fairbank, Public Affairs Manager for Norfolk Chamber, said:
“The latest survey indicates that Norfolk’s economic activity remains subdued in the second quarter of 2017.
“The services sector activity stuttered a little with a number of the key balances weakening this quarter. Consumer-focused industries were the worst performers – further evidence that rising inflation is dampening their activity. Norfolk’s manufacturing results saw a definite slow-down and the longer-term trends suggests that the manufacturing sector’s contribution to overall growth will not be enough to offset weaknesses elsewhere.
“Rising inflation remains the key challenge for the Norfolk economy this year. Consumer prices are likely to keep rising in the coming months as the recent sizeable increases in the cost of raw materials, pay settlements and other overheads filter through supply chains.”
Preventing Discrimination in the Workplace Our forthcoming HF Forum, sponsored and delivered by Steeles Law, will focus on preventing discrimination in the workplace.
Seven years on from the Equality Act 2010, the employment law team from Steeles Law look at how the law has developed in this area, providing practical tips for ensuring equality and diversity in the workplace and avoiding costly claims in this sensitive area of HR management. This session will be delivered by expert speakers, Oliver Brabbins Director and Head of Employment and Robert Hickford, an Associate Solicitor at the firm.
The session will also cover essential recent and forthcoming developments in employment law including: Brexit’s impact on employment law – what we know so far; and a round-up of case law developments.
Norfolk Chamber members can book now for just £25+VAT.
One of Norfolk Chamber’s key priorities is helping to bridge the gap between business and education. Our Young Chamber programme is designed to help create stronger business engagement with schools and support the raising of young people’s aspirations and soft skills. There are many schools across Norfolk, who already do some great work achieving these goals, but how do you find them and what recognition do those schools receive for their hard work?
The new Young Chamber Enterprise Recognition Award is an award recognising and celebrating education establishments in Norfolk that are committed to improving the employability skills of young people in our region.
Bearers of this award will have evidenced a clear understanding of the local business needs and will be working to equip students with the necessary skills as well as creating opportunities for students to engage with local organisations. An education establishment with the Gold Tick award has shown the most commitment to student employability outcomes and has gone above and beyond in delivering a culture of enterprise.
The awards are free to enter and aim to provide a platform to not only to recognise the work already happening within education, but to create a springboard for new relationships between businesses and education.
The Enterprise Recognition Award scheme was devised and created by the Young Chamber Board, who worked in collaboration with stakeholders from both the business community and the education establishments. The Young Chamber Board members include: KakeCo, Aviva, and Norse Group.
Commenting on the new award initiative,Kieran Miles, Founder of KakeCo and Chair of the Young Chamber Board said:
“The Young Chamber is a fantastic opportunity to begin the breakdown of barriers between business and education. A lot of great work is being done on both sides, but we must bring these together for the success of our future workforce. By recognising the work already being done by education leaders in the county and local businesses rolling up their sleeves, we hope that the Enterprise Recognition Award will act as an invaluable tool in the region to celebrate, reward and support the development of these successes.”
Dr Simon Fox, Principal of Flegg High School said:
“We are delighted to be involved in the School Enterprise Recognition Award, and very proud to be one of the first institutions to participate in the scheme. The ability to receive recognition for all the excellent work we do to inspire young people into the world of work is a fantastic opportunity.
“The framework gives us the chance to test our own systems and provision and make sure we are doing everything we can to provide first-rate experiences for young people. It also acknowledges the strong links we have with local businesses, and let’s other organisations know we are proactive and keen to make connections, network and collaborate.”
Claire Holmes, Group HR Director at NPS Group said:
“As businesses we are proud to shout about the work we undertake with local schools within our community. We’re often asked to talk about what we do and the how we benefit local schools. I’ve heard the question time and time again ‘what are schools doing to work with local business?’ or ‘are schools doing enough?’
“In many cases, yes, they are, but where’s the forum for them to showcase this, to celebrate what they do, their innovations and to demonstrate where they excel in working with local business in the interests of their students? That is the backdrop against which we decided to develop and launch this accreditation. Many schools can be very proud of what they do, this gives the opportunity for all of the community to celebrate and share in that pride.”
Glyndwr Thomas, Finance Manager at Aviva UK said:
“I’m passionate about recognising people for the skills they have and making sure they have the chance to use them. Bridging the gap between education and business by creating opportunities to work together and collaborate is a big challenge; so we should recognise and reward the efforts being made by education establishments. With their excellent network of contacts, the Norfolk Chamber of Commerce is very well placed to help make the connection between education and business.”
Commenting on the publication of the Taylor Review, Chris Sargisson, Chief Executive of Norfolk Chamber said:
“The world of work is changing, and it is only right that employment law and practice change with it. Matthew Taylor has rightly recognised that the UK’s flexible labour market is a great source of strength and competitive advantage, but has also recommended some common-sense changes where grey areas have emerged in recent years. Norfolk firms already face high costs in addition to wages and we are pleased that he has acknowledged that, and has sought to avoid adding to these burdens at a time of uncertainty and change.
“Civic-minded business leaders across Norfolk have expressed concerns about the consequences of insecure employment in their local communities in recent years, and recognise there is a two-way bargain that needs to be struck that gives flexibility and security to both employers and employees. Civic businesses will also agree with Taylor on the importance of good-quality work, and opportunities for growth, development and workplace health.
“While the notion of a wage premium in exchange for uncertain working hours is superficially attractive, it could have unforeseen consequences, and push wage costs up elsewhere. Further expert consideration of the potential impact of such a measure on jobs will be needed.
“If the new category of ‘dependent contractors’ proposed by the review is implemented, it must have a clear legal definition to prevent any ambiguity or unintended knock-on effects.
“The government should consult widely with business and employees over the coming months to ensure any response to the Taylor Review is proportionate, fair and above all unbureaucratic.”
One month on from the General Election, the British Chambers of Commerce (BCC) today (Monday) publishes a post-election survey of over 2,400 companies, which shows that while businesses have a range of views on their preferred objectives for the UK in Brexit negotiations, there is almost no support to conclude UK-EU talks without a trade deal.
Asked to consider which option came closest to their view about what the UK’s Brexit negotiation objectives should be, the survey – carried out just after the election – showed:
34% said remain in the Single Market and Customs Union
28% said a comprehensive Free Trade Agreement and a customs agreement (the government’s pre-election objectives, set at the Prime Minister’s Lancaster House speech)
13% said remain in Customs Union only (no hard borders or tariffs, but limited scope to negotiate trade agreements with third countries)
11% said remain in the Single Market only (accept EU regulations and rules in return for full access to market)
2% said leave the Single Market and Customs Union, and rely on WTO rules for trade (leave without a trade deal with the EU)
Respondents were also asked about a transition period, and which of the following options they believe is best for their business:
46% said ‘a transition period of three years’
22% said ‘a transition period of longer than three years’
17% said ‘no transition period’
Chris Sargisson, Chief Executive of Norfolk Chamber said:
“The results 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, but there is near-universal consensus that a deep and comprehensive agreement is needed. ‘No deal’ isn’t seen as a viable option. Businesses in Norfolk and across the UK want a pragmatic settlement on the practical, real-world issues that affect their operations, not arbitrary political red lines.
“By more than three to one, businesses want a transition period on the way to a final agreement with the EU. This is critical to prevent Norfolk firms facing the prospect of repeated, costly adjustments to new trading conditions. If companies have to change their business model once in 2019 and again several years thereafter, the competitiveness and investment potential of our firms will be undermined.
“Getting transition arrangements on the negotiations agenda as quickly as possible would give our businesses – many of whom are considering big investment decisions now – the confidence to press ahead.”
Over 100 Norfolk Chamber members gathered bright and early at Sprowston Manor on Thursday 6th July for the summer instalment of the Norwich Business Breakfast. The event, hosted by the Chamber’s Chief Executive, Chris Sargisson, opened with a fun networking game of ‘1 truth 1 lie’ in which delegates tested their bluffing skills before tucking into breakfast. After breakfast, it was all change, with delegates taking part in a safari move, enabling them to speak with others in the room and dish out their business cards. It was then time to hear from the morning’s guest speaker, Sarah West, Managing Director at Full Mix Marketing. In this engaging presentation, Sarah advised the audience on the differences between B2C and B2B marketing and how their business should use a full marketing mix to achieve results. You can watch the video of Sarah’s presentation here. After a Q & A session with Sarah, there was time for a final round of free networking before the event drew to a close. The next Norwich Business Breakfast and AGM takes place on Wednesday 4th October. For further information or to book your place click here.
When goods are imported into the UK from a place outside the EU it will be subject to both Customs Duty and VAT. Unless there is some form of relief or duty suspension the VAT and duty are payable on import. Where there is no payment the goods will not be released by HMRC. After Brexit goods imported from the EU may also be subject to the same duty regime; this will depend upon the terms of the negotiations with the EU. It is, however, important to be aware of the reliefs that are available.
The most significant relief is VAT and duty deferment. This allows the VAT and duty payable to be deferred. The duty will be taken from the importers bank account in the middle of the following month. The VAT due will be payable on the importers next VAT return and this VAT can be reclaimed according to the normal VAT rules. Details of duty deferment can be obtained in Notice 101 and from HMRC by emailing them at [email protected].
Duty payable can be reduced by claiming a preference. This allows come goods to be subject to a reduced rate of duty depending on where they originate from. This is usually to help promote development in developing countries. Other duty relief schemes include:
temporary admission – goods that are imported for a specific use for a limited period (such as exhibitions and conferences). No duty is payable on import, but the goods must be exported at the end of their use
inward processing – goods imported for processing in the EU, and then re-exported after processing. The relief is that no duty is payable on the goods imported for processing and export
outward processing relief – this reduces the duty payable on goods that have been imported into the EU, if they have been previously been exported from the EU for processing. The duty payable is the duty that would be due on the imported goods, less the duty that would be payable on the exported unprocessed goods as if they had been imported
warehousing – goods can be stored duty and VAT free in an approved customs or VAT warehouse. Duty is payable when the goods move into free circulation within the EU
community system of duty relief – certain goods that promote culture and science can be imported duty free
duty suspensions or quota goods – some goods are subject to reduced or nil duty until a quota of imports is reached
returned goods relief – exported goods that are re-imported are free of duty
end-use relief – some goods are relieved of duty where they end up in certain specified products (such as aircraft or in the space industry).
In each of these cases imports are to be from countries outside the EU and exports are to countries outside the EU as Customs Duty is (currently) an EU levy. As a general rule the application for the relief must be made before the import or export occurs. Furthermore, the record-keeping requirements are strict, failure to keep the appropriate records will mean duty, and perhaps penalties, will be applied. More information on these reliefs can be obtained from HMRC’s helpline: 0300 200 3700.
New legislation adopted by the European Commission has increased the guarantee limit under Transports Internationaux Routiers (TIR).
With over 50 countries using the procedure, the TIR system is the international customs transit system with the widest geographical coverage. It enables goods to move under customs control across international borders without the payment of the duties and taxes that would normally be due at importation or exportation.
The new rules – which entered into force on 14 June – raise the guarantee limit in the EU from €60,000 to €100,000 per TIR Carnet.
Welcoming the move, the International Road Transport Union (IRU) said that the change to the TIR guarantee limits will ensure a better value customs transit system, with extra financial security and a more comprehensive guarantee framework for transport, trade and customs.
Overall, it will result in a more effective and robust system for customs authorities and the road transport industry, the IRU claims.
According to the IRU, the Commission has amended the existing legislation after efforts by the road transport body to establish a more competitive economic environment for road transport and international trade.
Countries outside the EU which will also benefit from the increased limit include: Armenia, Azerbaijan, Bosnia and Herzegovina, Iran, the Kyrgyz Republic, Serbia and Ukraine.
Any new countries acceding to the TIR Convention will also be able to benefit from higher limits.
The full text of the new rules – in the form of EU Regulation 2017/989 which amends the Union Customs Code (UCC) EU Regulation 2015/2447 – can be found at eur-lex.europa.eu.
A new initiative aims to encourage collaboration between British and Chinese companies on a range of innovative projects.
Taking the form of a memorandum of understanding (MoU) between representatives from the UK and from China’s Guangdong province, the initiative should enable more UK businesses to work with Chinese partners.
The MoU offers significant opportunities for UK entrepreneurs to partner with like-minded organisations and collaborate on business research and development (R&D) projects.
Guangdong is the largest provincial economy in China and a principal driver of the national economy, according to Innovate UK which will shortly launch a competition for UK businesses to collaborate with Chinese partners on projects to improve cities in the Guangdong province.
Available under the umbrella of the Newton Fund, the competition will focus on smart mobility, big data solutions that promote affordable healthcare and smart platforms for sustainable urban environments.
Innovate UK has also taken the opportunity to promote associated funding initiatives, including another Newton Fund competition which offers up to £8 million to UK businesses and researchers to work with Chinese partners on cutting-edge technologies that solve agricultural challenges in China.
Building on the last six year’s success, Norfolk Chamber bring you an unmissable opportunity to experience first-hand how digital technology is impacting on your business today – and tomorrow.
The digital revolution has changed the way we do business forever. It’s a 24/7 world. We’re always online. Always connected.
In this fully interactive experience you’ll be brought up to speed on how digital technology is shaping the future of business, and how you can maximize its potential.
Without the knowledge to embrace technology, many businesses are at risk of being left behind. Talking Technology aims to equip all businesses with the knowledge and digital skills to take advantage of upcoming tech advances.
Hear from local and national brands including Microsoft, Prison Voicemail, Ubisend and more who will guide you through key issues including –
· The rise of Artificial Intelligence
· Everything on Demand
· Gap in the Market
PLUS! Develop practical skills and take away top tips from four 30 minute invaluable workshops delivered by leaders in their field from Immersive VR, the User Story, Innershed and Integro.
To celebrate local success stories, we are bringing businesses from Norfolk who will share their experiences and expertise on a wealth of digital and technological issues in a series of lightening talks. Business getting involved include Tech East, Blue Sky Drones, Step into Tech and Foolproof.
All this, as well as a networking lunch, Q&A Panel and an exhibition featuring some of the region’s best businesses. Talking Technology is inspiring growth for your business through digital innovation and it’s unmissable!
A possible post-Brexit trade agreement between the UK and the USA was on the agenda when Dr Liam Fox, the UK’s International Trade Secretary, met US Trade Representative Robert Lighthizer recently.
During his first international trip since the general election, Dr Fox agreed with Mr Lighthizer that they will work to strengthen economic links between the UK and the USA.
Trade between the two countries is currently worth some US$230 billion a year. The USA is also the single biggest source of inward investment into the UK, while between them the two have an estimated US$1 trillion invested in each other’s economies.
Commenting after the meeting, Dr Fox said he was delighted to be making the visit to the USA – which is, he pointed out, the UK’s largest single trading partner, accounting for a fifth of all exports.
The talks underlined the shared interest in forging a closer trade and economic relationship, he added, including making progress on policy co-ordination, regulatory issues and expanding trade and investment.
“As our largest single trading partner, we have a strong foundation to build on as we start preparation on joint work to explore a future ambitious trade agreement once the UK has left the EU,” he concluded.
For his part, Mr Lighthizer described the UK as an invaluable trading partner for the USA and said that, as Brexit negotiations begin, he looks forward to working with Dr Fox and the US Congress to lay the groundwork for a future trade relationship, including exploring the possibility of a new US-UK trade agreement.
Meanwhile, the USA is committed to continuing discussions for improving trade and investment, and for co-ordinating action to address global excess capacity issues, Mr Lighthizer added.