The latest Bank of England Agents’ Summary for Quarter One 2017 has been published. Key highlights are:
Overall moderate rates of growth activity have continued
Investment intentions have picked up with points to modest growth ahead
The fall in sterling has resulted in higher manufacturing output
Moderate rates of activity growth has continued overall. Retail sales volumes growth had eased. It was expected to slow further during the year ahead as the fall in sterling fed through to higher prices, reducing households’ purchasing power. In contrast, export volume growth had picked up. That was due to the fall in sterling and stronger world growth.
Investment intentions had picked up, pointing to modest growth in spending in the year ahead. That reflected continued moderate demand growth and less uncertainty about economic prospects, particularly in the near term. But a lack of visibility of the United Kingdom’s future trading arrangements was weighing on longer-term plans for some contacts.
The fall in sterling was being passed through into higher manufacturing output and consumer goods price inflation. Business and consumer services price inflation had edged higher.
With the General Data Protection Regulation (GDPR) changes coming May 2018, Norfolk Chamber of Commerce are set to deliver a new event to help Norfolk businesses stay cyber safe. The Cyber Security Conference on Thursday 18 May 2017 will be a key event for the business calendar this year. With news headlines filled with the latest cyber-attack on corporate giants, organisations small and large need to be aware of the danger to their data. In May 2018 a new European regulation will come into effect meaning that businesses will have to completely re-think their data protection regimes. High standards are to be set on the accountability of how data is recorded, kept and processed. One of the biggest threats is the increase in fines from €500,000 to a maximum of €20m or 4% of global turnover. To visit the event webpage and book your place click hereNorfolk Chamber’s Chief Executive, Caroline Williams said: “We live in a fast-paced, global economy that relies more and more on data and information carried through cyberspace. Just as it is important for businesses to protect their physical property from intruders and potential theft, it is as important to guard against cybercrime. “The necessity of strong cybersecurity measures is self-evident and business needs to respond to this increased threat by adopting strict cybersecurity measures to ensure their continued economic growth. This event will give you the tools to help protect your organisation.” Hosted by Paul Maskall, Cybercrime Security Advisor and Coordinator for Norfolk and Suffolk Constabularies, this event is set to help your business avoid the €20m fine by bringing together speakers from a range of businesses and backgrounds; with the event featuring talks and live demonstrations. Speakers for the event are being sent from both local and national businesses including Birketts, FreeClix and PwC. Talks will cover topics such as the GDPR, inside threats, the Internet of Things, preventing attacks and more. Question and answer, networking opportunities and an exhibition will also feature on this half day conference agenda. The event is open to all businesses of all sizes and industries to attend to gain vital knowledge on cyber practise. If you’re a business owner, work in IT, Security or Tech, you’ll want to be there. Event sponsorship and stands are available now, as well as event tickets. Full details can be found online hereSpeakers Include: • Paul Maskall, Norfolk and Suffolk Constabularies • Kitty Rosser, Birketts LLP • Peter Freeman, FreeClix Ltd • Rahul Colaco, PwC Media Invitation Date: Thursday 18 May 2017, 9am – 12:30pm Venue: The Space, Norwich Members of press and media are invited to attend the event. An official photographer will be at the event and a selection of photographs will be available for use on request the following working day. If you would like to attend or arrange an interview with a speaker please email [email protected] or phone 01603 729708.
On Tuesday 28th March, over 30 delegates joined us to learn more about the business opportunities in Japan at the Holiday Inn, Norwich. The event proved to be an informative and relaxed introduction to the cultural norms of doing business in Japan as well as the allures of the Japanese market as part of our international event series. The venue provided the attendees with plenty of tea and coffee as well as spacious and comfortable setting on this sunny afternoon.
Norfolk Chamber’s International Trade Manager, Julie Austin, welcomed delegates to the event, introducing our four expert presenters from companies: Japan External Trade Organisation (JETRO), Integro Languages and Barclays. First up to speak was Daisaku Yukita, Deputy Director-General of JEtro, who highlighted the draws of the Japanese market and an overall impression of the challenges and solutions to doing Business in Japan.
Next up were Tom Bool and Shohei Yamaguchi from Integro Languages. Tom spoke about how crucial gaining linguistic support was in growing your business internationally. He then introduced Shohei, a Japanese national and head of Integro’s Asian languages division, who provided a crash course on what to expect from interactions with Japanese business community and the pitfalls to avoid.
The delegates were then provided with a delicious range of cakes and refreshments, allowing the opportunity to network with one another and discuss some of the subject matter introduced by our speakers.
Cake and tea consumed, Phil Ball, Director of Trade Sales at Barclays, then took to the podium to indicate some financial tips and issues when trading with Japan.
Julie also gave a short presentation on how the chamber can help your business to expand overseas. If you would like any more information on how we can help, please visit our international page or contact the team:
We closed the event with a Q&A session, after which, many delegates took the chance to talk further with the speakers and get in some final networking to make those all-important contacts.
Commenting on the Great Repeal Bill White Paper, Caroline Williams, Chief Executive of Norfolk Chamber said:
“Norfolk’s business community want certainty from day-one on the rules and regulations they will face when the UK leaves the EU. For that reason, we welcome the premise of stability and continuity at the heart of the Great Repeal Bill.
“A legislative transition of this size and scope has never before been implemented, and Norfolk Chamber and our Westminster office, the British Chambers of Commerce, will be working closely with senior civil servants and Ministers to ensure there are no unintended consequences for individual firms, for sectors or for business communities as a whole.”
Also commenting, Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC), said:
“The government must be exceedingly careful in its use of proposed fast-track powers, or risk blighting businesses with additional costs and burdens. As we have seen in the past, it takes only takes one poorly-drafted regulation to spark expensive court cases with wide-reaching consequences – and we are talking here about re-drafting thousands of pieces of the rule-book.
“In the fullness of time, businesses want to work with government to determine areas where maintaining equivalence with EU law is in our national economic interest, and areas where some divergence and change may be required. This will be a complex endeavor – better done right than done quickly.”
Commenting on the triggering of Article 50 by the Prime Minister, Theresa May, Caroline Williams, Chief Executive of Norfolk Chamber said:
“Now that Brexit negotiations are set to begin, businesses across Norfolk and the UK and their trading partners in Europe want answers to practical questions. A down to earth and sensible dialogue on the real-world issues, rather than verbal volleys between London and Brussels, would give Norfolk firms greater confidence over the next two years.
Mrs Williams outlined five key asks that Norfolk Chamber, in consultation with its members, would like to see 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.
“Norfolk’s business voice needs to be loud and clear over the coming months. If any business has particular concerns or worries, do pass them on to us. The British Chambers of Commerce, our Westminster office, is meeting with Ministers and senior civil servants daily and need to know how you feel.”
The Norfolk Chamber events team helped coordinate another successful and lively Your Future Careers event at Flegg High on Wednesday 22nd March. The event was attended by over 300 students from years 9 and 10 who all congregated at the main school hall to engage with local businesses about the careers available in a variety of sectors. Amongst the 16 businesses and higher education providers who donated some of their type to educate the students were Barclays, East Norfolk Sixth Form, UEA and Army Careers.
As well as the careers exhibition which took place, there were also a number of workshops which allowed the students to gain a more in depth insight into careers within healthcare and engineering. Workshop providers included Ian Robertson from SeaJacks, Paul Martin an NHS ambassador and David Sedgwick from KLM.
Overall, the event provided a valuable platform for businesses to enthuse and educate students about the work they do and the career paths students could potentially aim for when they reach school leaving age. Many students displayed a keen curiosity for the work the company’s do, with businesses commenting on how many insightful questions they all had. It also incited the students to consider what they may potentially like their futures to include, whether that be becoming an offshore engineer at SeaJacks, an apprentice at the NHS or attending one of the many colleges in their local area.
If you are interested in representing your business and enthusing young people about a career in your sector, please click here to register your interest.
The A47 Alliance are hosting an ‘Infrastructure and Economic Growth’ business breakfast, with the right honourable Mr John Hayes, Minister of State at the Department for Transport.
The A47 Alliance brings together stakeholders – including Norfolk Chamber of Commerce, the local enterprise partnerships, local authorities and other business representatives – along the entire length of the trunk road from Lowestoft to the A1 at Peterborough.
The Alliance was grateful to government for previously recognising the vital importance of the A47 in the trunk road programme from 2015 to 2020 (known as RIS1) as a nationally important strategic road, deserving of crucial funding to undertake key improvements along sections of the A47.
Moving towards announcements for the 2020 to 2025 programme (RIS2), we are inviting key businesses along the route in Norfolk, Suffolk, Lincolnshire and Cambridgeshire to a business breakfast.
Jonathan Cage, President of the Norfolk Chamber confirmed his attendance at the breakfast and said:
“Norfolk Chamber and the A47 Alliance members want to hear first-hand business views on the A47 and how this relates to the successful economic growth in our region.”
Martin Wilby, the Chair of the A47 Alliance said:
“We will use this important opportunity to update Norfolk businesses on the RIS1 schemes’ progress and hear directly from businesses in the East on what essential infrastructure improvements they would like to see happen to secure the future success of their businesses.”
The A47 Alliance’s ultimate goal is the full dualling of the A47 with appropriate grade separation. A fully dualled A47 will help to boost the economic prosperity of a large part of the East of England and make a significant contribution to the national economy.
The estimated cost of a fully dualled A47 is £1.4bn and through a combination of selected improvements, there could be up to 16,890 jobs created within 20 years, with an increase of £706m in economic output (GVA). As well as over 10,500 new homes.
Spaces are limited and will be allocated on a first come first served basis. To reserve your place please email: [email protected]
The Government’s stated target of agreeing a free trade agreement (FTA) with the EU within two years is inherently ambitious, according to an influential House of Lords body.
If the UK and EU are unable to agree an FTA within the two years provided for in Article 50, then preferential terms for trade between the UK and the EU would cease, and World Trade Organization (WTO) rules would apply.
In order to avoid that outcome, the Government must try to agree a transitional arrangement with the EU members of the House of Lords External Affairs Sub-Committee.
The peers have urged the Government “to establish at the outset of negotiations a clear strategy for a future transitional agreement, with specific proposals to what form it should take”.
The report Brexit: Trade in Goods focuses in particular on the potential impact that Brexit might have on trade in six sectors: chemicals and pharmaceuticals; capital goods and machinery; food and beverages; oil and petroleum; automotive and aerospace; and defence.
Goods dominate UK trade and the EU is our largest trading partner, Committee Chairman Baroness Verma pointed out.
Trade in goods between the two is worth almost £357 billion each year, she added, and it is therefore imperative that a trade deal with the EU seeks to avoid the imposition of tariffs on trade in both directions.
Baroness Verma also pointed out that non-tariff barriers can pose as significant or even a greater barrier to trade than tariffs – and warned that they would be more difficult to resolve in an FTA.
“The Government will need to make a trade-off between mitigating barriers to trade, and the exercise of regulatory sovereignty,” she concluded.
The official publication by the European standardisation body CEN Standard of Customs Competency for Customs Representatives (EN 16992:2017) has been welcomed by leading trade bodies.
CONFIAD, the Pan European Network of Customs Brokers and Customs Representatives, and CLECAT, the European association of freight forwarders, transport and customs-related services, said that it would promote professionalism, skills and knowledge in the customs representation within the EU.
Both bodies have promoted and financed the development of the CEN Standard.
Under the management of AFNOR (the French National Standardisation Body), it was developed by CEN, taking the Customs competency framework for private sector published by the European Commission into consideration.
Jean-François Auzeau, Chairman of the Customs Institute in CLECAT, said: “Whereas investments made to develop interoperability between electronic systems for the exchange of information, single window, etc will support daily operations in customs, a high level of expertise of the customs representative to secure compliance in the supply chain will remain critical for professionalism and good service to our shipper clients.”
In line with the criteria of customs competency required by the Authorised Economic Operator – Customs (AEO(C)) status in the Union Customs Code, the new Standard will support customs representation services offered by any customs representative in an EU Member State where the customs representative is not established.
At national level, each National Standardisation Body will now need to prepare and finalise the national publication of the Standard.
Described as a landmark agreement, the EU-Singapore Free Trade Agreement (FTA) is the first deal between the EU and a country in South East Asia.
Once it enters into force, the FTA will provide greater market access and will remove customs duties and other barriers to trade. Sectors anticipated to benefit particularly include pharmaceuticals, electronics, chemicals and food products.
Despite being concluded in October 2014, the FTA has not yet entered into force as, before it can do so, it must be ratified.
The ratification process has been delayed because the EU’s Court of Justice (CJEU) has been asked to decide on the areas of competence which apply to the European Commission and the EU Member States when it comes to making bilateral trade deals.
The Court’s opinion is expected in the first half of this year. In advance of the decision, both the EU and Singapore have reaffirmed their commitment to the deal.
On a recent visit to Singapore, EU Trade Commissioner Cecilia Malmström said that the FTA “will open doors and create opportunities for companies big and small, help to boost economic growth and investment, and create jobs”.
Noting that Singapore and the EU are longstanding partners with a shared belief in free and open trade within a rules-based global trading system, Trade Minister Lim Hng Kiang said that the new agreement will reinforce his country’s efforts to remain open and connected while strengthening its robust economic relations with the EU.
In 2016, the EU was Singapore’s second largest trading partner, accounting for 11% of its global trade. Singapore is the EU’s largest trading partner in the Association of Southeast Asian Nations (ASEAN) region.
On Wednesday 22nd March Norfolk Chamber held a thought provoking HR Forum that examined pay discrimination in the workplace. Over 25 members attended the topical session that was delivered by expert speakers from Howes Percival.
The afternoon encouraged stimulating discussions among HR professionals and business leaders, during a time of key changes in employment law. With new legislation coming in to effect in April 2017 requiring larger businesses to produce reports on the pay gaps between men and women in their organisations, there was plenty to talk about.
Nicola Butterworth, a solicitor at Howes Percival kicked things off with a general employment law update that covered a range of issues from changes to statutory payments to the ‘gig economy’. This led to an interesting review of recent landmark cases and an interactive Q and A session.
Howes Percival Partner, Graham Irons then went on to discuss the main feature of the session; reviewing the pay gap between genders in the workplace. Graham explained key details of the reporting requirements business will soon face and reviewed a number of fascinating pay discrimination cases.
Our next HR Forum will be held on 21st June. You can find more details about the event and book your place by clicking here.
Businesses across the Norfolk, particularly in rural areas, are still without reliable broadband connections, despite companies saying the availability of fully functional broadband is extremely important to their operations, according to the results of a survey released today (Monday) by the British Chambers of Commerce (BCC).
All Norfolk companies surveyed (100%) say a reliable broadband connection is important, (90% say extremely so), yet one in five (20%) suffer from unreliable connections (12% not very reliable; 8% not at all reliable).
The findings also show that firms in rural areas are at least twice as likely to have unreliable connections (30%) as those in towns (15%), inner cities (13%), and suburban areas (12%).
Smaller businesses are the most likely to suffer from unreliable broadband, with nearly a quarter (24%) of sole traders and 21% of micro-businesses reporting problems.
The survey suggests that more reliable connections would allow businesses to do more. Over half of businesses (54%) say if the reliability of their broadband connection was improved it would allow them to use more applications, particularly cloud-based services (24%), transfer of large files (16%), remote server access for employees (14%).
Nova Fairbank, Public Affairs Manager of Norfolk Chamber said:
“Norfolk’s business community report that our digital infrastructure is still not fit for purpose. Throughout the county, significant numbers of companies of every size and sector lack reliable internet connectivity – a basic requirement for businesses to operate efficiently in today’s world.
“Unreliable connections stunt productivity, causing needless delays, costs and frustration. While businesses across the county are affected, the BCC research shows that its rural areas and small businesses that are most likely to suffer. An unreliable connection acts as an obstacle to growth, and puts those firms most in need of support at a competitive disadvantage.”
Commenting on the national picture, Dr Adam Marshall, Director General of the British Chambers of Commerce, said:
“We’ve been calling on both providers and on government for years to fund the necessary upgrades required to deliver superfast broadband to business communities. Regulators, too, must ensure that firms actually get the quality and speeds of connection they are promised. While we welcome recent ministerial announcements about investing in 5G technology and efforts to build a world-class digital infrastructure in the UK, there is still a long way to go in getting the basics right.
“The immediate focus must be on providing all companies with connections that are reliable and of sufficient speed, which would boost business confidence and encourage firms to maximise opportunities for growth, trade and investment.”