Trade sanctions seek to deny Russia access to the goods, technologies and revenue necessary to pursue its illegal war. The aim of this notice is to prevent the undermining of trade sanctions, export controls, and other restrictive measures designed and implemented in response to Russia’s invasion of Ukraine. Awareness of the risk and obligations in relation to sanctioned goods is an important first step for trade.
Reacting to the news that the trade deals with Australia and New Zealand will come into force on May 31, Julie Austin, International Trade Quality Manager at Norfolk Chambers said:
“It is good news to hear that the free trade agreements with Australia and New Zealand will finally come into force at the end of the month.
“These deals will lower tariffs, simplify customs procedures, allow for greater freedom of movement for labour and provide stronger market access for the UK’s world-leading services sector.
“But the success of any free trade agreement comes down to whether businesses use it, so it’s vital the Government shouts from the rooftops about these new opportunities.
“A recent BCC survey also found almost a quarter of firms (23%) said finding a business partner or distributor overseas would encourage them to either start exporting or export more.
“We have strong Chambers in both Australia and New Zealand and will be working with them to get the most out of these trade deals for all our economies.”
Further details on the trade agreements can be found here, for Australia, and here, for New Zealand.
Find out how the Norfolk Chambers could support your business with International Trade here.
On Tuesday 19th September we held The Big Breakfast at Royal Norwich where we heard from our panel who covered topics discussed in our Focus Groups. Lots of great connections were made and some fascinating table discussions took place around phase 2 of the Norfolk & Suffolk LSIP.
A BIG thanks to our panel, James Ingham (UPP), Harry Harris (Swarm Training), Gemma Crane (Mindset-HR), and James Howells (Turning Factor) for sharing their views and advice on some key issues such as workplace wellbeing, skills, and more.
Thanks to Royal Norwich for providing a lovely full English breakfast and to our headline sponsors Turning Factor.
Businesses keep telling us that skills, recruitment and talent retention are major issues for them. The Big Breakfast gave us a brilliant opportunity to discuss these, our ongoing work on the Local Skills Improvement Plan (LSIP) and hear from industry leaders on what businesses can do to overcome those issues. We’ve had amazing feedback on the networking, roundtable discussions…not to mention the breakfast. All your insight will go straight into Phase 2 of our LSIP, and inform what we do next with our focus groups around the county.
Dean Pierpoint, LSIP Project Manager:
“It was great to see so many businesses attend The Big Breakfast to discuss skills and workforce development, a great networking buzz made for a very positive event for all involved.”
As we look ahead to 2024 and new opportunities for our members, we are seriously considering the economic viability of a business hub. It would have a mix of hot-desking space and longer-term desk rentals in the city centre – would you use it?
A well-curated space with a level of quality you would expect from a Chamber of Commerce. Everything you’d need to work effectively and productively, with the bonus of having our team on hand to support you.
Unexpectedly wet weather since Wednesday prevented the opening of the new bridge over the A47 at Postwick last night (Thurs-Fri).
Surfacing the new bridge was halted by persistent and sometimes heavy rain on Wednesday. The asphalt surface will not bind to the base layers if they are wet. It had been hoped to catch up yesterday (Thurs 15 Oct), but this was not possible and last night it was decided that it would not be safe to open the new bridge as planned this morning (Fri).
Instead, the old bridge across the A47 was kept open as the route towards Broadland Business Park, Thorpe St Andrew and east Norwich for traffic from the Acle and Great Yarmouth direction, and as the route to Postwick village.
Work on the new bridge will resume as soon as the weather allows. The aim is to open the new bridge, and close the old, overnight tonight (Fri) if possible. Traffic would then start using the new bridge tomorrow morning (Sat). Thiswill only happen if it is safe to do so.
Drivers are asked to pay particular attention to direction signs through the junction during this change-over phase. Norfolk County Council is sorry for last night’s late change of plan, which was for reasons beyond our control and in the interests of road safety.
Further information on the Postwick junction, including the new temporary traffic flows, the safety reasons for the junction layout and final routes for traffic,is available on Norfolk County Council’s website: www.norfolk.gov.uk.
The King’s Awards for Enterprise is the most prestigious award for UK businesses and can bring substantial benefits to winners, including increased staff morale, boosts to turnover and international trade, promotes greater recognition and excellent marketing opportunities.
The award recognises and rewards outstanding achievement in the following fields:
International Trade – Recognising companies that have demonstrated growth in overseas earnings;
Innovation – Recognising companies that have demonstrated commercial success through innovative products or services;
Sustainable Development – Recognising companies that have integrated environmental, social, economic and management aspects of sustainable development into their business;
Promoting opportunity through social mobility – Awarded for social mobility programmes that help people from disadvantaged backgrounds into successful working lives
Support is also available from Norfolk Lieutenancy. Please feel free to email us [email protected] to express an interest in the Award.
These awards are made annually by HM The King and are only given for the highest levels of excellence demonstrated in each category. They are judged to a demanding level and winners are invited to a Royal reception, are presented with the award by the Lord-Lieutenant of Norfolk and are able to fly the King’s Award flag at their head office and use the emblem on marketing materials.
The Lord-Lieutenant encourages Norfolk businesses to enter The King’s Awards for Enterprise.
Previous corporate winners in Norfolk have come from a diverse selection of business sectors and have included large and small businesses. Recipients of the individual award have been from varied social and professional backgrounds.
Reacting to the latest GDP data from the ONS, David Bharier, Head of Research at the BCC, said:
“Today’s GDP figure of0.1% growth for the three months to April further indicates the UK economy is trapped on a low-growth trajectory. Our own forecast expects 0.3% growth for the whole of 2023as our research continues to show that most SMEs are still holding back on their investment plans.
“Our forecast also expects a 4.7% decline in exports this year. Further upcoming changes on trade with the EU, such as new reporting requirements and import charges, will also add more pressure to exporters, many of whomhave seen diminished activity due to mounting trade barriers.
“Following three years of economic shocks, a stronger investmentenvironment could be created by easing the tightness in the labour market, tackling stubbornly high inflation, and significantly improving our trading relationships.”
Reacting to the latest ONS labour market figures, Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said:
“Today’s figures show pay for individuals may be improving, but the current situation offers little comfort to businesses up and down the country. Firms are still struggling to contain wage inflation arising from candidate’s expectations and workforce pay settlements.
“At the same time, recruitment issues remain a top concern for business. The latest research by the BCC shows record numbers of organisations reporting hiring difficulties – particularly in the hospitality, retail and manufacturing sectors.
“The fall in the overall number of job vacancies reflects a weakening economic outlook and BCC’s Quarterly Economic Forecast published last week predicts further growth in unemployment during the next three years.
“Underneath these headline figures the skills crisis continues and the labour market picture will remain challenging. Our message to policymakers is clear, invest in skills now for a more prosperous economy”.
Norfolk Chambers of Commerce:
Recent BCC research shows businesses are suffering from hiring difficulties, especially in hospitality, retail, and manufacturing – all sectors that Norfolk’s economy has in abundance. This further emphasises what was set out in our LSIP: the pressing need to invest in skills and employment opportunities. The concern over the growth in unemployment and the lack of skills is a key issue affecting many business in Norfolk.
The British Chambers of Commerce oversees a dynamic Network of 53 accredited UK Chambers with affiliates in over 75 international markets committed to creating a platform for businesses to shape the economy for the better. We firmly believe that international trade can make every company a better one. With more than 160 years of experience in the world of trade we know that once you open the door to overseas exports, then the possibilities for expansion are endless. That’s why we want to build a business community in the United Kingdom where more than half of firms export.
Our Chamber Network already does that, and we want to help thousands more do it too. In 2022, there was a continued expansion in UK services exports across the world – cementing our place as the globe’s second largest exporter of services. That needs to grow further. Now we need our goods exports to experience greater growth in the coming years.
Responding to the latest labour market data published by ONS this morning, Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said:
“Employers across the UK will welcome further signs that the labour market is cooling, but more must be done to ensure they can access the skills they need.
“Today’s data chimes with the picture we’re hearing from businesses. Our latest survey showed recruitment conditions eased in Q1 with fewer firms facing difficulties hiring.
“But significant challenges and pressures remain. Competition for skills, increased wage costs and high interest rates continue to ramp up pressure on businesses and act as a drag on investment and growth.
“More needs to be done to stabilise costs and bring people back into the workforce. While flexible and inclusive workplaces can help employers attract and retain skilled people, businesses will need support to increase their investment in workplace training if we are to tackle ongoing skills shortages.
“We need to see action from politicians to break down the barriers to work for everyone. The number of people outside the workforce because of health issues remains a particular concern.
“Getting the strong economic growth we all want to see will only be possible when the skills and workplace challenges are resolved.”
Reacting to the latest ONS trade data for July, William Bain, Head of Trade Policy at the BCC, said:
“Removing the effects of inflation, goods export volumes grew at a decent pace in July, with a 4.4% month on month increase in sales to the EU.
“But a key concern is the continued slowdown in momentum in UK services exports growth – which accounts for just under half of our overseas trade.
“The BCC is recommending that an Exports Council is established by the UK Government to use ONS and other trade data to evaluate, review, and take action to improve UK export performance and strategy.
“As the World Trade Organisation’s World Trade Report this week warned of the global economic consequences of moving away from open, free trade, we must redouble our efforts to open up markets for UK goods and services.”
Detailed Analysis
The data for July shows a 2.1% increase in UK goods export chained volumes (the measure which removes the effects of inflation) on the previous month, and a 0.4% rise in goods import chained values compared with June.
Exports to the EU rose on both the current values and chained volumes measures (by 4.4%) with increases in fuels and machinery sales (including power generators). Exports to the rest of the world experienced downward pressures from fuels, machinery and transport equipment.
Estimated UK services export performance remained at the same levels as in June – on both the chained volumes and current values measures. On services imports the picture was mostly static on both measures. On the chained volumes measure, UK services exports are still 2.9% lower now than in February 2020 at the time lockdowns were applied in many global regions.
Trade Deficit
Overall, there was a slight increase in the deficit for trade in goods and services by £1.2bn to £18.8bn in the three months to the end of July 2023.
A critical part of our mission to every business in Norfolk is to give them a voice. And one of the most important tools we have to do that is the Quarterly Economic Survey (QES).
The Q3 survey is now live and it takes just 3 minutes to complete. Put the kettle on and give us your view on the economy and how it’s impacting your business.
The QES is the largest independent business survey in the UK. This matters because the results are used by the Chancellor of Exchequer, Treasury, Bank of England, IMF and many others to make decisions that matter to you. They love the data from QES because it helps spot economic trends well before they appear in official statistics.
We love it because every 3-months we get to check in with all our businesses and turn that insight into influence. We do this through conversations with local and central government, shaping our events and development of programmes to support you.
How can I get involved?
All you need to do is follow the link and anonymously tell us what you think. It only takes a few minutes. Less time than you need to drink a cuppa.