Commenting on the US Federal Reserve interest rates decision today, John Longworth, Director General of the British Chambers of Commerce, said:
“Given the current global uncertainty, the Fed was right to keep rates on hold for now, and avoid exacerbating the problem. We would urge the MPC to follow suit, particularly given the more mixed picture emerging from the UK labour market, and the recent disappointing trade and manufacturing figures.
“The Bank of England should keep UK rates at their current level until well into 2016 at the earliest, and when rates do start to rise – as they must eventually do – it is vital that increases are limited to small incremental rises, in order to maintain business confidence.”
Economic growth has grown solidly in the last year
Demand for commercial property has increased.
Recruitment difficulties continue to increase
The latest Bank of England Agent’s summary of business conditions for Quarter 3, 2015 was released this week.
The summary noted that overall activity has grown solidly in the last year, with increased demand being attributed to rises in real incomes and credit availability. However export driven growth is subdued.
Demand for commercial property has increased in pace with economic activity and investment in this sector had remained strong. In contract housing market activity has not picked up at the pace expected.
Recruitment difficulties continue to increase, with signs of building pressure on labour cost growth in the service sector. Service sector price inflation has remained modest and goods prices are lower than a year ago.
At today’s Bank of England Lunch, Tim Pike, the South East Agent for the Bank of England and Chamber members debated the confidence of the Norfolk business community in the current economic climate and how this is could be impacting on productivity in our region.
Attendees noted that whilst business confidence was dipping slightly, another key concern for many employers was recruiting skilled staff. Although apprenticeships were helping to fill some of the skills shortages, this was a long term solution and did not help firms to recruit the more senior skilled workers which are needed now. This is being particularly felt in the manufacturing, engineering and IT sectors. Also discussed at the lunch was Europe, the EU Referendum and the amount of regulatory burdens being placed businesses.
The future of cross -country rail services from Norwich to Liverpool, via Thetford has been secured. East Midland Trains has now extended its franchise agreement to 2018 and will continue to run the cross-country service.
Concerns had previously been raised that the agreement may cease, which would have resulted in the loss of the service, which links Norfolk to the west of the country.
Elizabeth Truss, MP for South West Norfolk was pleased that a deal had been struck. She said:
“The cross-country services provide a key rail route for residents in south west Norfolk. Not only does it allow for travel to the west of the country but also travelling via Peterborough offers the opportunity to connect to train services heading north and south.”
Also commenting on the Caroline Williams, Chief Executive of Norfolk Chamber said:
This route is critical rail link for our region and will help ensure that our economy is both accessible and competitive. Norfolk Chamber continues to lobby for improvements to our rail and road networks that will deliver growth for Norfolk and East Anglia.”
BBA Digital Media is a Digital-Out-Of-Home (DOOH) advertising platform, the first of its kind in Norwich: delivering cutting edge media to thousands of people and operating an extensive portfolio of advertising opportunities. We are an innovative and technologically advanced company, providing large and interactive digital signage screens in high footfall locations for customers to advertise on. We invite our partners to engage and inspire consumers through live data feeds, location-based content, mobile interactivity and much more on our digital screens across Norfolk.
Our digital screens open up new and exciting opportunities in digital out-of-home advertising across Norfolk, helping businesses engage with people through stunning, contextual advertising that can be delivered immediately at a touch of a button. Our portfolio of digital screens offers unrivalled flexibility for targeted multiple messages, links to social media, immediate editorial or showcasing dynamic content.
Our advertising provides both national and independent businesses with a fantastic opportunity to promote their businesses in a market leading and technologically advanced way, in order to engage new and existing customers in Norfolk. At BBA Digital Media, we hand pick our locations to capitalise on social circumstances where audiences are both readily abundant and easily captivated.
The Benefits Of Going Digital
Since the first digital displays in the early noughties, DOOH has experienced huge growth. Last year, UK revenues in the sector were almost £1 billion: this is close to the peak revenues experienced in the outdoor advertising sector prior to the recession. As a result, this year investment in digital display is high, with over £75 million expected to be ploughed into new technology and infrastructure.DOOH media has been building momentum in recent years through increased consumer exposure and operator revenues, resulting in digital signage ascending to the world’s 2nd fastest-growing advertising medium as it quickly becomes a vital component of the transitioning media ecosystem.Consumers rate DOOH advertising as the next most trustworthy medium compared with broadcast television (24% against 28%). Traditional print media comes next on 22% with online being ranked as the least trustworthy with just 3% of consumers.
Dynamic content control and cost-effectiveness – Using digital signage enables users to make frequent, rapid changes to the messaging conveyed to an audience.
No paper waste – Because digital signage doesn’t require the use of paper for printing, there is no need to dispose of old messaging when it becomes out-dated.
Audience engagement – Contemporary society has become accustomed to forms of media other than printed material, such as the Internet or television. Because it is a much more dynamic, multimedia-based communications channel, digital signage is very effective in harnessing an audience’s comfort level with multimedia, which helps to create a more engaging experience.
Targeted content – Because digital signage enables messages to be rotated, content can be targeted based on audience demographic.
Convenient accessibility – Digital signage messaging can be controlled locally or remotely, depending on the site layout. As a result, much less footwork is required to manage messaging campaigns, in turn saving time and expense.
This showreel from Grand Visual shows the powers of Digital Out-Of-Home advertising –https://lnkd.in/ejVczZb
Interesting facts and figures
Global Digital Signage market expected to grow to $23.76 Billion in 2020, with the UK leading in Europe
Last year, UK revenues in the DOOH sector were almost £1 billion
27.3% Rise in DOOH ad spend last year and now comprises around a quarter of the Out-Of-Home (OOH) total
15,000 advertising bus shelters are to be transformed from static to digital by 2016 in London
DOOH is an advertising medium which cannot be turned off, closed, missed or minimised. It’s live, data driven & dynamic along with being contextual, relevant and usful to its viewers.
72% of consumers recall advertising on digital screens.
86% of consumers say digital screens are noticeable.
80% of consumers find digital advertising screens to be informative.
Comparisonswith Traditional Media
Movement attracts: displays with motion advertising grabs the attention easier and gets more of a response
DOOH provides superior ad recall and retention than traditional media.
DOOH affords greater flexibility for creative schedules in facilitating a fast route to the target audience.
DOOH is often better targeted, communicating with consumers at a time when they are “ready to act.”
Indeed, the content is adaptable to local variations in demographics, buying patterns and interest.
Impact: dynamic content vs. static content in traditional advertising
Flexibility: an unlimited number of visuals
Adaptability: adapt and change your creations in real time, according to the time of the day or a particular event
The Chamber called for a strong rail franchise that would help support economic growth in our region, including: delivering a faster more reliable service; good quality journeys, with more carriages and seats; high standards of cleanliness and improved rolling stock.
Plans for 90-minute journeys between Norwich and London, state of the art trains and 180 extra services a week in next East Anglia rail franchise.
‘Norwich in 90’ proposals to be taken forward as government publishes its ambitious requirements for the next East Anglia rail franchise
Host of other improvements planned including state of the art trains, 180 extra services a week and free Wi-Fi
Bidders will also be required to hit challenging customer service targets
Passengers will be able to travel between Norwich and London in just 90 minutes as part of a massive boost to East Anglia’s railway that will also bring modern, state of the art trains, 180 extra services a week between the region’s cities and towns, and better journeys.
Bidders for the next franchise will be required to introduce at least two 90-minute services in each direction running between Norwich and London every weekday. Slashing journey times was a key recommendation of the government-backed Great Eastern Mainline Taskforce and will help to boost long-term economic growth in the region and beyond.
The next operator of the franchise will also be required to:
Introduce 180 additional weekly services, running on Mondays to Sundays to stations including Cambridge, Norwich, Stansted Airport, Southend and London Liverpool Street
Dramatically improve the quality of trains running on East Anglia’s network, providing a modern service with state of the art trains – extra points will be awarded to bidders who include plans to trial new technologies in rolling stock
Bring in free Wi-Fi for all passengers across the network
Meet challenging targets to reduce crowding on the busiest services
Put forward proposals for at least one additional 60-minute service per day in each direction between Ipswich and London
In addition, for the first time in a franchise, the Government will directly set challenging customer service targets for the operator and will monitor progress through independent ‘mystery shopper’ exercises and passenger surveys, with the operator expected to show clear year-on-year improvements. A financial penalty will be imposed if targets are not met. Until now, it had been up to the East Anglia operator to set its own targets for customer service and to report back to Government.
Jonathan Cage, Vice President of Norfolk Chamber of Commerce and Managing Director of Create Consulting Engineers said:
“Improvements to rail infrastructure in Norfolk have lagged behind the rest of the UK for many years. To ensure Norfolk businesses remain competitive and create jobs, we need a faster more reliable rail service with a good standard of rolling stock. We are pleased to note that the Government’s plans incorporate many of the improvements that we called for.”
Those businesses who regularly use the East Anglia rail network need to feel confident that their train will arrive on time and that they can spend the travel time working in comfort. An improved rail service will help enable the Norfolk business community to deliver economic growth and jobs into our region.”
Rail Minister Claire Perry said:
“For too long, passengers in East Anglia have not had the high-quality rail services that they deserve. Our ambitious requirements will change that by making journeys significantly better than they are now. These plans will also ensure that East Anglia finally has a rail network that supports its growing economy.”
“We have set out what we want to see bidders deliver as a minimum, but we are looking for bids that exceed our expectations wherever possible. It is now for the industry to step up to the challenge and tell us how they will make this happen.”
“Bidders will also be required to provide plans to end the practice of flushing waste onto the tracks by fitting controlled emission toilets to all trains. They will also be expected to invest heavily in improving stations, as well as creating a £9.5 million ‘Customer and Communities Improvement Fund’ to benefit passengers and the local community.”
More than 135 million journeys are made on East Anglia’s rail network every year, with around 4,300 trains every week serving London commuters, the regional hubs of Cambridge, Ipswich and Norwich, leisure travellers to Stansted Airport and coastal and rural resorts around the region.
Three train operators have been shortlisted to compete to take over the franchise:
a joint venture between Abellio and Stagecoach
First Group
National Express
The government expects to announce the successful bidder in summer next year, with the new nine-year franchise due to start from October 2016.
In Norfolk unemployment continued to fall in the last 3 months from 6,518 to 6,235
In the three months from May to July 2015, UK unemployment rose by 10,000 compared with the previous three months, but employment rose by 42,000 in the same period
UK youth unemployment fell to 15.6% between May and July compared with 16.1% in the previous three months
Total UK pay in the three months from May to July was 2.9% higher than for the same period a year earlier
Commenting on the labour market statistics for August 2015 published today by the ONS, Caroline Williams, Chief Executive of Norfolk Chamber said:
“Today’s UK job figures paint a mixed picture. It is disappointing that UK unemployment rose again, and there was also a slight increase in the number of people claiming unemployment benefits in August. The fall in the youth unemployment rate is also welcome news, although it remains considerably higher than the national average.”
“Norfolk continued to buck the national trend with the overall number of claimants for Job Seekers Allowance continuing to fall from 6,518 to 6,235 over the last 3 months.”
“Many Norfolk employers are advising that they are more confident about the growth of their businesses, however a large number of them state that they are experiencing difficulties in recruiting skilled workers.”
David Kern, Chief Economist at the British Chambers of Commerce said:
“Overall, the figures confirm our assessment that the UK recovery is progressing at a satisfactory pace, but the rise in unemployment also indicates that our recovery is still fragile and significant risks will persist in view of the uncertain international situation.”
“Though the further increase in average earnings may be of concern to the MPC, the rate of increase remains below 3% and in the short term does not pose a threat to the Bank of England’s inflation target. We restate our view that the MPC should not consider increases in interest rates until well into 2016.”
A new report by the University of Derby outlined that half of businesses have to improve the writing skills of their employees due to low standards.
The research found a ‘perception gap’ between young people’s belief in their skills and the view of the employers. Nine out of ten young people said they felt confident about their letter writing ability, but half of employers said they were spending time and money developing their workers’ skills.
Report author, Vanessa Dodd said: “Our research shows that letter writing continues to be an important skill for many types of work.”
Commenting on the findings of the research, Caroline Williams, Chief Executive of Norfolk Chamber said:“Soft skills and accessing a future workforce are key issues for the Norfolk business community. Norfolk Chamber is passionate about developing the talent of Norfolk’s young people. Soft skills include being able to communicate effectively, both orally and in writing; showing commitment and flexibility; and being able to be a team player.”
“Many businesses rely on the education system to help equip young people with the soft skills and attitude they need to successfully make the transition to work and we will continue to work with our education and business members to ensure that we work in partnership towards closing this gap and developing our future workforce.”
Hear a quick policy update from Adam Marshall, Executive Director of Policy & External Affairs at the British Chambers of Commerce (BCC). He outlines the surprise European Court ruling on mobile workers and the extension to the definition of working time, which will impact upon many UK businesses. Adam also looks at the UK economic forecast and the London Mayoral elections.
The Norfolk Chamber’s role is to articulate the voice of business to both Government and the Opposition Parties.
Caroline Williams CEO Norfolk Chamber said: “As the drivers of the local economy, the views of our business members must be taken into consideration through ‘participation not just consultation’. If we are to increase the number of local jobs,so needed by our residents, andin particular young people, retaining and building on business confidence is essential in additional to practical solutions to infrastructure, skills and broadband.”
Angela Eagle had been tipped as a potential Shadow Chancellor, but has been given the business brief instead as Shadow Business Secretary. She was also announced as Shadow First Secretary of State and will deputise for Mr Corbyn at Prime Minister’s Questions. The MP for Wallasey stood in the deputy leadership contest and was also a cabinet minister under Gordon Brown.
Congratulating Jeremy Corbyn MP on winning the leadership of the Labour Party, John Longworth, Director General of the British Chambers of Commerce, said:
“Businesses across the UK want a strong, effective opposition, no matter the political colour of the government of the day.
“We will be looking for the opposition to take a pragmatic and practical approach to business, recognising that wealth creation is the necessary prerequisite for the delivery of any political objectives. The role of business and economic growth in British society must be front and centre as the new Labour leadership develops its policy priorities.
“Britain’s businesses are the engines of job creation and economic growth. It is important that all governments and opposition parties recognise this fact if they want to achieve lasting results and change.
“We look forward to beginning a dialogue with the new Leader of the Opposition and his team in the weeks ahead. Firms will be encouraged by recent statements favouring much-needed investment in the UK’s inadequate infrastructure and skills.”
The British Chamber of Commerce with the support of the accredited Chamber network has written to the Rt Hon Lord Maude of Horsham the Minister for Trade and Investment regarding the increasing number of countries setting their own rules for the issuing of Certificates of Origin.
Caroline Williams CEO Norfolk Chamber of Commerce said: “If this proliferation is allowed to continue then the burden on exporters to comply will be onerous. This burden will fall particularly hard on small and medium sized companies without the resources to meet these requirements.”
The Chambers are calling for a stand-still in unilateral regulations and to reinforce efforts to successfully conclude the negotiations on the WTP Agreement on Rules of Origin (ARO) that have been in an impasse for over a decade
West Norfolk Chamber Council has called for Enterprise Zone status to be awarded to a King’s Lynn scheme that could deliver thousands engineering and manufacturing jobs.
Heather Garrod, President of West Norfolk Chamber said:
“Being awarded Enterprise Zone status would bring many benefits to the local business community: King’s Lynn would become a leading centre for manufacturing and engineering; 2,200 engineering and manufacturing jobs could be created; and overall it will help boost economic growth in West Norfolk.”
A proposal for the Nar Ouse Business Park on the outskirts of King’s Lynn is thought to be among a number of proposals from the East of England that could be considered by central Government. At present the body handling the proposals was unable to confirm whether the NORA proposal will be taken to the next stage for ‘Enterprise Zone’ status. But Alistair Beales, who chaired the King’s Lynn & West Norfolk Borough Council’s cabinet meeting last night, said: “The proposal does bring forward the possibility of development on this site even closer.”
A report was presented to Councillors which explained about the bid. Councillors also noted that the proposal would see improvements in the surrounding infrastructure, with a road linking the area of Nar Ouse Way with Hardwick Road.
New Anglia LEP are in overall charge of the application from the eastern region were unable to confirm if the NORA proposal would be submitted to Government next Friday. It also would not reveal other sites being considered in our region as it was ‘a nationwide competitive process’.
Chris Starkie, Managing Director of New Anglia LEP said:“Over recent weeks we have been asking councils across Norfolk and Suffolk to put forward sites for potential inclusion in a new Enterprise Zone bid. We have been assessing those sites against our Strategic Economic Plan, their potential for innovation and the government’s own criteria. As this is a nationwide competitive process we will not be revealing any further details until the bid is submitted.”
The proposal for the NORA site in King’s Lynn is part of the second wave of the scheme, which New Anglia LEP announced in July.