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Commenting on the East of England statistics, Caroline Williams, CEO of Norfolk Chamber of Commerce said: “Unemployment in our region has seen the largest annual fall since records began over 40 years ago. The number of unemployed people is now below 2 million for the first time since 2008. We have also seen the largest annual fall in unemployment amongst our young people (18-24) since unemployment records began. Excluding those in full time education, there are now 468,000 unemployed young people, this is down nearly a third compared to last year.
The latest Labour Market Statistics reflect the results from the recent Quarterly Economic Survey, which also noted that whilst recruitment was strong, there had been a slow down. We are confident that the Norfolk and East of England business communities will continue to strive towards economic growth and prosperity and the creation of more jobs.”
Commenting on the labour market statistics for October 2014, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures confirm once again that the UK labour market remains strong. The significant fall in youth unemployment over the past year is a remarkable success story, despite the fact that it is above the national average.
“However, there are some areas of concern such as the slowest increase in employment for fifteen months, which suggests that the pace of economic growth is easing. While the fall in unemployment over the past three months was larger than the rise in jobs, this is because the number of people choosing not to seek work increased.
“With early wage increases remaining below 1% a year there is clearly no case for early rate increases – and we are pleased that this view is now widely accepted by the financial markets.”
Commenting on the report ‘Cutting Red Tape in Europe – Legacy and Outlook’ published today by the European Commission’s High Level Group on Administrative Burdens, chaired by Dr Edmund Stoiber, Caroline Williams CEO Norfolk Chamber of Commerce said:
“The sentiment of this report is in the right place; it tells us that the EU has listened to businesses’ concerns about the impact of burdensome regulations on competitiveness and economic growth. However, it remains to be seen just how far and how fast the EU will go in implementing these proposals.
“While this is often down to Whitehall over-interpreting EU law, there is no doubt that something had to be done at the Commission level to address business concerns. Impact assessments and better engagement with businesses will help to prevent unnecessary regulations in the first place, and make it simpler for businesses to implement those regulations that are important. This is all contingent, of course, on proper business and economic cost impact assessments being carried out.
It is also incumbent on governments to pay more attention to the actions of their MEP’s; too often burdensome legislation from Europe has been proposed or supported by UK MEP’s of all parties.
“However, reform shouldn’t stop with small and medium businesses – we want to see improvements for businesses of all sizes. This is essential if we are to see a vibrant and growing economy in Europe. The next step is for the EU to deliver on the single market for both goods and services, so that it works better for business. This should be a major objective of any future negotiation on reform of the EU.”
Norfolk Chamber of Commerce is currently drafting a ‘Business Plan for Norfolk’. The Plan will highlight what the Norfolk business community feel they need to ensure their businesses thrive and the Norfolk economy grows.
The plan will incorporate the key goals and aspirations taken from the New Anglia LEP and the Greater Cambridge Greater Peterborough LEP’s Strategic Economic Plans; the British Chambers of Commerce Manifesto for Britain; and input from the local authorities. The aim of the plan is to highlight the key opportunities and challenges facing Norfolk businesses.
As one size does not fit all, therefore Norfolk Chamber is surveying the key growth areas of Norfolk to ensure we encompass the different business opportunities and specific needs for each area.
The results of this survey will be incorporated into the overall Business Plan for Norfolk. The survey will take no more than 2 minutes to complete. – take the Thetford and A11 Corridor Business Survey now.
Norfolk Chamber of Commerce is currently drafting a ‘Business Plan for Norfolk’. The Plan will highlight what the Norfolk business community feel they need to ensure their businesses thrive and the Norfolk economy grows.
The plan will incorporate the key goals and aspirations taken from the New Anglia LEP and the Greater Cambridge Greater Peterborough LEP’s Strategic Economic Plans; the British Chambers of Commerce Manifesto for Britain; and input from the local authorities. The aim of the plan is to highlight the key opportunities and challenges facing Norfolk businesses.
As one size does not fit all, therefore Norfolk Chamber is surveying the key growth areas of Norfolk to ensure we encompass the different business opportunities and specific needs for each area.
The results of this survey will be incorporated into the overall Business Plan for Norfolk. The survey will take no more than 2 minutes to complete. – take the Great Yarmouth Area Business Survey now.
Norfolk Chamber of Commerce is currently drafting a ‘Business Plan for Norfolk’. The Plan will highlight what the Norfolk business community feel they need to ensure their businesses thrive and the Norfolk economy grows.
The plan will incorporate the key goals and aspirations taken from the New Anglia LEP and the Greater Cambridge Greater Peterborough LEP’s Strategic Economic Plans; the British Chambers of Commerce Manifesto for Britain; and input from the local authorities. The aim of the plan is to highlight the key opportunities and challenges facing Norfolk businesses.
As one size does not fit all, therefore Norfolk Chamber is surveying the key growth areas of Norfolk to ensure we encompass the different business opportunities and specific needs for each area.
The results of this survey will be incorporated into the overall Business Plan for Norfolk. The survey will take no more than 2 minutes to complete. – take the Greater Norwich Business Survey now.
On Friday 10th October over 80 delegates joined the Norfolk Chamber for a morning of economics, networking and a delicious breakfast at Dunston Hall, Norwich. With the opportunity to hear from two leading experts, Robert Woods, Director of Economics at HM Treasury and Phil Eckersley, Agent for the South East & East Anglia at the Bank of England.
The morning was hosted by the event sponsors Steeles Law who took delegates through the jam packed morning. They started with an economy themed networking activity got people talking on their tables creating a great atmosphere. This atmosphere carried on through breakfast and straight into safari networking where the delegates got to meet a whole new table of contacts.
It was then onto the main part of the breakfast to hear from our two key note speakers; Robert Woods explained the challenges the UK Economy faces and the government’s economic strategy. Phil Eckersley talked about the role of the Bank of England and the current economic outlook.
The breakfast finished with a Q&A where delegates got the chance to get some of their questions and concerns answered by the experts.
To view photos of the event, visit ourFacebookpage orGoogle+page
The Norfolk Chamber’s latest apprentices attended a graduation ceremony at EPIC Studios last week. Jack Edwards, Office Assistant Apprentice and Katie Downes, Events Assistant Apprentice collected their diploma’s at a special ceremony set-up by Apprenticeships Norfolk with the support of Norfolk County Council.
Both Jack and Katie have now gone onto full-time employment at the Norfolk Chamber of Commerce.
Jack Edwards – “When I opted not to go to University, I never thought I’d have the opportunity to ‘graduate.’ I couldn’t be more grateful for being given this chance!”
Katie Downes – “It was a great honour to receive my graduation scroll and celebrate my achievement, after all the hard work that was put in.”
The British Chambers of Commerce (BCC) published the results of its Quarterly Economic Survey for Q3 2014 today, Thursday 9 October 2014. The survey, made up of responses from more than 7,000 businesses across the UK, shows that whilst the Norfolk economy is still growing, it slowed in Q3. Balances for both Norfolk’s manufacturing and service sector exports were down on the quarter, highlighting the challenges facing Norfolk exporters.
A decline in the rate of growth in Q3 for Norfolk’s manufacturing sector reinforces the BCC’s most recent Economic Forecast that predicted economic growth would slow leading into 2015. BCC Director General, John Longworth says the results for domestic manufacturing and exports in this quarter may be the ‘first alarm bell’ to warn of slower economic growth.
Key findings in the Q3 2014 Quarterly Economic Survey:
Commenting on the results, Caroline Williams, Chief Executive of Norfolk Chamber said:
“Due to both sectors in Norfolk and the East of England reporting reduced order books for UK and overseas sales, this has resulted in a slight dip in confidence since the previous quarter’s strong results. Despite this note of caution, investment in plant and machinery and training remains constant and more manufacturers are reporting that they are operating at full capacity.”
“Recruitment remains an issue, with many organisations reporting difficulty in sourcing skilled staff. As skill shortages put pressure on existing wages, this may result in pay settlements becoming of greater concern. Both sectors are reporting that they anticipate a slow down in recruitment over the next 3 months. Inflation and interest rates have also been indicated as areas of concern for businesses in our region. Whilst the results are not as positive as the previous quarter, the Norfolk and East of England business communities will continue to strive towards economic growth and prosperity.
Commenting on the results, John Longworth, Director General of the BCC, said:
“The British economy has strengthened significantly since the recession but to say that strong growth cannot be sustained indefinitely is simply not good enough. To avoid sinking back into mediocrity we must steer clear of measures that dampen business confidence and press ahead with reforms to the business environment.
“As we predicted in our economic forecast, the strong upsurge in UK manufacturing at the start of the year appears to have run its course. We may be hearing the first alarm bell for the UK economy, but this need not be the case. The share of manufacturing firms across the UK operating at full capacity fell in Q3, signalling that there is more spare capacity in our production sector than previously thought. Concerns over the strength of the pound are also high and rising. Together with a worsening outlook for the eurozone, these factors reinforce the case against an early interest rate rise.
“The disappointing decline in exports highlights that we must do something radically different. Britain faces a major challenge in improving its trade performance, so we must waste no time in supporting trade opportunities to overseas markets which offer sustained growth. Only a concerted national campaign and sustained investment will allow more UK firms to look beyond our shores for growth opportunities.
“If we in Britain are serious about promoting business investment we must remove some longstanding barriers. Access to growth finance for small, ambitious firms remains insufficient. The business rates firms pay are the highest in Europe and a major disincentive for investment. We are calling on the government to freeze business rates for all companies until 2017’s planned full revaluation of premises, and perform a review and reform of the broken business rates system by 2022.”
David Kern, Chief Economist at the BCC said:
“These results point to continued UK economic growth, but the pace is easing. The signs of the slowdown are particularly noticeable in manufacturing, where all the key domestic and export balances recorded declines in Q3. The multiplier effects of a rise or fall in industrial production are important, not least for those regions of the UK whose traditional dependence on manufacturing industries remains high.
“Services remain more resilient than manufacturing, but there were disappointing declines in the service export balances between Q2 and Q3 2014. In contrast the Q3 results are positive for employment, cashflow and business confidence.
“Noticeable falls in all the export balances and increased signs of slower growth require a forceful policy response. UK growth cannot rely permanently on consumer spending, and on unsustainable current account and budget deficits. Unless exports and investment play a bigger role in growth, the recovery will stall.
“With inflation well below target and with earnings still rising annually by less than 1pc, it is clearly unjustified to endanger the recovery with a premature increase in official interest rates. To sustain growth, the MPC must reassure businesses that rates will only start edging up if and when objective circumstances require such a move. On its part, the Government must strengthen support for exporters and improve access to finance for growing businesses.”
In the build up to the B2B Exhibition we have created an event supplement to whet your appetite ahead of Wednesday.
If you didn’t pick up a copy of the supplement in today’s Eastern Daily Pressyou can download theelectronic version.
The supplement features the many reasons to visit the region’s premier business to business exhibition on Wednesday 15 October at Norwich City Football Club.
Make sure you’re there with;
Book your FREE advance tickettoday and to be entered into a prize draw to win one of four £25 Jarrold Gift cards.
Download the supplementhere.
Commenting on the manufacturing and industrial figures published today by the ONS, Caroline Williams CEO Norfolk Chamber of Commerce said:
“Year on year growth for manufacturing and total industrial output is satisfactory, but the more recent figures show clear signs of a slowdown. Manufacturing output eased between the first and second quarters of 2014, and the most recent figures show flat growth over the past three months – which points towards a further reduction for the third quarter of the year.
“Total UK GDP is now 2.7% above its pre-recession level, manufacturing output is still more than 4% below its pre- recession level. The sector has maintained much of its skills base during the downturn, however, manufacturing exporters are facing many challenges in the face of weak demand in the euro zone and a sterling exchange rate, which has recorded net rises over the past year. The manufacturing sector is now just over 10% of the total UK economy. It is still a very important driver of innovation export and investment, and its success remains crucial to a balanced UK recovery.”
https://www.ons.gov.uk/ons/rel/iop/index-of-production/august-2014/index….
Commenting on the announcement that the European Commission has given the new nuclear power plant at Hinkley Point in Somerset EU state aid approval, Caroline Williams CEO Norfolk Chamber of Commerce said: “After months of uncertainty, businesses will be relieved to know that the nuclear power plant at Hinkley Point has finally been given the green light.”
“The new nuclear plant will bring supply chain opportunities to local businesses in Somerset but also in Norfolk where there is already considerable expertise gained from working on Sizewell B. This decision is a major milestone in the move to get the same approval for Sizewell C which will bring considerable economic benefit and jobs to Norfolk and Suffolk. “
John Longworth, Director General of the British Chambers of Commerce (BCC) said: “While there are clearly many positives to talk of, we mustn’t forget the fact that delays, caused by indecisive governments, has been at the public expense. All parties must stop using energy policy as a political football, and instead work towards adopting a comprehensive, long-term strategy to guarantee the security of energy supplies.”
The agreement for Hinkley Point C
The Commission found that the long-term contract (Contract for Difference) and the guarantee constitute an appropriate and proportionate way for the UK to meet its need for secure, low carbon energy. The Commission’s decision leaves the key elements of last October’s agreements unchanged whilst it has reinforced measures designed to share potential future benefits with customers.
As proposed in October 2013, the Contract for Difference already contained a series of “gainshare” mechanisms in which customers would benefit if the project construction costs or equity returns were more favourable than forecast. The Commission, the UK Government and EDF have accepted reinforcement of the “gainshare mechanisms” in the package today approved by the Commission. EDF Energy has also committed that electricity from the proposed power station will be sold at market price and recorded separately from EDF Energy’s other electricity production. EDF has agreed that the fee for the Government’s proposed Guarantee of project debt be paid at commercial rates. The agreed guarantee fee delivers the equity return required by investors.
EDF chairman and CEO Henri Proglio said: “The approval by the European Commission is a major milestone for the Hinkley Point C project. Now EDF and partners have to finalise the agreements needed to reach a final investment decision. Building EPR reactors in the UK will provide huge benefits for both countries in terms of job opportunities, economic growth and skills, further strengthening France and United Kingdom fruitful partnership.”
EDF Energy Chief Executive Vincent de Rivaz said: “The approval of the European Commission demonstrates that the proposed package of agreements between the Government and EDF is fair and balanced for investors and consumers now and for the long term. “The Commission rigorously examined the costs of the project in detail, potential returns for investors and benefits for customers. The engagement with Brussels was thorough, demanding but constructive.”