Chamber News

“UK companies will be keen to assist in the reconstruction of Ukraine and the first priority is going to be the economy. “To have a strong digital trade agreement in place from the get-go will provide a boost to e-commerce trade in both directions between our two countries. “This agreement should allow businesses and consumers in Ukraine to more easily buy the products and services they need. E-commerce comprises a growing share of the UK’s net trade so we hope companies will get user friendly advice from the Government to make the most of today’s agreement.”

We’re looking for our next Co.next Advisory board. Our Co.next programme was launched in early 2022 to empower, engage and encourage young professionals across Norfolk. The programme provides valuable support, training, mentoring, and events to those under 35 in the region. Our concept has been developed from idea to fruition thanks to our first Advisory Board. The board was made up of seven young professionals on a variety of career journeys and has been at the heart of the programme and they are now Co.next alumni members. We are now looking for cohort advisory board #2. Are you a young professional (35 and under) in Norfolk and passionate about supporting and developing what is on offer in the region? Do you see gaps in the skills market that aren’t currently filled? We’d love to hear from you! Read the full person specification here Co.next Advisory Personal Specification Apply for the Advisory board here. Submission deadline 9th December 2022.  

• Only 4% of businesses comprehensively understand the Retained EU Law Bill and its potential impact on them. 71% know no details or are not aware of the Bill at all.
• When asked which regulations they would keep, amend, or remove completely, over half (58%) of businesses said they had no preference.
• Across all business areas, approximately half of firms said deregulation was either a low priority, or not a priority at all.
• BCC calling for deadline on the REUL Bill to be extended until the end of 2026, with full reports needed on the impacts for trade within the UK internal market.

A new survey from the British Chambers of Commerce of 938 businesses, mainly SMEs, has identified low awareness of the Retained EU Law (REUL) Bill among businesses, as well as low levels of priority for deregulation. When asked how much they knew about the REUL Bill and its impact on them, only 4% of businesses said they comprehensively understood. A quarter (25%) knew some details, while 41% knew no details, and 30% were not aware of the Bill. Firms were also asked whether deregulation was a priority for them across the business areas of employment, health and safety, environment, planning and product safety regulations. Across all areas, around half said deregulation was either a low priority, or not a priority at all. Employment, planning, and environmental regulations had higher levels of prioritisation among respondents. 19% of businesses said deregulation of employment regulations was a top or high priority, with 19% saying the same for planning regulations, and 18% for environmental regulations. By contrast, only 12% said deregulation was a top or high priority for product safety regulations. When asked which regulations they would keep, amend, or remove completely, over half (58%) said they had no preference. 14% specified a regulation to remove, 14% specified a regulation to amend, and 14% specified a regulation to keep. For those stating a regulation to remove, a range of rules were cited, from ‘employment’ regulations generally, to the proposed UK Conformity Assessed (UKCA) mark, IR35, as well as other planning and health requirements. William Bain, Head of Trade Policy at the BCC, said: “Businesses did not ask for this Bill, and as our survey highlights, they are not clamouring for a bonfire of regulations for the sake of it. “They don’t want to see divergence from EU regulations which makes it more difficult, costly or impossible to export their goods and services. “This Bill could also create divergence within both Great Britain and with Northern Ireland. For example, food and environmental legislation are devolved issues. Welsh and Scottish governments could easily decide to take a different path and bring forward their own legislation around things like the use of pesticides or food labelling. “In these circumstances, the Office of the Internal Market for trade within the UK would need to be heavily involved. “While removing barriers to SMEs’ growth would be welcomed, any proposals to amend or repeal thousands of pieces of retained EU law must be carefully examined and should not be rushed.  “That’s why the deadline on this Bill must be pushed back to the end of 2026, to give everyone more time for the process to be consulted properly. Safeguards for businesses are also required, particularly for exporters and those trading within the UK so that additional barriers to doing business are not unwittingly created. “More widely, the UK Government must listen to businesses on all elements of the Bill and fully explain its rationale and the implications around which laws are expiring, being amended or repealed. “Most importantly, businesses and Government need to focus on the pressing issues we are facing right now. With a difficult 12 months ahead, we can’t afford to take away any resources that businesses need to keep afloat over the coming year.”

The team at ChamberCustoms has developed an interactive tool to help businesses who are exporting and importing to improve efficiency and save money.

This free tool will give businesses greater insight into their customs clearance compliance level.

 It only takes 5 minutes and once completed, the business will receive a free and confidential report highlighting areas that may need greater attention.

ChamberCustoms is our customs advisory and declarations service for UK importers and exporters, of all sizes and in every region of the UK. At Norfolk Chambers, we are here to help you and your business keep moving by providing a specialist customs advisory service that puts your business first.

https://www.norfolkchamber.co.uk/international-trade/chamber-customs/

• A third of SME goods exporters are not confident about final costs of shipping 

• Only a quarter of SME exporters say a weaker pound increases export sales margins  

• Half of SME exporters say it has become more difficult trading through UK and international ports 

A British Chambers of Commerce survey, of 486 businesses, for its ChamberCustoms brokerage service has found a third of businesses have little or no confidence on the costs they will pay to export goods. More than a third (34%) of SME goods exporters are either ‘never confident’ or ‘rarely confident’ about the final cost of shipping goods until they got the bill.  Only 12% are ‘always confident’, and 55% are ‘usually confident’. Half of SME exporters (47%) say it has become difficult to trade through UK or international ports since the start of 2022, while only 3% say it has become easier. 38% report no change. Businesses cited constant changes in shipping and transportation prices, unexpected customs charges, exchange rate volatility, delays at borders and fluctuating fuel costs for the uncertainty. The same research also discovered that SME exporters generally do not regard a weaker pound as beneficial to their business. Half (50%) say a weaker pound generally corresponds to an increase in input costs, while 8% say it corresponds with a decrease. Only a quarter (26%) say it corresponds with an increase in export sales margins, while 29% in fact say a weaker pound corresponds to a decrease. Liam Smyth, Managing Director of ChamberCustoms, said:  “In the face of a recession and a cost-of-living crisis it has never been more important to get Britain exporting. “But we face an uphill challenge in persuading more firms to trade overseas when so many of them feel there is a lack of transparency around costs. “It is very hard for businesses to build an operating model for their exports when they can’t establish what their sales margins will be. Some of the blame for this can be laid at the door of global supply chain disruption which has caused big fluctuations in shipping and transport costs. “But there are also serious issues with the additional time being taken to process paperwork, and then delays at the borders when it is not done right, with four in 10 firms telling us trading through ports has got more difficult. “That’s why the shift to a digital system of trade is so important, moving on-line can ensure that checks can be carried out beforehand to smooth the export process, removing a big chunk of the uncertainty. “This is especially important for smaller firms, given the challenges of the current economic climate. With a weaker pound not appearing to offer exporters much of a competitive edge, they will be looking for any means possible to reduce their costs and increase their margins. “The UK Government also needs to focus on pushing awareness of free trade deals, especially among smaller businesses, and take decisive action on reducing some of the removable EU red tape costs for traders.”

“The challenges facing businesses in the UK labour market remain very much the same.  We have a critical shortage of skills and labour that is damaging firms and holding back growth. “Once again, the data shows the number of job vacancies remains at record highs, adding to inflationary pressures. “With confidence waning as we enter recession, and the expectation of even tougher economic times ahead, we may see more recruitment freezes, job losses and business closures. “But the underlying problem is unaltered – unless we address the ongoing mismatch of skills available and business needs, this drag anchor on the economy will persist and hinder recovery. “Concerns are growing about the numbers of people who are leaving the labour market through long-term illness – as well as those choosing early retirement. This will damage opportunities for individuals and the economy. “The government and employers must work together to solve the labour market conundrum.   We must look at ways to help people experiencing ill-health stay in work and to encourage skilled and experienced retirees to return to the workplace. “We need to remove barriers to work, by offering flexible workplaces, rapid re-training opportunities and better access to childcare and public transport. “And, crucially, we need to invest more in the training and upskilling of everyone in the workplace so that we are ready to grasp new opportunities for growth. The Chancellor has an opportunity on Thursday to start fixing the labour supply problem in our economy. If he misses it, growth will remain hard to come by.”

On Tuesday the 8^th of November Alex Sellers, Director of Operations at Turning Factor delivered a training session for young professionals. The event was based on the Myer-Briggs Type Indicator (MBTI) where the attendees learned their own personality types. The event, catered for by The Feed, saw attendees discuss their own personalities, including what they like and dislike from others and how they can use their personality to communicate better and understand other personalities. When asked about the event one attendee said “The event was extremely eye-opening, it explains why I get on more with certain people than others. I now analyse people using the Myer-Briggs Type Indicator when I meet them, it will definitely help with how I approach and talk to new people.” Another attendee said, “It was a small-ish group, so perfect for discussion without being too overwhelming – the topic was really interesting and very well delivered by Alex, who clearly knew his subject.” Find out more about our Co.next programme and events here.  

VolkerFitzpatrick has been appointed by Ørsted, the world’s most sustainable energy company, to deliver the installation of onshore cables for the Hornsea 3 offshore wind farm. The project (subject to Ørsted taking a Final Investment Decision on Hornsea 3) will see the installation of 240 km of onshore cables that will connect the offshore wind farm from the landfall at Weybourne in Norfolk to the Norwich Main National Grid Substation. Works are scheduled to commence in March 2023 with anticipated completion in 2027. Businesses from different sectors joined us on Friday 4th November to meet and discuss the opportunities to work on the Hornsea 3 project with VolkerFitzpatrick. Meet the Buyer was an opportunity for local businesses to sit down and have a 15-minute meeting with a representative from VolkerFitzpatrick to learn more about the project and showcase how their business can help. The outcome of the event was very positive with many businesses in Norfolk fitting the criteria required to work on the project. When asked how the event went, Adam Morris, Senior procurement manager at VolkerFitzPatrick said “Having a one-to-one chat with companies was a real benefit to us, we already have several follow-up meetings booked in and we hope to hold another meet the buyer event in 12 months’ time”. When speaking to Amy Wright, Events manager at the Norfolk Chambers she said “The event was a huge success, and it was great building relations with the Norfolk Business Community on this upcoming project. A big thank you to Norwich City Football Club for their hospitality on the day and we look forward to working with VolkerFitzpatrick in the future.” Thank you to GAP Group, UEA/Career Central, Apprenticeships Norfolk, Constructionline, Ainscough, Contractors and Plant Hire, Geosynthetics and VolkerFitzpatrick for having a stand at Meet the Buyer. If you attended the event, please scan the QR code below and leave your feedback

The Chambers Quarterly Economic Survey (QES), is the UK’s largest independent business survey and it is currently open for responses from local Norfolk businesses. The previous quarter’s QES showed that 39% of businesses believe that their profitability will reduce over the next 12 months. Q3 results showed that fewer businesses are reporting increased sales; only 33% of firms reported increased domestic sales, down from 41% in the previous quarter. Measures for inflation remained at a record high as more than four in five (84%) firms say it is a growing concern for them. Three months on, it is now time to ask again what Norfolk businesses think.  We need to hear from a wide range of Norfolk businesses – large and small to understand the true picture of the local economy. The QES only takes a couple of minutes to complete – it is anonymous and your support would be greatly appreciated. The QES Q4 is open for responses until midnight on Thursday 1st December.  Take part in the QES now. Photo credit: Getty Images/Chamber Canva Pro

The Norfolk Showground Arena has added 624 solar panels to its roof, providing enough power for the entire site. See the full story in the Eastern Daily Press article at the link below: https://www.edp24.co.uk/news/23122745.norfolk-showground-invests-200-000-arenas-solar-panels/ Image credits – Chamber Canva Pro 2022

• 47% of UK small and medium-sized enterprises (SMEs) say it will be difficult to pay their energy bills when Government support ends
• 4% say they will not be able to pay their energy bills after 31 March 2023
• Energy cost is the number one priority for businesses
• Over four in ten (41%) SMEs disagreed that tariffs available the last time they renewed contracts were affordable

A new British Chambers of Commerce (BCC) survey has found almost half of SMEs say they will find it difficult to pay their energy bills once the Government’s Energy Bill Relief Scheme ends on 31 March 2023. A further 4% say they will not be able to pay their energy bills at all, while 37% predict they will find it difficult to pay even when they are in receipt of Government support. Over four in ten (41%) SMEs disagreed that tariffs available the last time they renewed their contract were affordable. A further 29% said a range of tariff options was not available, while almost a quarter (24%) did not feel it was easy to change providers. A quarter of SMEs surveyed had renewed their electricity tariff since April 2022, while 22% had renewed their gas. SMEs that renewed their energy tariffs after April 2022 report more difficulties These firms were more likely to struggle to pay their energy bills going forward with 60% saying they will face difficulties paying after March 2023, and 7% saying they won’t be able to pay at all. Over half (51%) will find it difficult to pay their bills between now and the end of March, during the period of the Government’s Energy Bill Relief Scheme. SMEs who had renewed their tariffs since April 2022 also faced greater difficulties during the renewal process; 69% disagreed that the tariffs available to them were affordable, while almost half (47%) disagreed that there was a range of tariff options available. Commenting on the findings, Shevaun Haviland, Director General of the BCC, said: “Energy costs are the number one business concern, with 55% of firms saying it should be a top priority for the new Prime Minister. “It’s clearly worrying that almost half of SMEs say they will face difficulties paying their energy bills once the Government support runs out. But what is, perhaps, even more concerning is that 4% said that they will not be able to pay their bills at all after March 31. “With over 5.5 million SMEs across the UK, if this was replicated on a national level, over 220,000 small and medium-sized businesses would be in danger. “While current Government support is welcome, there is a cliff-edge looming, and firms will struggle to see beyond it. They need certainty on what will happen in April so they can plan with increased confidence. “Government should not forget those businesses that will not benefit from a new energy package but will continue to require support once the current scheme ends. There are other levers that Government can pull to relieve cost pressures, such as a reform of Business Rates to compensate firms that see energy support reduced or phased out. “There is also a lack of competitiveness in the business energy market. Firms are struggling to get quotes from different providers, and they are not guaranteed access to fixed-rate contracts. “Ofgem should be given more power to strengthen regulation of the energy market for businesses, ensuring suppliers offer fixed-rate contracts to business customers, and that competitiveness is increased.”

Reacting to the World Trade Organisation’s (WTO) World Trade Report 2022 released at COP27, Nova Fairbank, CEO at the Norfolk Chambers of Commerce, said: “World leaders will do well to pay attention to this report. The WTO’s call to action is clear – trade in environmental goods and services to mitigate climate change is also good for Norfolk jobs, productivity and investment. “It is so important that we seize this moment now; any failure to raise levels of green trade will otherwise damage supply chains, lead to production shortages, and weaken infrastructure in the future.   “We need to see a step change in the political response. The report finds green trade has multiplier effects in achieving the transition to low-carbon technologies across the world. Reducing tariff and non-tariff barriers now, could increase green exports by 5% by the end of the decade and cut global emissions too.  “Business is ready to meet this challenge – but we also need global leaders and trade ministers to step up and provide the trade opportunities that allow us to develop growth and lower carbon emissions hand-in-hand.” An executive summary of the WTO World Trade Report 2022 can be found here. Image: Chamber Canva Pro 2022