A recent announcement from TV Licencing: We offer our deepest condolences to the Royal Family following the death of Her Majesty The Queen. Her Majesty was the embodiment of public service. We know that many communities may wish to come together and observe the funeral of Her Majesty The Queen and so the BBC is providing local communities a TV Licence dispensation. The dispensation will allow any communal setting where TV is not usually watched, such as town halls, community centres and libraries across the UK, to screen the live programmes without needing to purchase a licence. We want to reach out to communities and those who are making arrangements to let them know that the dispensation is in place and therefore we welcome your support in making your service users aware. By law, if live television or BBC iPlayer is viewed on any premises, those premises must be covered by a valid TV Licence. However, in exceptional circumstances, the BBC can grant a dispensation for the temporary viewing of television, so long as the viewing is for the sole purpose of screening an event which is judged by the BBC to be of national importance. As the BBC Board has said, Her Majesty Queen Elizabeth II was a unifying figure across generations, communities and borders, who represented the very best of our nation. We are grateful at the BBC to have witnessed, recorded and shared so many of the special moments in her long life and reign. She will always be remembered with the greatest affection and admiration. For further information click here.
The Chambers inaugural engagement focus groups have now been held in both Norwich (Tuesday 06 September) and Great Yarmouth (Thursday 08 September) and the King’s Lynn group will meet on Friday 23 September. The inaugural groups were led by our CEO, Nova Fairbank. Norfolk Chambers mission is to connect, support and give voice to every business in Norfolk. The Engagement Focus Groups provide a platform for local businesses, both members and non members, to debate issues that are most important to you, and your business. They will help us to understand the immediate needs of the business community and will inform any lobbying and influencing we do on your behalf, using our dedicated team, our website, social media channels, and our digital platforms. Whilst we have kicked the Engagement Focus Groups off in the major city and towns, we are determined to represent businesses across the whole of Norfolk, and we will bring these groups to the market towns, villages and more rural locations in the upcoming months. Watch this space to see where the nearest group to you will meet. Click here to view our upcoming Focus Groups It has come to no surprise that the key points taken from the recent Engagement Focus Groups are concerns around the cost-of-living crisis and how this will impact businesses, as well as challenges with recruitment. Just some of the key points highlighted by the two groups were:
Everyone highlighted recruitment struggles around accessing skilled and experienced people
What will the cost-of-living crisis do to the wellbeing of those that either have to, or choose to work from home?
Independent traders are likely to be in the firing line as people tighten their belts – how can we support these businesses?
Older people already have a level of work experience – so accessing skills is not just for young people – how do older people upskill or re-skill?
Soft skills are still a challenge for employers – do we need to change our perception of young people and should we expect to have to teach them the soft skills we need?
Lots of uncertainty in the construction industry – cost of materials. Smaller projects are on hold until businesses know more
Need more apprenticeship advice and awareness for parents – i.e. demonstrate the wider benefits of an apprenticeship
STEM industry in the region are increasing with multiple projects in the pipeline however people are unaware of the supportive scheme running in the background to support people coming into the industry and those companies bidding for work.
Businesses used cash reserves to get through COVID period and no longer have these emergency funds to fall back on.
SME transport businesses with current pressures will be unable to fund the change to EVs which could force them to close.
Our thanks go to the amazing business contributors including: STEMPOINT East, Method Marketing, Osborne Creative, Access Creative College, Natwest, Chadwicks, Great Yarmouth Borough Council, East Norfolk Sixth Form, CJC Consultants, Impact Energy Consultants, Dan Morgan, Isle Architects, Coaching Limited and Nexus Tree Consulting We are now looking forward to the Engagement Focus Group in King’s Lynn – if you want to join in, there is still time to book your place. If you would like our Engagement Focus Groups to come to your town or village, please email [email protected] with your suggestions. Image credit – Rebecca Osborne, Osborne Creative
Reacting to the latest ONS figures on Trade for July 2022, William Bain, Head of Trade Policy at the BCC, said:“July was a better month for UK trade than the previous month. We are seeing trade in fuels, particularly oil and gas, at elevated levels. Vehicle and other mechanical engineering exports did well too. “We will be outlining measures which could consolidate the progress in this set of trade data over the coming months once the period of national mourning has come to an end.” Trade data overviewImportsOverall goods imports from the EU decreased by 0.3% (lower car imports from Germany and Spain were factors here) while goods exports to the EU rose by 7.9%. Fuel exports to the EU rose by £0.8bn in July alone, largely down to increased oil and gas exports to the Netherlands and oil exports to France. Non-EU goods imports fell by 1.5% in July 2022, offset by higher levels of gas imports from Norway and refined oil from Kuwait. Overall goods imports were 0.9% lower in July 2022 compared with the previous month. Exports Total goods exports in July 2022 rose by 6.7%, with a 7.9% rise in exports to the EU accompanied by a 5.4% rise in goods exports to the rest of the world. Exports of ships to Gibraltar, mechanical machinery items to China, and vehicles to the US and China were at the centre of the rise in rest of the world goods exports in July. The overall trade deficit (ex-inflation) narrowed in the 3 months to July 2022 by £2bn, coming in at £20.8bn.
Reacting to the latest ONS figures on GDP for July 2022, David Bharier, Head of Research at the BCC, said:
“Today’s estimated rise in monthly GDP for July 2022 by 0.2% shows that growth continues to fluctuate considerably on a month-by-month basis.
“The main driver of growth is the services sector following a fall in the previous month. However, the production and construction sectors have both seen a second consecutive fall in growth.
“The UK economy faces serious immediate and longer-term structural issues which could lead to quarterly recession by the end of 2022, and anaemic yearly growth after that.
“BCC’s research shows that business confidence is trending downwards, with inflation wiping out turnover and profitability for many firms and a record proportion facing recruitment difficulties.
“Last week’s announcement on support for firms’ energy bills will have provided some reassurance to business and should dampen one of the key sources of inflation, but further details of the scheme are needed to restore long-term confidence.
“The Bank of England face a delicate balancing act on monetary policy and while inflation is the dominant issue, further rate raises could compound the economy’s move towards recession.
“Crucially, while the war in Ukraine continues, we are unlikely to see a stabilisation in gas prices, and the economic outlook will remain challenging.”
A statement from Nova Fairbank, CEO of Norfolk Chambers of Commerce. “Norfolk Chambers of Commerce is greatly saddened to learn of the death of Her Majesty The Queen. “As the patron of our national body, the British Chambers of Commerce, she was a great supporter of the nation’s business community, for which we are incredibly grateful. On behalf of all of the Chambers team, our board members, partners, and the wider Norfolk business community, we would like to extend our heartfelt condolences to the Royal Family at this time on their profound loss.”
Reacting to the announcement of the new Prime Minister, Nova Fairbank, CEO of Norfolk Chambers, said: “We would like to congratulate Liz Truss on running a successful campaign to become the UK’s new Prime Minister.
“She must now take immediate steps to support the economy. The last few months have been difficult for everyone, time is running out and urgent action is needed to deal with the costs’ crisis.
“We believe the country has already entered a recession and that inflation will hit at least 14% in the months ahead.
“Like households, firms have been telling us of unsustainable rises in their energy bills and how difficult it is to find new fixed term contracts to buffer against further price hikes.
“Unless the new Prime Minister addresses these problems head-on then the economy will drift further into dangerous waters and the outlook for both businesses and consumers will be bleak indeed.
“The British Chambers of Commerce on behalf of the wider Chamber network set out a five-point action plan to support businesses at the end of August and sent it to the Treasury and Liz Truss’ team. It is now imperative that we see movement on our proposals.
The BCC five-point plan has the full endorsement of Norfolk Chambers of Commerce, which in turn provided evidence from the county’s businesses and is aimed at supporting businesses by:
Ofgem to be given more power to strengthen regulation of the energy market for businesses
Temporary cut in VAT to 5% to reduce energy costs for businesses
Covid-style support by introducing Government Emergency Energy Grant for SMEs
Temporarily reverse employer NIC and put money back into the pockets of businesses and workers
Government to immediately review and reform the Shortage Occupation List (SOL) to help bring down wage pressures and fill staffing vacancies
“We congratulate Ms Truss on her appointment as Prime Minister and strongly encourage her to adopt the Chamber network’s five-point plan. The plan is not solely about ensuring support for businesses. It is also about protecting jobs, securing livelihoods, and creating a vibrant and prosperous society for everyone. Good business is good for Norfolk, and we want to work in collaboration with Ms Truss and her new government to support local businesses, and the individuals that run them, to ride out this economic storm.
“Similarly, we are keen to ensure that Norfolk benefits from levelling up investment. At a recent campaign husting in Norwich, Ms Truss advised that, as the MP for South West Norfolk for the last 12 years, she had a strong understanding of the region and its strengths, but also the challenges we face.
“She promised to deliver levelling up for not just her constituency and Norfolk, but for the whole of East Anglia. She pledged to look closely at dualling the whole of the A47, as well as considering the commitment to the Norwich Western Link Road and the improvements of Ely railway junction – all of which would support economic growth, housing and jobs in Norfolk.
“Norfolk Chambers and our members look forward to collaborating with our new Prime Minister and her Ministers to deliver greater economic growth and opportunities for our region.”
Image originally supplied for a Dept. of International Trade webinar
The British Chambers of Commerce expects the UK economy to plunge into recession before the end of 2022, with inflation spiking to 14% and lingering weakness in growth expected to continue into 2024UK Economic Outlook – 2022
BCC has again downgraded its expectations for UK GDP growth for 2022 to 3.3% (from 3.5% in Q2) against a deteriorating economic outlook.
UK inflation is now expected to reach 14% in Q4 2022, an upwards revision of four percentage-points from its previous projection of 10%.
The BCC is now forecasting a recession for the UK economy this year, with negative economic growth for Q2, Q3, and Q4 2022
Short-term GDP expected to go into recession In the short term, the BCC is now forecasting a recession for the UK economy with three consecutive quarters of contraction between Q2 and Q4 in 2022. Annual expectations for GDP growth also continue to decline, with 3.3% forecast for 2022, significantly below the 7.4% growth recorded in 2021. However, unlike the Bank of England, the BCC expects the economy to grow in 2023, albeit at a very low 0.2%, with a slight increase to 1% in 2024. These anaemic predictions for GDP growth are in light of deteriorating economic conditions; rising energy costs, a decline in household spending and real wages; weaker export prospects and a pessimistic global economic outlook; poor investment conditions and weakening business confidence and cashflow. Many of these issues were initially caused by the global response to Covid-19 and have been further compounded by the war in Ukraine. Inflation to peak at 14% Businesses and consumers will continue to face exceptionally high costs as rampant inflation spirals upwards in 2022. Increased and more sustained inflationary pressure is now forecast for Q4 2022, as the Consumer Price Index (CPI) inflation rate is expected to reach a peak of 14%. This is up from the previous, already high, projected rate of 10%. The CPI rate is expected to slow to 5% in 2023, and finally return to the Bank of England’s target of 2% in 2024. The forecast for the Bank of England’s interest rate remains unchanged; the rate is expected to increase from 2% in 2022 to 3% in 2023 and 2024. Inflation is expected to outpace growth of earnings by over 3:1 in Q4 2022, with average earnings increasing by 4.5% in Q4 2022. Investment and recovery expected to be anaemic Business investment is set to grow at 2.7% in 2022, an upward revision from the Q2 forecast of 1.8%. This is likely to be driven by growth in building construction rather than spending on machinery or equipment. However, it is expected to increase by only 0.6% in 2023, slightly down from the 0.8% growth predicted in Q2. Overall investment is expected to grow by 4% this year but shrink by 0.4% in 2023 before rebounding to 1.1% in 2024. Consumer spending is now forecast to grow at 3.8% in 2022, a fall from the 4% predicted in Q2. Commenting on the forecast, Alex Veitch, Director of Policy at the British Chambers of Commerce, said: “Our latest quarterly economic forecast will not be of any comfort to either consumers or businesses. The extreme inflationary pressures already present are only likely to increase as we head towards Christmas; with the UK economy already thought to be in recession. Tackling these pressures must be at the top of the new Prime Minister’s inbox when they take up their position next week. “We have revised our projected inflation rate upwards by four percentage-points to a new high of 14%. Inflation is running rampant, and it is not only impacting the cost of doing business, but also the ability of some firms to keep their doors open. In January, the BCC found that 23% of businesses surveyed were looking to scale down or even consider closure in response to rising costs. “With prices spiralling out of control, they are expected to race ahead of earnings growth by a ratio of 3:1 in Q4 2022. This will undoubtedly impact consumer confidence, another key concern for businesses. “Action is needed now, and the BCC has set out a comprehensive plan for Government to provide vital support to firms. “Along with taxation and labour measures, the BCC business support plan includes key asks to help businesses with spiralling energy costs. These include Covid-style support by introducing a Government Emergency Energy grant, a temporary cut in VAT on energy bills to 5% to reduce costs for firms and increased regulation of the energy market for businesses by Ofgem. “Through our extensive research and forecast work, we know the problems currently facing businesses. Time is fast running out, the Government must step up to the plate and do what is needed to protect businesses, livelihoods and jobs.” Key points in the forecast:
UK GDP growth forecast for 2022 is 3.3%, 0.2% in 2023 and 1% in 2024
Following a contraction of growth in Q2 2022 by 0.1%, quarter-on-quarter GDP growth is forecast to continue to decline in Q3 by 0.1% and Q4 by 0.3%, before a slight increase in growth of 0.2% in Q1 2023.
Household consumption forecast is for growth of 3.8% in 2022, growth of 0.3% for 2023 and 1.1% in 2024.
Business investment forecast is to grow by 2.7% in 2022 before more than quartering to 0.6% in 2023, and then rising to 1.2% in 2024
BCC expects export growth of 2.3% in 2022, 1.8% in 2023 and 1.2% in 2024, compared to import growth of 7.7%, -3.8% and 1.6%
BCC expects UK unemployment rate of 3.8% in 2022, before rising to 4.1% in 2023 and 2024
CPI inflation is forecast to peak at 14% in Q4 2022, before falling to 5% by the end of 2023. Inflation is expected to drop back to the Bank of England’s 2% target by Q4 2024
UK official interest rates are expected to rise to 2% by Q4 2022 and then to 3% in Q4 2023, ending 2024 at the same level.
Our Co.next programme was launched in early 2022 to empower, engage and encourage young professionals across Norfolk. The programme has developed and grown providing valuable support, training, mentoring, and events. A gap in the market was brought to our attention by those 35 and under – the need to bridge the gap between leaving education and gaining knowledge, experience, and confidence to climb the career ladder. Our concept has been developed from idea through to fruition thanks to our first Advisory Board. The board is made up of seven young professionals on a variety of career journeys and have been at the heart of the programme. They have their feet on the ground, sharing their ideas and raising awareness of what support and guidance they actually need. All good things must come to an end, and our first Advisory Board has now completed their term as Advisory Board members. We’ve been so thrilled with their enthusiasm, ideas, and passion that we have since created a Co.next alumni that will be made up of all the Advisory Board members. Their input has been invaluable to getting Co.next off the ground and it’s important to us to continue with their support. James Groves, Co.next Board Chairman says “I am so grateful for what the initial Advisory Board bought to the Co.next initiative. Without them, it wouldn’t have launched with such energy, enthusiasm, and commitment, and for that, I am extremely grateful. I am so excited to keep them involved as we move forward and to get their insights into what we are doing and what we can continue to do to empower, encourage and engage the under-35 professionals of Norfolk. I am also excited to have the opportunity to have new, fresh young professionals join the advisory board and help move us into what should be an exciting year for Co.next.” With so many amazing young professionals in Norfolk, we want to give others the chance to make a difference too, and put their thoughts and ideas forward for the Co.next programme. We’ll be opening the positions soon so watch this space. See our alumni members here.
The region’s two leading business organisations have been handed a key role in helping to identify and support the delivery of the long-term skills needs of businesses. Norfolk Chambers and Suffolk Chamber of Commerce have been designated as the ‘employer representative bodies’ to run the Local Skills Improvement Plan (LSIP) across the two counties. LSIPs are a key initiative from the Skills & Post-16 Education Act and are designed to ensure a wider role for employers in ensuring an enhanced balance between the demand for particular types of skills and the supply of course from both FE colleges and private training providers. Nova Fairbank, Norfolk Chambers’ chief executive said: “Our LSIP will aim to reach many of the companies that have not previously engaged with the further education system. This will allow us to identify specific unmet needs and help to accelerate the delivery of courses to meet those needs. “These are exciting times for both counties and it’s great that the two Chambers have the opportunity to fulfil such a pivotal role in engaging employers with the skills agenda.” John Dugmore, Suffolk Chamber’s chief executive added: “This is good news for both Chambers and for the tens of thousands of businesses in Norfolk and Suffolk as LSIPs put the employer voice at the very centre of future skills planning. “Based on our existing strong and collaborative working relationships with the region’s colleges, universities, other training providers, county councils, other business bodies and the New Anglia LEP, we are confident that our LSIP will make a contribution to our regions’ improved competitiveness and growth.” The Chambers are part of a 32-strong cohort of chambers which will lead LSIPs across the country, supported by the British Chambers of Commerce (BCC). Jane Gratton, from the British Chambers of Commerce, said: “We are delighted that so many accredited chambers have been designated by the Secretary of State for Education. “The Chamber Network will use its convening power and deep knowledge of their local economies and communities to develop clear plans to address skills challenges faced by businesses. “This is an opportunity for employers to shape how their current and future workforce can access the right training to thrive in the modern, more digital and greener workplace.” In setting up the LSIP, Norfolk and Suffolk Chambers will launch a major engagement programme to reach as many businesses as possible with the aim of identifying the regions’ key skills needs. They will then work with the FE colleges, training providers and a arrange of enablers, including the voluntary sector, local authorities and other business organisations across the two counties to find ways in which these skills needs can be addressed.
Workers at Felixstowe port started an eight-day strike on Sunday (21st). Services being imported and exported from Felixstowe are likely to be affected for the next 8 days. The strike is likely to cause longer wait times for goods being cleared at the port, they have advised if possible to use other ports or delay shipments. With nearly 2,000 workers striking it has been estimated to disrupt more than $800 million in trade.
The Communication Workers Union (CWU) has called on its members who collect, sort, and deliver parcels and letters to take strike action on the following dates: • Friday 26 August 2022 • Wednesday 31 August 2022 • Thursday 8 September 2022 • Friday 9 September 2022 Due to these strikes, we may not be able to guarantee next-day delivery for any documentation produced in the days leading up to and after the strikes. The latest news on the strikes can be found here
Norfolk’s young people are making important decisions about their future career based on their A Level results, released today (Thursday 18th August). We are confident their hard work will have paid off with excellent results, but employers also value personality and experience. Now, it is time to think broadly about the opportunities available. Whilst university has been the traditional next step, it is not always the right opportunity for everyone. Whilst recent research has highlighted an ‘image problem’ with apprenticeships, many of Norfolk’s young people are seeing the advantages and benefits and taking this opportunity. Nova Fairbank, CEO at Norfolk Chamber said: “Young people have many options open to them and I would encourage those students who have received their ‘A’ Level results today to consider all options, including an apprenticeship. With modern advanced apprenticeships, young people can have a fantastic opportunity to access great training, develop skills and gain qualifications whilst working for an employer.” The following useful tips can help young people understand what options are available whatever their results:
Norfolk’s careers information, advice & opportunities website: Help You Choose for a range of courses available post A levels; degrees, Foundation Degrees, HNDs and other courses at the same level. You can tailor your search by educational establishment, subject, qualification or location. It tells you how to apply, and different sources of finance which might be available.