Commenting on the launch of the negotiations, Chief Operating Officer Nova Fairbank, said:
“Business supports these efforts to develop an improved trade agreement with Israel to boost the supply of services between our countries.
“There are also opportunities to cut the costs of exports and imports through strong digital trade rules and more efficient customs regulations.
“An upgraded agreement could create future-proofed trading terms for years to come, raise investment, and increase the value of our export sales, which are currently worth £5bn a year.”
Anita Leviant, President of Israel Britain Chamber of Commerce (IBCC), said:
“The IBCC business community, in Israel and in the UK, very much welcome the significant steps taken by both governments with the upcoming negotiations.
“The UK is Israel’s largest trade partner in Europe, and both countries already have strong relations, tech, science and innovation cooperation as well as longstanding fruitful bi-lateral trade and investments.
“The IBCC team has been working during the last months, to gather feedback and comments from British and Israeli businesses in order to channel those to the governmental teams on both sides. They have been very keen to listen, remove barriers, update and upgrade the scope, volume and the quality of mutual business and cooperation between our countries into the future.
“It is a unique opportunity where businesses are involved and being heard at such a level, and we wish the teams on both sides a great mutual success.”
Commenting on the Office for National Statistics inflation figures for June 2022, Chief Operating Officer, Nova Fairbank said: “The rise in Consumer Prices Index inflation to 9.4% is the ninth monthly increase in a row and another record high. “That represents a huge amount of cost pressure that businesses and households across the UK have had to absorb. These costs are set to rise further with surges in energy bills coming down the track. “This squeeze on businesses’ operating costs is also reflected in the latest Producer Price Inflation figures which show a 24% rise in the year to June 2022, the highest level since records began in 1985. “Against that background it is no wonder that two out of three firms are telling us they expect to raise their own prices, and three quarters are reluctant to invest. “It is vital that Government sends business a clear signal that despite political upheaval it can still take action on the economy. Beginning a long-promised review of the Shortage Occupations List to ease the incredibly tight labour market would be a start. “The autumn budget must then be the main priority of the new Prime Minister and Chancellor – a chance for them to reset, rethink and get their house in order. “This inflationary surge sits alongside a poor economic outlook and unless the Government acts with urgency the chances of a recession will only increase.”
Commenting on the launch of the negotiations, William Bain, the BCC’s Head of Trade Policy, said:
“Business supports these efforts to develop an improved trade agreement with Israel to boost the supply of services between our countries.
“There are also opportunities to cut the costs of exports and imports through strong digital trade rules and more efficient customs regulations.
“An upgraded agreement could create future-proofed trading terms for years to come, raise investment, and increase the value of our export sales, which are currently worth £5bn a year.”
Anita Leviant, President of Israel Britain Chamber of Commerce (IBCC), said:
“The IBCC business community, in Israel and in the UK, very much welcome the significant steps taken by both governments with the upcoming negotiations.
“The UK is Israel’s largest trade partner in Europe, and both countries already have strong relations, tech, science and innovation cooperation as well as longstanding fruitful bi-lateral trade and investments.
“The IBCC team has been working during the last months, to gather feedback and comments from British and Israeli businesses in order to channel those to the governmental teams on both sides. They have been very keen to listen, remove barriers, update and upgrade the scope, volume and the quality of mutual business and cooperation between our countries into the future.
“It is a unique opportunity where businesses are involved and being heard at such a level, and we wish the teams on both sides a great mutual success.”
Image credit: Getty Images/Chambers Canva Pro 2022
Sizewell C has moved a step closer to starting construction after the Government today gave planning consent for the new power station in Suffolk. The DCO application was submitted in May 2020 and sets out the range of measures the project will take to mitigate the effects of construction and maximise the benefits for local communities. More than one thousand interested parties and statutory consultees gave evidence during the public examination which ran from April to October last year. Today’s decision is the biggest milestone so far in the approval process for Sizewell C. It follows four rounds of public consultation which began in 2012 and involved more than 10,000 East Suffolk residents. Carly Vince, Sizewell C’s Chief Planning Officer, said: “I am delighted that, after months of careful consideration, the Government has given planning consent for Sizewell C. It is a big endorsement of our proposals and supports our view that this is the right project in the right place. “I would like to thank the thousands of people in East Suffolk who contributed to our consultation sessions and the public examination. The input of residents, local authorities, environmental groups and many others has helped us to improve our plans. We will continue to work closely with them to make sure we minimise the impacts of construction and maximise the huge opportunities for the area. “Sizewell C will be good for the region, creating thousands of opportunities for local people and businesses. It will boost local biodiversity and leave a legacy Suffolk can be proud of.” Sizewell C is set to become one of the UK’s biggest net zero infrastructure projects, supplying reliable low carbon electricity to around six million homes. By displacing fossil fuel electricity, it will avoid around 9 million tonnes of CO2 emissions a year. Negotiations with the Government on raising funds for the project are continuing and a Financial Investment Decision is expected in 2023. Last month, the Government announced that Sizewell C could be eligible for funding using the so-called Regulated Asset Base (RAB) scheme which will drive down the cost of the project to consumers. Julia Pyke, Sizewell C’s Financing Director, said: “Energy costs will be lower with nuclear in the mix, so today’s decision is good news for bill-payers. The tried and tested funding arrangement we are proposing means that, by paying a small amount during construction, consumers will benefit in the long-term. “Sizewell C will give a big boost to jobs and skills in nuclear supply chain companies across the country. It will strengthen the UK’s energy security and play a key role in our fight against climate change. “Planning approval brings us closer to delivering the huge benefits of this project to Suffolk and to the UK.” Other approvals required before the project can begin construction include a Nuclear Site Licence from the Office for Nuclear Regulation and permits from the Environment Agency. https://www.edfenergy.com/media-centre/news-releases/major-milestone-government-grants-development-consent-order-sizewell-c Photo credit: EDF Energy
Recently we announced that our CEO Chris Sargisson will be completing his five-year term in July. From the 1st August, our COO Nova Fairbank will be stepping up to the CEO role. We asked some of our board members for questions they’d like to ask Chris and Nova. Chris: What is your proudest achievement in your time as CEO? Without a doubt, it’s been the positive results from the change/disruption piece which has been the theme of my five-year term. Positive is good given it was the task I was set and the reason I was recruited. The challenge when changing an organisation at its DNA level is it takes time, deliberately no ‘big bang wins’ and it’s a full-time job. You start with understanding the purpose and relevancy of your organisation both now and into the future, then you articulate this as a vision, mission, and goal, and then you breakdown every element; culture, brand, processes, pricing, offering, services and then rebuild to fulfil the new vision. This work has to run alongside the serious and privileged role of being the CEO to one of the region’s oldest and largest business groups which, guess what is also a full-time job. Nova: As the incoming CEO, what goals do you have for the Chamber? My goals are all based on continuing with the 10-year plan that Chris and I developed together. It will involve lots and lots of continued business engagement – leading to a better understanding of the business community, continued relevancy and visibility, supporting member-led demand and further digital innovation, and ultimately all of that will deliver greater growth for the Chambers. Nova: What advice would you give to the person who is taking over from you as COO? Run! No seriously, your team is everything and we are so lucky to have an awesome team. The team never ceases to amaze me with their passion, enthusiasm, skill sets, and their ability to adapt and multi-task to get the job done successfully. Chris: If you could give Norfolk Businesses any pieces of advice, what would it be (could be different for start-ups, SME’s, and larger businesses) Three words. Engage, engage, engage. Meet people who you don’t know, and seek and apply the knowledge you don’t have. Seek those in same roles in different sectors. Work is hard and if you’re not careful in occupying all your time, then you’re in danger of only knowing what you know. Nova: If you could give Norfolk Businesses wanting to grow in the next 5 years advice, what would it be? Know your market, know your team and understand what success looks like for your business. You can then reverse engineer the steps you need to take to achieve your goals. You also need to build in contingency and be prepared to adapt – the best-laid plans and all that! Chris: What has been the very best moment from the last 5 years in the business? This has been an amazing job, which of course at times has also been my most challenging job, (so far…worth pointing out that I’m not retiring!). There have been so many amazing moments which always have been due to amazing people I’ve met. So, on that bases, the very best moment would be our B2B event in 2021. The biggest event on our calendar which normally takes 9 months to plan. Covid restrictions only gave us 4 months and with real doubts that ‘if we build it, will they come ?’. The team pulled out every stop and burned all the midnight oil and pulled it off in spectacular, colourful style. For me, my role on the day was to visit every stand, 120 plus and (this still gives me goose bumps thinking about it) the feedback, the smiles, the laughter, and the business being done was just mind-blowing. The Chamber was back. Nova: What are you most looking forward to stepping into the new role? It is an honour and a privilege to be the CEO of Norfolk Chambers and I am proud to be entrusted with the care of the organisation. Our mission is to connect, support and give voice to every business in Norfolk, so I am most looking forward to continuing to deliver the mission. This will involve more engagement to help businesses to connect to each other and to help us to understand how we can best support them; the launching of our focus engagement groups to deliver a much louder and broader voice of business, which will inform everything we do, from events to lobbying. These focus groups will be spread across the whole of Norfolk, from the city to large towns, market towns and villages. They will be open to any business, from any sector, members and non members – we want to hear from everyone. We will be commencing these focus groups in late summer – so watch our website and newsletters for details of where the nearest focus group to you will be. Nova: You’ve already played such a huge part of the Chambers for the past (many, many years) what do you think the most crucial changes were in during Chris’ CEO ship and how are you hoping to continue that? That makes me sound ancient! But on the plus side it does give me a unique insight of how we used to do things, what works well, what is most important to the business community in Norfolk, and how we, as an organisation, need to behave and operate to ensure our continued success. I think the most crucial change Chris made was to put the customer at the heart of everything we do. The most critical question we now ask when considering any new concept or a potential contract is ‘how does this benefit the members?’ Another crucial change was the culture and ethos of the team – everyone has a positive ‘can-do’ attitude – all of which is designed to support the customer. Finally, we have also made great strides to ensure we are truly the Norfolk Chambers and that we are visible across the whole county. Find out more about the passing of the torch here Photo credit Norfolk Chambers
Commenting on the latest ONS Labour Market statistics released today, Chief Operating Officer, Nova Fairbank, said: “The labour market remains incredibly tight, in many cases affecting firms’ ability to maintain normal operations. Although these figures show the employment rate has risen it is having no noticeable impact on the overall number of job vacancies. “The problems in the labour market are restricting growth and choking off any hope of a recovery for many firms; as inflation, supply chain disruption and energy costs also add to their headaches. “But there are several avenues open to businesses and the government to shift this data in the right direction. “We need to bring more economically inactive people back into the UK labour market by offering flexible working practices, rapid re-training opportunities and a focus on workplace healthcare and support. “The Government must also reform the Shortage Occupations List criteria to include more jobs at more skill levels to give firms breathing space to train and upskill their workforce. “The huge number of vacancies is holding back productivity and growth, and employers are at their wits’ end.” Photo credit: Norfolk Chambers
Co.ngraulations to our International Trade Apprentice Ethan Saunders-Johnson for successfully completing his training as an authorised signatory for ATA Carnets. What are ATA Carnets?
Do you have to take samples with you on your overseas sales trips?
Do you participate in Overseas Trade Fairs or Exhibitions?
Do you ever need to take Professional Equipment overseas?
If you can answer yes to any of these questions, you may find that using an ATA Carnet will make the trip so much easier. The ATA Carnet is an international customs document that permits duty/tax free TEMPORARY import of goods for up to one year. Using an ATA Carnet cuts out the red tape for you at border points avoiding cash deposits and the like in the country of temporary importation. Find out more here Photo credit: Norfolk Chambers
On Thursday our Events Manager, Amy Wright, and Digital Marketing Apprentice Emma Jermany attended the Royal Norfolk Show. The annual event returned for 2022 after a 3-year hiatus for its 175th year and it attracted an estimated over 90k visitors and 700 businesses. Amy and Emma spent the morning visiting some of our Chamber member’s stands including UPP, EACH, Norwich High School for Girls, Norwich City FC, Buy Local, Plant Grow, Barnham Broom, Anglian Car Charging, and not forgetting the Big C who had a great interactive stand. They also visited the Beryl Bikes stand where they were offering prizes to win 100 free minutes by spinning a prize wheel. After enjoying the RAF Falcons parachute display, it was time for our networking session at the Hospitality Tent. Our COO Nova Fairbank and Amy Wright presented on the growth and Co.nnections for The Norfolk Chamber of Commerce followed by drinks and networking. It was wonderful to see and network with so many Norfolk businesses, we’re already looking forward to the show next year.
Measures for inflation are at the highest levels on record with over 4 in 5 (85%) firms expecting to raise prices and no sign this is levelling off
More than 4 in 5 (85%) cite inflation as a growing concern for their business, also an historical high
Three quarters (75%) of firms report no increase to investment in plant/equipment
The BCC’s Quarterly Economic Survey (QES) for Q2 2022 – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – shows key economic indicators flashing red. The survey of over 5,700 firms, including those in Norfolk revealed a weakening in the proportion of firms reporting increased domestic sales, investment intentions, and longer-term turnover confidence. Measures for investment and longer-term business confidence have slipped back Indicators for turnover and profitability confidence, as well as investment, all worsened from their Q1 positions. Firms expecting an increase in turnover over the next twelve months dropped from 65% to 42%, this is the lowest figure since Q4 2020 when much of the UK was under some form of lockdown. Confidence in profitability also took a significant knock with 30% predicting an increase, down from 50% in Q1. Nearly a fifth (19%) are now predicting a decrease in profits. Unsurprisingly, this declining confidence in business performance has affected firms’ plans to increase investment, with 3 in 4 (75%) saying they have no plans to do so (up from 73% in Q1). This metric has remained largely unchanged since Q2 2021. Inflationary pressures continue to exceed record highs 71% of firms now expect their prices to rise in the next three months, this is marginally up from 70% in Q1. None of the respondents expected to decrease their prices. Expected price rises are being felt most acutely in the retail and wholesale sector, and construction and engineering sector, both at 78%, with production and manufacturing only slightly behind at 77%. When measured as a net balance (the percentage of respondents reporting an increase minus those reporting a decrease), price expectations are now the highest since records began for this indicator in 1997 for both the manufacturing (+76%) and services sectors (+56%). When firms were asked which factors were driving price rises, 76% cited utility bills, 74% labour costs, 65% fuel and 55% raw materials. In the three sectors worse affected (Retail & Wholesale, Construction & Engineering, Manufacturing & Production) all three cited raw materials as the biggest factor. When asked what external factors were more of a concern to their business than three months ago, 88% of firms cited inflation. The percentage citing interest rates as a concern also rose for the third quarter running; nearly 1 in 3 (27%) reported interest rates as a concern, down slightly from 30% in Q1. Business activity remains buoyant but on downward trend 38% of respondents overall reported increased domestic sales in Q2, down from 45% in Q1. In the services sector, the balance of firms reporting increased domestic sales stood at +35%, compared to +49% in Q1. In the manufacturing sector, the balance of firms reporting increased domestic sales fell to +34% in Q2, the lowest level since Q1 2021. Nova Fairbank, Chief Operating Officer for Norfolk Chambers, said: “This quarter’s survey results clearly point to a weakening economic outlook amid unprecedented cost pressures and falling business confidence. “Domestic demand continues to show buoyancy, with almost half of respondents reporting increased domestic sales in the quarter. “However, indicators for structural business conditions such as investment, and cash flow, are showing no sign of improvement for most firms. “Inflation remains by far and away the top concern, with our survey measures going beyond anything we’ve seen before in the history of the data. “Norfolk businesses face an unprecedented convergence of cost pressures, with the main drivers coming from raw materials, fuel, utilities, taxes, and labour. The continuing supply chain crisis, exacerbated by conflict in Ukraine and lockdowns in China, has further compounded this. “Some sectors are far more impacted than others. Manufacturers, retailers, and hospitality firms have been sounding the alarm on inflation for 18 months. “Against this backdrop, it is no surprise that business confidence for the months ahead is waning as we enter a period of heightened economic uncertainty.” Responding to the findings, Director General of the British Chambers of Commerce, Shevaun Haviland, said: “The red lights on our economic dashboard are starting to flash. Nearly every single indicator has seen a deterioration since our last survey in March. “Business confidence has taken a significant hit and fears over inflation and cost pressures are at new record highs. “But it is not too late for the Government to take action to help businesses through these challenging times and put the economy on a more stable footing. “A cut in VAT on energy bills to 5%, and other steps to relieve the tax burden on firms to encourage investment are crucial. “Better infrastructure, a plan to address labour shortages and a unified long-term economic strategy to give businesses more certainty are also needed. “The Government must swiftly demonstrate that it is on the side of business if confidence to invest is to be restored. “Only then will we be able to return some momentum to the economy and find a pathway through the current difficulties.”
On the 28th June the Norfolk Chambers of Commerce team spent the evening paddleboarding with Go Paddle and Mark Keeler on the Norfolk Broads. The evening session provided opportunities for some team building, a chance to relax, and most importantly time to have fun. The session started with a demonstration of how to get on the board, how to stand and how to steer from Katie Baxter at Go Paddle. Once everyone had (not so) gracefully got on their boards we paddled out of the marina and started our journey towards the Ferry Inn, with a couple of team members testing the water temperature before we had left the marina! Once we had reached the Ferry Inn, after a quick rest and photo opportunity, we made our way back to the marina. It was then time for a bit of Simon Says which included kissing the water, press-ups, jumping, and mountain climbers all on the boards which resulted in more falls in the water! We have several paddleboarding events this summer including team sessions, individual sessions, and a Co.next session. Part of the proceeds from the session will be donated to East Anglia’s Children’s Hospices. Book your paddleboarding place here. About EACH – East Anglia Children’s Hospices We support families and care for children and young people with life-threatening conditions across Cambridgeshire, Essex, Norfolk and Suffolk. Our care and support is tailored for the needs of all family members and delivered where the families wish – in their own home, at hospital, in the community or at one of three hospices in Ipswich, Milton and Framingham Earl. Photo credit: Go Paddle
eBay has launched a new program to help small businesses in the UK by offering training and support. Visiting 12 cities over 12 months, the eBay Business Roadshow has already reached hundreds of small businesses across cities like Glasgow and Newcastle. The next stop? Norwich! eBay will spend over £1m to train small businesses and is offering the program in partnership with Small Business Britain and the British Chambers of Commerce. Small businesses attending each of the 12 regional Roadshows will be exclusively invited to apply for grants and support packages from eBay, the total value of which amounts to £1 million. This will be made up of two parts, with up to £250,000 available as grants, and up to £750,000 available as ‘Start and Scale Packages’ to support small businesses to set up and grow through eBay. Each winner will also get 1-2-1 mentoring with an eBay ambassador, over the course of one year, to help them accelerate growth. It’s only a few days before the eBay Business Roadshow comes to Norwich. With a jam-packed day of tailored content, expert panels, community networking and more – make sure to register today to claim your place. Register at Norwich.ebaybusinessroadshow.com What to expectGrant opportunities
As part of the eBay commitment to small businesses like yours, eBay will be giving £1,000 grants to sellers in each of the 12 cities they are visiting.
Networking opportunities and business inspiration
There are several sessions where you will be able to network with other businesses from the region. Snacks, lunch, nibbles, and free drinks will be provided during the event.
There will be a great seller panel, where you will be able to hear from local small business owners about how they’ve started and scaled their businesses, as well as hear from senior representatives from Norfolk Chambers of Commerce and eBay.
Expert-led sessions Whether you are just starting out or advancing your business online – get tips and tricks from our pool of eBay experts and special guests. Here is a taster of some of our sessions:
Starting and scaling on eBay: Hear from experts at eBay about top tips and guidance on how to grow your eBay business. These sessions will cover everything from starting on eBay, to using advanced tools like coded coupons to grow your business, to how you can use eBay programs like eBay Fulfilment to scale your business.
Building a sustainable business: Cian Armstrong from Sustainable Pathways, and Adam Bastock from Small99 will take you on a masterclass in everything you need to start and supercharge your business on its sustainability journey.
Small Business Seller Panel – How We Did It: Expect stories, insight, and tips from some our inspiring business-owners who have established and grown their businesses. Regardless of where you are on your journey, this is one session where everyone will take something away from.
You will be able to book a slot with one of eBay’s marketplace advisors on the day to answer any questions or get personalised advice on boosting your online business. Image courtesy of eBay