The previous quarter’s QES showed that whilst businesses continued to recover from the deepest recession on record, concerns were raised over the strength of that recovery.
Q3 Indicators, such as domestic sales and orders improved in the last quarter. However, it also revealed stagnation in the proportion of firms reporting improved cashflow and increased investment. Worryingly, firms’ expectations of price increases and fears about inflation are hitting record levels.
45% of the Q3 respondents reported increased domestic sales, with 63% of the hospitality sector benefitting from domestic sales as a result of restrictions being lifted.
However, 51% of companies reported that they expected prices to increase over the next 3 months and 60% cited concerns over inflation.
Three months on, it is now time to ask again what Norfolk businesses think. We need to her from a wide range of Norfolk businesses – large and small to understand the true picture of the local economy.
The QES only take 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 Monday 22 November. Take part in the QES now.
Last Thursday, we were delighted to co-host our second Co.llaboration with the incredible Stokely Howard, Founder of Trendy Grandad and his GEN-E young professionals networking event in Norwich. These have taken off spectacularly, selling out in just 24 hours – one week before the event itself.
86 young professionals met at Bar & Beyond in norwich to Co.nnect and network in a relaxed and welcoming environment. Attendees joined from across Norfolk’s thriving business Co.mmunity; from solicitors, accountants, HR professionals, to marketing specialists, entrepreneurs and even a magician!
A networking event created for young professionals to have engaging Co.nversations, opportunities and Co.nnections with their fellow peers.
GEN-E was launched as part of Co.next, a brand new concept from the Norfolk Chambers where we aim to provide dynamic events and learnings for the next generation.
This is just the beginning of our journey, our first Co.next board meeting will take place this week, where we will gather a range of inspirational business leaders who will help us to shape the future and growth of this concept.
Watch this space! We have only just started on the Norfolk Chambers Co.next programme!
We are conscious that many people will be concerned about attending face-to-face events in a ‘pre-pandemic’ way. We have therefore introduced our COVID Co.nfidence policy which will be adhered to for each event we host.
Cancellation – If you have to cancel your ticket at short notice due to testing positive for Covid, having Covid symptoms, or having to self-isolate we will swap your ticket to a future event of your choice with no cancellation fees
We do not require you to wear a mask, however, if you feel more comfortable wearing a mask then we totally understand
We ask that you refrain from shaking hands as not everyone feels comfortable with doing so
We highly recommend that you take a Lateral Flow Test prior to attending any of our events, and if you do test positive or show any Covid symptoms, please do not attend.
In order for us to deliver events safely, we ask that you book with confidence and book early – due to the nature of the pandemic we are having to put orders in for catering much earlier than normal to adhere to attendee numbers. This may result in ticket sales ending early
If you feel uncomfortable attending face-to-face networking events, we are still running our Chamber Co.nnect Virtual networking event once a month for members only, along with webinars and other virtual events for the whole business community
Yesterday, the UK government announced that it has moved to Plan B Coronavirus restrictions in England. See BCC’s response to the announcement here. The key measures to note include:
From Friday 10 December: The legal requirement to wear a face mask has been extended to most public indoor venues, including theatres and cinemas. There will be exemptions where it is not practical, such as when eating, drinking, exercising and singing.
From Monday 13 December: The re-introduction of working from home where possible. Employers were advised to use the rest of week to discuss arrangements with employees. Where employees have to go to their workplace, they are advised to reduce contacts to reduce transmission.
From Wednesday 15 December: The NHS Covid Pass will be mandatory for entry into nightclubs and venues where large crowds gather. This includes unseated indoor venues with more than 500 people, unseated outdoor venues with more than 4,000 people and any venue with more than 10,000 people. The NHS Covid Pass can still be obtained with two doses of the vaccine, but this will be kept under review as the boosters roll out. Alternatively, a negative lateral flow test can be shown. There would be a small number of exemptions for medical reasons and for those on clinical trials. Businesses can download the NHS Pass Verifier which will scan someone’s vaccine passport and hold the data within the NHS, so removing any barrier or GDPR concern.
Daily tests will be introduced for Omicron contacts rather than self-isolation to keep people safe while minimising the disruption to daily life.
It’s been a busy few weeks at ORCA HQ, not only have we been battling with the joys of business in the new norm of Covid, we have introduced a third human to our POD It brings me great pleasure to say that my wife gave birth (at home) to a gorgeous healthy baby boy a few weeks ago. So, I think it’s only fair to let you know what this means to OUR Wills
Before…………Basically my wife and I gave everything to each other if one of us passed; if we both passed together, we split our estate in a variety of ways to a variety of people. It was a very simple Will with no ‘protection’ after death.
Now………….We still wish to give each other the use of the entire estate if one of us was to die, however we now want to add some protection into the Wills to ensure our child benefits from the estate on 2nd death no matter what. How do we do that I hear you ask? Simple……A Life Interest Trust.
What do we want to achieve?
We want to make sure that if one of us dies, the other is left with as few debts and stresses possible, but, we now wish for our child to benefit from the estate on the death of the 2nd person and that our child is looked after and cared for by the people we decide. Ultimately, our main priority and motivation for having a will is to protect our little bundle of pooping joy, if we are not around to do so.
What are we wanting to avoid?
At our age there are a couple of things we want to avoid. The most important thing we want to AVOID are any uncertainties regarding our wishes should we both die. Any uncertainties can cause huge stress on the family and friends we leave behind. With that in mind, the top priority is to state clearly (through a Will) who we want to look after our little man (legal guardianship), but also, who will be responsible for looking after his ‘estate’ until he gets to an age we decide is appropriate. This helps to avoid any he said, she said disputes about the welfare of our child.
This is easy if the scenario means that both my wife and I die at the same time! What happens if I die first, then 5-10 years later my wife dies? If I died yesterday, I would want my wife and child to be happy and carry on living life to the fullest. It may sound strange to say, but I would want my wife to meet someone else and even remarry (if that makes her happy). That being said, I want to AVOID this new fella getting any of my estate! In my job I see this ‘sideways disinheritance’ scenario far too often. Especially when it is easily AVOIDable.
How do we do it?
First things first……WE UPDATE OUR WILLS! But as well as that we have bolstered up our Life Insurances to ensure our mortgage is covered should one of us pass (We can assist you with Life Insurance and Critical Illness if you are sitting here thinking……wow that makes sense!).
Secondly, we add a Life Interest Trust into our Wills which states (in simple terms) ‘the survivor can live in and benefit from the deceased share of the property for their life time, however they cannot do anything to negatively impact the value of the deceased half for the beneficiary (our child).’ Essentially is means that if my wife was to re-marry, she cannot leave my half of the property to her new family; my half will always end up with MY child.
If you have children under the age of 18, you are in a relationship and you own property, you need to be speaking to me about getting the above elements written into your Will. If you are reading this with children under 18 and you DO NOT have a simple Will stating guardianship, you really do need to chat to me about getting a Will in place. I have always been passionate about ensuring young families are protected regarding guardianship within their Wills, but now I am a father, I now feel even more passionate.
The fact I offer free consultations and reviews of Wills for young families really gives you no excuse. Give me a call and let’s talk nappies, insomnia and Wills.
Responding to the news that fully vaccinated travellers from the EU and US will not have to quarantine, British Chambers of Commerce Co-Executive Director, Claire Walker, said:
“For the hundreds of thousands of people directly employed in the travel industry and the many more that are part of supply chains, this will be welcome news.
“The long-term recovery of our entire economy also depends on reopening the UK to the two-way flows of people and trade.
“The government must continue to work with businesses, the aviation industry and international partners to ensure resources and guidance are in place to deal with the influx of passengers who will need vaccination checks.
“It must also be crystal-clear in communicating the new arrangements to overseas travellers so they can have the utmost confidence in visiting the UK.
“Businesses will also want to see government do everything it can to continue drive down the cost of any tests required for travellers. These costs must not be allowed to become an impediment to the viability of businesses, or on UK firms chances of staking a place in growing markets.”
Action for Importers – new requirements for importing
products of animal origin (POAO) and animal by-products
(ABP) from the European Union (EU) to Great Britain (GB)
Following the Government announcement in September 2021 that certain EU to GB Sanitary
and Phytosanitary (SPS) import controls will begin from 1 July 2022, we want to remind you of
the requirements that will still come into force from 1 January 2022.
Whilst certification, documentary, ID and physical checks, by commodity groups for products of
animal origin, animal by-products, plant and plant products, will be introduced in three phases
between July and November 2022, the requirement for pre-notifying consignments starts on 1
January 2022.
From 1 January 2022, businesses importing products of animal origin, animal by-products and
high risk foods not of animal origin (HRFNAO) must pre-notify consignments at least four hours
in advance of arriving into Great Britain. The pre-notification must be made via the Import of
products, animals, food and feed system (IPAFFS).
To help you get ready for these new requirements we have incorporated key information you
need into this document. Please take the time to read and understand the actions needed to
continue importing from the EU into GB from 1 January 2022. Additionally, you can refer to the
Border Operating Model for further information.
You can view and download the Border Operating Model below
Baroness Ruby McGregor-Smith, CBE, President of the British Chambers of Commerce, said:
“The need for the Chief Medical Officer to advise the public to ‘de-prioritise social contacts’ at the Prime Minister’s press conference last week will almost certainly have an enormous impact for businesses, particularly in the hospitality sector. Despite this we still heard no news of any new financial support measures coming from Government to help those businesses, and others badly affected by the current restrictions.
“With the UK recording its highest ever number of Covid cases in a single day on 15 December, and this being set to rise further in the coming days and weeks, businesses now face the two-punch combination of serious issues with staff absence and plummeting consumer confidence.
“Until now the Treasury has stepped up at every stage of this crisis to help offset restrictions that limited business’ ability to trade fully, which is what makes its complete absence at this crucial moment all the more baffling.
“Businesses have heard nothing from the Treasury since this new round of Covid interventions arrived over a week ago. Not even a rationale has been provided for why it believes no new support is required. They deserve better.
“Many of these firms, who have survived nearly two years of challenging trading conditions, are now seeing their vital festive income melt away in front of their eyes.
“A great number of sectors have been impacted by these restrictions already and the number of firms at risk is growing every day. The Treasury knows what can be done, we have already written with a suite of policy measures they can put in place right now to alleviate this crisis.”
Chancellor, Rishi Sunak has today set out a £1bn fund to help businesses hit by the rise in Covid cases, including the leisure and hospitality sector.
Hospitality businesses like pubs and restaurants will be able to apply for cash grants of up to £6,000 per premises. The government will also help some firms with the cost of sick pay for Covid-related absences. He also announced an extra £30m to help theatres and museums.
Many hospitality and leisure firms have been hit by a collapse in bookings and reduced footfall due to people’s fears over the spread of the Omicron variant. Mr Sunak said the new support was “generous” and recognised the situation facing businesses in the run-up to Christmas.
Comment on the chancellor’s announcement, Nova Fairbank, Chief Operating Officer for Norfolk Chambers said:
“These measures will provide some welcome respite to many of those businesses who have been hit hardest by the latest Covid measures.
“The Chancellor and his team have engaged with the British Chambers of Commerce in talks over the past week, considered the experiences of Chamber business communities and the proposals the Chamber network has put to them.
“We are pleased that the chancellor heard our call for additional grant funding for hospitality and leisure businesses, which will provide some much-needed support in the face of this increasingly difficult trading period. Clarity and speed will be needed to ensure that these grants are paid out swiftly to help these hard-pressed firms weather the next few weeks.
“Whilst these measures are a positive starting point, if restrictions persist or are tightened further, then we would need to see a wider support package, equal to the scale of any new measures, put in place.”
Photo credit: Getty Images/ Chamber Canva Pro 2022
Over 2 nights this December, exclusively for our corporate audience, we guarantee to wow you and your guests at one of our incredible festive evenings.
You will see the theatre like never before, as we transform our Front of House spaces into a luxurious festive haven! This is an opportunity for you to walk the red carpet and don your finest evening wear, for a night of pure entertainment.
Our festive package has been designed to ensure your night is fully taken care of, from the moment you step through our doors.
Our Festive Nights can be booked for tables of between 8 & 10 people, and you can reserve your table for up to 2 weeks before securing your booking, with just a £10 deposit per person required.
Please do feel free to share this information with your colleagues and teams.
We eagerly look forward to welcoming you to Norwich Theatre this festive season.
Bookings for Christmas 2022 are now OPEN and can be booked by calling 01603 598556 or via email at [email protected]
P2A aims to increase the number of young people in jobs by creating an exclusive package of financial and practical support for both the employer and the apprentice to transition from Kickstart onto an Apprenticeship:
Financial assistance
£1500 incentive; £500 paid on signup, £1000 paid after 12 weeks
6 6-month wage contribution; paid upfront in two installments, based on 37.5 hours a week at Apprenticeship NMW (one at sign up and one after 12 weeks)
Practical support
5 hours of individualised Apprenticeships Norfolk wrap-around support
Funded training for the employer (e.g. Mentoring, Managing Remotely, Digital Skills etc)
Funded training for the apprentice (e.g. Digital Skills, Resilience/Mental Health, Planning & Organisation, Assertiveness etc)
How do I find out more/apply?
If you are an SME, and you would like to know more about P2A, click here to read about the project and access the Terms & Conditions for eligibility. If you feel your business could be a fit for P2A, please complete the initial Assessment on this link , and wait to hear from the team!
Norwich City Council have released their latest economic barometer. The report highlighted:
Locally
Lotus, based at Hethel outside Norwich, has unveiled its best annual global retail sales performance since 2011.
Ashtons Legal, one of the region’s largest law firms, is to acquire Norfolk-based Steeles Law in a merger which will increase its team to 400 people. The combination will add Steeles’ office in Diss, to Ashtons’ existing offices in Norwich, Bury St Edmunds, Cambridge, Ipswich and Leeds.
Business sentiment improved in December and employment levels rose at a faster pace as private firms in the East of England stayed confident about higher activity levels in 2022.
Manufacturing exports from the region could rise significantly over the next decade if plans by firms to sell more goods overseas materialise according to a new study – The Export Dividend – from Barclays Corporate Banking.
Nationally
The UK economy grew more slowly than previously thought in the third quarter, suggesting a shaky recovery even before the outbreak of the Omicron variant.
December PMI data pointed to another solid increase in business activity across the UK construction sector, but the rate of expansion slipped to its lowest since September.
UK households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high 5 inflation and rising energy bills.
The number of insolvent businesses in England and Wales rose by 18.7 per cent last month to 1,674, up from 1,410 in October and an increase of 88 per cent on November last year
