BCC’s Trade Confidence Outlook for Q3 2024 shows a dip in SME exporters already poor performance on overseas sales.
Under a quarter of exporting SME firms (22%) saw their overseas sales rise in Q3, compared to 27% in Q2.
More than half of all SME exporters (54%) saw no change in overseas sales, and 24% reported a decrease.
BCC’s SME export sales indicator has consistently underperformed compared to domestic sales indicators since the pandemic.
The Trade Confidence Outlook, conducted by the BCC’s Insights Unit, is a survey of just under 2,000 UK SME exporters.It shows the percentage of SME exporters reporting increased exports has fallen back in Q3 by five percentage points after an uptick in Q2. Overall, 22% of SME exporters reported an increase in export sales, while 24% reported a decrease and 54% reported no change.The position for advance orders is even less optimistic with 19% of SMEs reporting an increase, 56% no change, and 25% a decrease. SME exporters are consistently more likely to report decreased exports compared to before the pandemic and Brexit. In Q2 2018, only 14% of SME exporters reported a decrease in overseas sales, in Q3 2024 it stands at 24%. By contrast, domestic demand for SME exporters remains consistently more buoyant, with 32% reporting an increase in domestic sales in Q3 2024, against 22% for overseas sales. SME manufacturers are slightly more likely to report increased overseas sales, with 26% reporting a rise in exports. This compares to SME services exporters supplying end customers (B2C), where 20% saw an increase, while 20% of firms supplying services to other businesses (B2B) saw a rise. However, the picture for advance orders showed no improvement, with 24% of SME manufacturers reporting an increase, 16% of B2C firms and 17% of B2B businesses. William Bain, Head of Trade Policy at the BCC, said: “While the UK economy made a brighter start in 2024, it’s an increasing concern that this is not translating into a better performance on exports for our SMEs. “It’s also alarming that our research shows the services sector is experiencing a harder time than manufacturers, as it has been the UK success story since the pandemic. “The Government’s forthcoming Trade Strategy needs to be laser focused on addressing the issues which are holding back exporters of both goods and services. “There are some positive actions already underway. These include significant trade negotiations restarting, the UK’s imminent accession to the Pacific region’s largest trade bloc, more focus on digital trade and a commitment to an improved EU trading relationship. “But business will want to work with Government at pace, to put in place a framework that makes use of all the UK’s advantages to unleash our exporting potential. “The Government’s recent announcement of a new supply chain taskforce, to increase resilience, is also an essential step.”
A Norfolk Business Board tasked with developing a vibrant economy, helping local companies to succeed and ensuring the region has the necessary skills and infrastructure has met for the first time. Representing a wide range of backgrounds, including agri-food, clean energy, creative industries and financial services, the board’s members were chosen from almost 70 applications and will help oversee an ambitious, evidence-based economic strategy for Norfolk. Meeting four to six times a year, they will give their time to deliver the board’s vision for inclusive economic growth, in partnership with business, education, the voluntary sector and local authorities. The first meeting was held on Thursday 26 September at Hethel Engineering, near Norwich. Norfolk Business Board was set up earlier this year following the integration of New Anglia Local Enterprise Partnership into Norfolk County Council and Suffolk County Council. This resulted from a central government decision in April 2023. Cllr Kay Mason-Billig, Leader of Norfolk County Council, said: “Norfolk’s economy has huge potential for growth, and we need to provide the right growing conditions with an environment that is vibrant, entrepreneurial, inclusive and sustainable. “The Board will collaborate with partners to support the economy with the right jobs, skills, training, and infrastructure, and work well for our businesses and people, giving everyone the best opportunities to succeed.” Nick Steven-Jones, CEO of Jarrold and who was appointed chairman at the meeting, said: “I am very pleased and proud to be elected chair of the newly formed Norfolk Business Board. It is a great opportunity for representation of businesses and councils in driving the Norfolk economy forward in a way its vibrancy and entrepreneurial nature deserves. We look forward to delivering tangible progress on the plans and achieving a real impact and benefit for the whole of Norfolk.” Norfolk Business Board’s members are: Charlie Wright, Chief Customer Officer, Epos Now Prof David Maguire, Vice-Chancellor, UEA Denise Hone, Senior Stakeholder Manager, RWE Mark Gorton, Managing Director, Traditional Norfolk Poultry Nick Steven-Jones, CEO, Jarrold Nova Fairbank, CEO, Norfolk Chambers of Commerce Paul Padda, Principal and CEO, East Coast College Robin Milton, Founder, Fairer Games Stephen Crocker, CEO & Creative Director, Norwich Theatre Amy Griffiths, CEO, Diss & Thetford District, Citizens Advice Candy Richards, Development Manager (East Anglia), Federation of Small Businesses (alternate) Lucy Hogg, Director of Voluntary Infrastructure, Voluntary Norfolk (alternate) The board also includes the leaders or appointed representatives of all eight local authorities. To find out more about the work of Norfolk Business Board, visit www.norfolkbusinessboard.co.uk
Chambers East was one of the speakers lobbying for greater infrastructure investment in the East of England at yesterday’s Labour Party Conference fringe event in Liverpool. Chambers East brings together the four Chambers of Commerce in the East of England. Cambridgeshire, Essex, Norfolk and Suffolk to lobby with one strong voice on behalf of businesses across the East. Jointly Chambers East has over 485 years of combined experience in supporting businesses and represents 3,550+ business members, employing over 300,000 people. The event was arranged by the East of England All Parliamentary Group and Transport East. Nova Fairbank, the Chief Executive of Norfolk Chambers was representing Chambers East and sat on a panel of speakers along with Daniel Zeichner MP for Cambridge, the CEO of Transport East, CEO of England’s Economic Heartland, the CEO of Freeports East and the Leader of West Suffolk Council. The discussion was facilitated by Andrew Sinclair, Political Editor from the BBC. Among the key asks were the Ely and Haughley rail junctions, further dualling of the A47, investment in the Orwell Bridge and the Lower Thames Crossing. Commenting on the need for greater infrastructure investment, Nova Fairbank said: “Chambers East understands the frustrations being felt across our region, as a result of historic under-investment in our infrastructure. Businesses need certainty and stability in order to create long term investment plans of their own. As outlined in the recent Opportunities East Report, with the right infrastructure investments, we can unlock an East of England economy worth over £220 billion. “At present our region is a net contributor to UK PLC – even with the current under-investment. Imagine how much more we could achieve if we were allocated some much needed targeted funding to help galvanise our ambitions, productivity and ultimately economic growth. That uplift would feed investment across the whole of the UK – far beyond just the East.
The British Chambers of Commerce has endorsed the World Trade Organisation’s (WTO) focus on services and digital trade as key priorities. The BCC was part of a record-size UK delegation to the WTO Public Forum in Geneva, last week. It met with the UK Ambassador to the WTO, the wider UK Mission team, and businesses and other stakeholders from across the globe. Speaking after the event, BCC Head of Trade Policy, William Bain, said: “Business voices need to be heard at events like the WTO Public Forum, but also in its work all year-round. The BCC agrees with the priorities of the WTO Secretariat for the next 12 months. Services are a UK, and global trade success story, and expanding markets for tradeable services will increase prosperity for UK businesses and the rest of the world. “On digital trade, we want to build a wider take up of the agreement on Electronic Commerce – currently accepted by 91 countries. This will cut costs and expand opportunities for both developing and developed nations. We need to do more to get other states into the tent on this agreement. “A major theme of the week was the effect of regulations and subsidies policies on openness to exports. Countries need to ensure that measures with good intentions on climate do not become overly protectionist in how they are applied. “We look forward to engaging further with the important work on these issues going on at the WTO. A strong rules-based global trading system matters to business in the UK, and we must make sure our voices are heard. “We share their aim of putting better trade and growth at the heart of the WTO staff and delegations’ agenda for the coming 12 months.” The BCC participated in a roundtable on carbon border adjustment mechanisms across the world, and future regulatory and subsidies policy decisions key to the future of the global trading system. It also heard from WTO Director-General Ngozi Okonjo-Iweala on the WTO’s priorities for the year ahead and the publication of the World Trade Report, focusing on the need to green up supply chains, bolster services trade and e-commerce, look pragmatically at subsidies reform, and expand gender equality and inclusivity in global trade.
The report for the second phase of the Norfolk & Suffolk Local Skills Improvement Plan (LSIP) has been endorsed by the Minister for Skills at the Department for Education.Commenting on the report, the Skills Minister, The Rt Hon Baroness Smith of Malvern said:“I welcome the publication of the Local Skills Improvement Plan Progress Report for Norfolk and Suffolk. These reports set out progress made on meeting the skills needs of local employers. As well as being a valuable source of information for local skills deliverers, employers and stakeholders, the reports along with the LSIPs themselves, will provide important intelligence for the newly established Skills England.” The Norfolk and Suffolk LSIP outlines key skills required across our region’s vital sectors and offers a strategic roadmap to tackle skill shortages. As the Employer Representative Body (ERB), Norfolk Chambers, in partnership with Suffolk Chamber of Commerce, has successfully united employers, education and training providers, and local authorities to ensure that businesses are at the forefront of our regional skills agenda. In Phase 1, the LSIP identified that the key priorities were:
Skills provision mapping needed to be easy to navigate.
There need to be a region-wide offer for Soft and Digital skills training.
Private sector funding was needed for Net-Zero training.
A common language was needed between providers and employers to address the perceived barriers.
Having identified the key challenges, in Phase 1 of the LSIP, this resulted in an invitation from the Department for Education (DfE), for our region’s colleges to bid for £4.7m via the Local Skills Improvement Fund (LSIF) to help address them. The bid was successful and a whole range of projects are now underway across Suffolk and Norfolk, addressing priorities outlined in the LSIP. This work is being led by Suffolk New College. Commenting on the success of a fully approved Norfolk and Suffolk LSIP for Phase 2, Nova Fairbank, CEO of Norfolk Chambers and Chair of the LSIP Board said: “Collaborating with local businesses and training providers is essential for truly understanding and meeting the skill demands of our region. The Norfolk and Suffolk LSIP has made significant progress this year, fostering relationships which support the development of training to meet the needs of employers. Norfolk Chambers has proudly led the work of the LSIP regionally and supported local businesses to position themselves for enhancing workforce development and remaining competitive.” Also commenting on progress of the LSIP and the importance of ongoing employer engagement, John Dugmore, Chief Executive of Suffolk Chamber of Commerce and Vice Chair of the LSIP Board said: “It is good to see the progress that the LSIP has made and in particular the catalytic impact of improved employer engagement. We look forward to Chambers of Commerce continuing to use their convening expertise to enable further improvement in local skills for Norfolk and Suffolk.” Collectively, the Chambers have had a busy year since Phase 2 of the LSIP commenced in August 2023. Success has included: A Signed MOU – between Norfolk and Suffolk Chambers of Commerce and the Norfolk and Suffolk County Council’s Skills Hub, who have jointly agreed a set of common goals and the process for collaboratively achieving them – something completely new and unique for Norfolk and Suffolk that will shape the local skills eco-system and provide a catalyst for change. Training Provision has been Mapped – Initial mapping of training provision across Norfolk and Suffolk has been completed and an ongoing review is underway with Further Education, Higher Education and the independent training providers to ensure as much as possible is captured. Delivery of a Programme Digital & Soft Skills Courses – Working with the providers, there is now consistent delivery of a programme of bite-sized courses in digital and soft skills across all five of the Norfolk and Suffolk colleges and via independent training providers with over 50 courses to choose from. LSIP employer feedback has also helped shape Skills Bootcamps. Many independent training providers (ITPs) are involved with both the sector groups across the counties and the ongoing LSIP delivery – one of these ITPs is WS Training Ltd.Kirstie Wright, their Chief Executive commented on the ongoing importance of the LSIP findings, she said: “Being a local independent training provider, we want to support the growth and expansion of the LSIP priorities across Norfolk and Suffolk and we can clearly see that there are skills deficiencies in certain industry areas which need to be addressed. The LSIP really helped identify those gaps, it has provided evidence behind why investment in training in these crucial areas is so important, and from this perspective, it has been a pivotal report, in terms of supporting the development and growth initiatives for WS Training.” Above all, both Chambers have been doing what they do best, engaging employers across Suffolk and Norfolk, from micro businesses to the large corporates, gathering case studies and feedback and embedding that employer voice across the whole skills landscape. On employer engagement, the LSIP Engagement Manager, Dean Pierpoint said: “As we present our yearly progress report, it’s clear that empowering our local businesses with the right skills is crucial for driving growth and innovation in Norfolk and Suffolk. By collaborating closely with employers, local training providers, and key stakeholders, the LSIP is a key part of bringing businesses and education closer together, targeting the specific needs of our workforce. This collaborative approach, which includes active involvement from FE and HE colleges and independent training providers, ensures employees gain valuable skills whilst strengthening our local businesses.” So what’s next for the LSIP and Chambers of Commerce? The LSIP will continue to be delivered by the Chambers of Commerce until mid-2025 and we are already looking at what comes next to build upon the success so far. There will be continued employer engagement across a wide range of sectors, not just the original priority areas. The LSIP will highlight employer ‘skills champions’ – these will be the LSIP Keystone Employers and will be the vocal advocates for their particular sectors. Many of these have already been identified, but the LSIP is keen to engage as many employers as possible. For more information and to find out how to get involved click here. Work on the four key priority areas will be ongoing, with more research and analysis of skills need to be undertaken, as will work with education providers on curriculum development. The LSIP will continue to advocate for policies to support the alignment of the local skills system with the ongoing needs of the employers. Click here to read the Phase 2 Annual LSIP Progress Report.
The third QES of the year is now LIVE and this draw, you have the opportunity to win a lunch/dinner at Imperial Hotel in Great Yarmouh for 4 with a bottle of wine. QES is the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth. The QES, accessible to companies of every scale, gauges trends in sales, exports, employment numbers, investment, and overall business optimism. Completing the survey online should take 3-5 minutes and can be found here. ???? ?? ???? ?????, ??? ?? ???????
Responding to the latest trade figures published by the ONS, William Bain, Head of Trade Policy at the British Chambers of Commerce, said: “June was a strong month for UK trade, with goods exports to the EU experiencing a double-digit rise. Services growth was steady for the month, and throughout the last quarter. “The data reflects the strengths of the UK’s export portfolio in professional, travel, financial and business services as well as manufacturing, chemicals, pharmaceuticals and transport goods. “To keep up this momentum, we want to work with the Government on its forthcoming Trade Strategy. It must ensure the UK has the right framework in place to increase exports and improve the efficiency and security of its supply chains. “This must include a focus on improving trading terms with the EU, to cut the costs of doing trade and sustain June’s welcome sales growth in our largest export market.” The UK Trade Picture In Detail UK trade data reveals a strong goods trading month in June, rounding off the second quarter of 2024 with growing exports and imports. Goods Trade in June The volume of goods exports (excluding inflation) rose by 11% in June, with substantial increases in both EU exports (up by 12.7%) and non-EU trade (up 9.4%). Imports also saw a significant upswing in volumes for June with an overall increase of 7.8%. EU goods imports rose by 9.9% and non-EU goods by 9.4%. Drivers for the rise in exports to the EU were machinery and transport equipment. This included aircraft and electrical machinery to Germany, mechanical machinery to France, and pharmaceutical and medicinal products to the Republic of Ireland. For rest of the world, the main drivers were higher chemicals exports, particularly to the USA. Sales of medicinal products to the US were also up. For imports, the rise in EU goods was led by machinery and transport equipment – including aircraft from France. There was also an increase in imports of various manufactured goods from Germany. With non-EU imports, machinery and transport equipment sales played a key role in the increase – particularly aircraft from the USA and cars from China. Services On services trade, imports were estimated to have fallen by 2.6% in volume terms (excluding inflation), while exports continued on a steady path with a rise of 0.5%. Q2 2024 performanceGoods Imports from the EU across Q2 rose by 3.6%, in seasonally adjusted value terms, principally through stronger trade in machinery and transport equipment (cars, ships and mechanical machinery). On non-EU goods imports, there was a larger rise of 10.4%, driven by higher fuel (refined oil from India), and machinery and transport equipment (aircraft from the US and ships from China). Exports growth was smaller across the quarter than imports, with EU goods rising by 1.1% in seasonally adjusted value terms (driven by higher chemicals and manufactured materials). Non-EU goods rose by 1.5% (due to chemicals, machinery and transport equipment). Services Services imports rose by 3.3% compared with the first three months of the year, on the seasonally adjusted values basis, with strong performance from business, intellectual property and construction services. Exports grew by 2.8%, with business services, travel, telecoms and IT services doing particularly well. More detail on the ONS data can be found here.
“The successful delivery of the Broadland Northway (NDR) was a clear signal that Norfolk is embracing growth and development in order to create the jobs and houses that our region needs and it was strongly welcomed by the Norfolk business community. However, from a business community perspective, to continue to maximise the potential for our region, the missing link from the A1067 to the A47 needs to be completed as soon as possible. The Norwich Western Link is a 3.8 mile dual carriageway to connect the Broadland Northway from the A1067 Fakenham Road to the A47 west of Norwich. It will facilitate easier access to both Norwich Airport and Great Yarmouth port. It will further help to improve journeys into and around the west of the city, support potential housing and jobs growth; provide the infrastructure to manage the additional traffic this will create, and improve quality of life for people living in the area. Commenting on the need for the Norwich Western Link, Nova Fairbank, Chief Executive of Norfolk Chambers said: “The Norfolk business community strongly welcomed the delivery of the Broadland Northway, but were equally adamant that the missing link needed to be completed with the Norwich Western Link. The proof of economic growth in the Broadland area, as a result of the completion of the Broadland Northway can be clearly seen in the economic statistics – with a stratospheric growth curve, in comparison to the rest of Norfolk. The planning application for the Norwich Western Link is now open for comment and we would encourage the Norfolk business community to have their say on this much needed piece of infrastructure.” There is not long left to have your say as the closing date for comment is Monday 19 August 2024. Follow this link to comment on the Norwich Western Link, planning application: https://norwichwesternlink.oc2.uk/document/7.
Two key regional organisations have come together to promote the economic opportunity that Government can unlock in the East of England.
Chambers East (Cambridgeshire, Essex, Norfolk and Suffolk Chambers of Commerce working together) has produced the Opportunity East Report in partnership with the East of England Local Government Association (EELGA).
The East of England is one of the fastest growing economies in the country but could do much more to contribute to the new Government’s economic growth goal. This opportunity requires investment to unlock it. The East of England receives less funding per head compared to other regions, working out at over £1,000 per capita less than the UK average annually – an £8bn gap every year. This is despite the region consistently being one of the highest contributors to the exchequer over the last two decades.
At the report launch Nova Fairbank, Chief Executive of Norfolk Chambers of Commerce spoke about the range of challenges holding back the region: from unreliable road journeys and rail links to patchy digital infrastructure, to skills, grid and water issues which are creating huge uncertainty for businesses and the communities they are part of.
Denise Rossiter, Chief Executive of Essex Chambers of Commerce commented ‘The East of England continues to perform strongly, making a significant contribution to the rest of the UK, but without investment to address pressing challenges, there is a clear risk of slower rather than faster economic growth.’
John Dugmore, Chief Executive of Suffolk Chamber of Commerce provided an example of the benefits of investment in the East ‘Analysis shows that rail junction upgrades at Ely and Haughley will deliver a nearly fivefold economic return’
Charlotte Horobin, Chief Executive of Cambridgeshire said ‘The East of England also supports national resilience. Our energy production is set to play a major role in the UK’s transition to a low carbon future. We are a hub of food innovation, production and manufacturing – providing the country with vital food security at a time of increasing climate challenges. Our ports and airports keep the UK’s goods and passengers moving’.
Chambers East and the EELGA will now be working with the East of England All Party Parliamentary Group (EEAPPG) and the new Government to put in place plans and investment for major projects and other improvements across transport, digital, water, climate resilience, grid and skills to set our region, and the country, on a path to higher growth.
Business conditions, measured by sales and cashflow improved in Q2, returning to pre-pandemic levels across the country
Business confidence has stayed flat in the East, with 39% of firms expecting an increase in turnover in the next twelve months.
Fewer firms expect to increase their prices in the next three months
Concern from businesses about external factors continues to decline – with worries about inflation falling to 50% of Norfolk companies.
Despite a boost in conditions and confidence most Norfolk firms (80%) are still not increasing investment, with wide sectoral variations.
The BCC’s Quarterly Economic Survey – the UK’s largest and longest-running independent business survey – shows measures of business confidence and business conditions slightly improved in Q2 2024, albeit from a very low base. Across Norfolk, 37% of firms said they had seen an increase in domestic sales over the previous three months, while 42% reported no change, and 21% a decrease. After a static national picture in Q1, business confidence in our county has increased slightly in Q2. 54% of firms say they are expecting an increase in turnover over the next year compared with 50% in Q1. Roughly 29% expect no change and only 18% expect a decrease. However, despite inflation easing to target – the data also reveals that more Norfolk firms (46% compared to 40% in Q1) expect to hike their own prices in the coming months. The survey, which was conducted between 13th May and 10th June, of nearly 5,000 firms across the UK including those in Norfolk (95% of whom are SMEs – fewer than 250 employees) – also reveals that despite improved trading conditions most firms are still not increasing investment. Improvement in overall business conditions The percentage of respondents reporting increased domestic sales rose noticeably across the UK to 38%, compared with 36% in Q1. In Norfolk meanwhile, this was mirrored at 37% vs 42% of saying sales had remained constant and 21% reported a decrease. There were, as ever, some sectoral differences. In the national data 37% of manufacturers and 40% of business-to-business service companies (such as legal and finance) reporting a boost in sales. By contrast, only 33% business to consumer firms (such as hospitality and retail) saw an increase. In Norfolk, we again see hospitality & tourism businesses showing the most sluggish growth and lowest confidence, added to their long running challenges of recruitment and retention. There has been an uptick in firms experiencing an increase in cash flow in the national data, rising to 28% compared with 26% in Q1. That said, the Norfolk picture is less positive at 20% in Q2 vs 24% in Q1, a slight reduction. 47% report no change in cash flow, while 33% report a decrease. UK Business confidence has increased Nationally 58% of firms expect to see their turnover increase over the next 12 months – an increase from 56% in Q1. 29% expect no change and only 13% expect to see turnover decline. In contrast Norfolk firms have seen barely any movement from Q1 with turnover largely unmoved. This discrepancy is also shown in profitability confidence data which nationally has also increased, but unchanged in Norfolk. UK-wide we see 51% of companies expecting profits to increase in the next year. That compares to 48% in Q1. 32% expect no change and 17% of respondents believe their profits will fall. Fewer firms expecting to increase prices As inflation continues to ease, fewer firms are now expecting to put up their prices. 39% of UK respondents say they are expecting to raise the cost of their goods or services in the next three months, compared with 46% in Q1. 59% think their prices will stay the same, and just 2% are expecting a decrease. Interestingly in Norfolk, those in the professional services sector are bucking that trend with 46% expecting prices to increase compared to 40% last quarter. Labour costs continue to be cited as the main cost pressure across all Norfolk businesses. A startling 82% of respondents say they are facing this pressure compared with 67% nationally. Again, this can be partly explained by our county’s over-exposure to the issues in hospitality and tourism. As reflected in the national data, some sectors are feeling this pressure more than others, with 77% of hospitality firms and 76% of construction or engineering firms citing it as a key driver. Concern about external factors continues to decline While inflation remains the biggest external worry among businesses, the level of concern has fallen significantly. Around half (50%) of Norfolk firms say they are more concerned about inflation than in the last quarter (64%in Q1). That’s returning to levels of concern last seen in 2021 and significantly below the 84% reported in national data in Q2 2022, at the peak of the inflation crisis. 40% of respondents say they are concerned about competition, and 48% tax. With an interest rate cut likely in the coming months – the percentage of firms raising the cost of borrowing as an issue is slightly higher – 36% in Q2 compared with 30% in Q1. Most firms still not increasing investment Despite a modest boost in business confidence and conditions in Norfolk, investment levels continue to struggle. Most firms say they haven’t increased the amount of new plant, machinery and equipment they’ve bought or rented. Only 19% reported an increase in investment, compared with 16% in Q1. 49% said levels had remained the same, 22% reported a decrease. There are large sectoral disparities in investment levels too. Nationally 42% of transport and logistics firms say they have increased investment levels, while the figure for retail companies was just 19%. Jack Weaver, Chief Operating Officer at Norfolk Chambers of Commerce said: “The latest results from our QES show that both business conditions and business confidence have improved, albeit from a relatively low base. And the improvement in Norfolk is certainly more modest than elsewhere in the UK. “The last four years have seen SMEs ride the waves of one crisis after the other, whether it be Covid lockdowns, supply chain breakdowns, energy price shocks, economic turmoil and new trade barriers with the EU. As some of these crises have ebbed, more SMEs are regaining confidence and reporting increased sales and cash flow. But as is so often the case we see Norfolk and other counties in the East lagging behind. “Positively, the data also show that concern about inflation among businesses has dropped to levels last seen in 2021 as fewer firms expect to raise prices. A Bank of England rate cut later this year will help bring down borrowing costs. “However, investment levels remain a long-term concern and significant sectoral divergences remain as sectors such as hospitality and retail continue to report far tougher trading conditions. Norfolk has historically been over-exposed to these disparities and more needs to be done to support them.” “We’re looking forward to working with our colleagues in other Chambers via our Chambers East partnership and the BCC to engage with this new Labour Government to capitalise on the confidence and resilience of local businesses. We need a collective effort to focus on addressing skills shortages, trade barriers and under-investment in regional infrastructure to unlock the potential of our amazing business community.” Shevaun Haviland, Director General of the British Chambers of Commerce said: “It’s really encouraging to see positive shoots of recovery from businesses across the UK. “Confidence has been improving among companies in recent months. Our data show the tangible impact of that positivity, as businesses report improved sales and cashflow. But investment levels remain an area of concern. “Our message to the new Government is clear. We need a long-term economic plan that has the green transition at its heart, with a workforce fit for the future, living in thriving local places and powered by businesses that are globally facing and digitally enabled. “Business stands ready to work in partnership with Government to capitalise on the positive signs our data is showing.”
Co.next Roots to Business Event Thursday 4th July was a very busy day for Norfolk, not only did we see a general election take place, we also hosted our biggest Co.next event to date. Co.next Roots to Business event was hosted at Top of the City, Carrow Road. We welcomed 80 guests on the night. This event was an opportunity for leaders within the business community and those seeking routes into their career to come together and share their career experiences. We kicked off with our young professional panel, who were all so inspiring to listen to. Thank you for being open and honest. ? Nellie Allsop ? Jamie Woodbridge ? Pippa Harris ? Joel Sharp ? Ellie Reeves We then got our expert panel on the stage who provided some fascinating and thought provoking insights. ? Angela Brett ? Nadine Tapp ? Tait Pollack ? Paul Riddock ? Sonia Holman The event was brilliantly hosted by Kelly Cartwright and Taylor Tassie. Ending the evening with our guest speaker, Stephen Balmer-Walters who had the audience hypnotised with his talk and lifted spirits with ‘Hugless Douglas’. Thank you to our event sponsors, Pivotal for sponsoring our welcome drinks and Totally Branded for the incredible branded tote bags. Thank you to everyone for joining us and thank you for everyone who shared and opened up to the room. Rob Dodsworth captured the evening and we are so pleased to share with you the gallery from the evening, view full gallery here.
A five-point plan for immediate action by the new government is at the heart of the British Chambers of Commerce Election Manifesto published today. The BCC wants to see:
An Industrial Strategy with green innovation at its heart.
Better skills planning, bringing businesses and training providers together.
Business rates reform to encourage growth and investment.
Improved relations with the European Union to cut the costs for business.
A Government appointed AI champion for SMEs to spearhead uptake of new technology.
The five-point plan is part of the BCC’s ‘Future of the Economy’ manifesto. The manifesto includes the biggest ideas from a series of extensive policy documents published this year, focusing on the key economic challenges identified by the BCC. The challenges are: Green Innovation, People and Work, Local Economies of the Future, Global Britain and the Digital Revolution. The manifesto has been brought together after extensive consultation with the Chamber network, the BCC’s Business Council, external stakeholders, and academics. Baroness Martha Lane Fox, President of the BCC said: “In the frenzy of the election campaign, it’s crucial that all politicians focus on the power of British business. “As I travel across the UK meeting Chambers and their businesses, I hear amazing stories of people determined to grow their businesses and make a difference in our remarkable country. But time and again businesses tell me they want to see a long-term vision for the economy.” “Our manifesto showcases practical ideas on how politicians can help companies successfully navigate the challenges and opportunities our economy faces. It’s a blueprint for boosting productivity and a pathway to higher growth. “Whichever party is in power after July 4th the immediate focus must be on implementing our five-point-plan for business. The stakes for business from the next government could not be higher.” Shevaun Haviland, Director General of the BCC said: “A General Election is an important time for our country, our economy, and our businesses. “The companies we represent are the drivers of economic growth and the employers of millions of people. They need to know that politicians have got their back. Once the votes are counted – we want government to know how to help business. Our five-point-plan is clear. “As companies play their part in the UK’s net-zero journey, we desperately need an industrial strategy with green innovation at its heart. “Firms are constantly telling us they can’t get the skills they need. We need better strategic planning on skills that helps business and training providers work together. “In local communities, firms are crying out for a fairer business rates system. Over a quarter (26%) of companies told us earlier this year they’d changed plans to upgrade or open premises because of the system. “The EU is the UK’s biggest market, so we urgently need to get a better trading relationship with our closet neighbour. It’s not about rewriting the referendum result, it’s about cutting red-tape and promoting trade. “The world of AI has huge potential to boost economic productivity. But it’s important that SMEs aren’t left behind, or vulnerable, as new technology accelerates. A Government appointed AI champion will help spearhead a boost in AI uptake by SMEs. “We believe our 5-point plan creates an immediate pathway for a new government, of whatever party, to help businesses succeed. When business succeeds, the country succeeds.” Read the full manifesto here: BCC Future of the Economy Manifesto – Final