Chamber News

Responding to the latest Office for National Statistics data on UK trade for January, William Bain, Head of Trade Policy at the BCC, said:

“There was a slow start to the year in export volumes for both goods and services, with a modest rise in volumes of goods imports.  But the UK is not alone in experiencing this, with US and major European markets experiencing similar trends. “While there are several global factors at play in this, it was interesting that the ONS did not detect any impact in terms of Red Sea disruption on imports. “UK firms remain keen to see a more effective delivery of the government’s Exports Strategy to help them stay competitive. This means taking steps to secure supply chains through critical minerals agreements with key partners, and a reduction in the costs of doing trade with our key export markets.” In-depth analysis The start of 2024 saw a further drop in goods exports, but an increase in imports. Services trade was broadly flat for January, but this was an improvement on the decline in these exports, to the tune of 4%, which marked the final quarter of 2023. Goods Exports On the chained volumes measure, which removes the effects of inflation, Overall, UK goods exports fell by 2.2% (£0.5bn) in January compared to December. Goods exports to non-EU countries fell by 4.3% (£0.6bn) but this was offset by goods exports to the EU – which increased by just under £0.1bn. The value of fuel and chemicals exports to the EU rose during January, offset by lower values of exports in machinery and transport equipment, including cars and aircraft. Goods Imports After removing the effects of inflation, goods imports were up by 1.8% (£0.7bn) month on month, led by an increase in non-EU goods imports of 4.8% (£0.8bn), including a modest rise in clothing imports from China and Bangladesh. However, EU goods imports declined by 0.4% (£0.1bn), although the value of fuel and food imports increased. Services Services imports and exports increased very slightly by £0.1bn apiece in January, on the chained volumes measure, with rises of around 0.4% for both.

Responding to the latest labour market data from the ONS, Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said:   “With wages continuing to outpace inflation, alongside high levels of economic inactivity – including long-term sickness, the picture for businesses trying to recruit remains challenging. “Yet at the same time, the number of vacancies continues to fall, and rates of employment and unemployment remain stable. “Overall, the labour market is still much tighter than it was before the pandemic, and the long-term structural issues it faces have yet to be addressed. “While the Government took positive steps to ease problems with childcare access in the Budget last week, there is still more to do to get people back into work. This includes removing barriers to work and ensuring job seekers are well prepared to succeed in the workplace. “Business also has a role to play in tackling shortages. By ensuring fair and flexible workplaces, alongside training and upskilling, employers can make their jobs more accessible to a broader talent pool. This would also help slow the loss of people from the workforce for health and other reasons. “The BCC’s own research indicates the labour market remains tight for many. Unless we get more people back into the workplace then the risk of higher inflation and interest rates will persist.” More detail on the ONS data can be found here.

Local Skills Improvement Plans (LSIPs) across England “are working and beginning to make positive differences for local employers”, according to a new report commissioned by the British Chambers of Commerce.  Based on evidence from 21 of the 32 chamber-led LSIPs, including Norfolk and Suffolk Chambers of Commerce, the evaluation report concludes that the process is changing attitudes and encouraging more employers to collaborate and engage positively with the skills system. As part of its budget submission, the BCC is calling on the Government to commit to fund business-led LSIPs beyond the current 2025 cut-off point, to at least 2028. The study highlights the “huge potential of LSIPs to build on the employer-led system, improve strategic planning, maximise the impact of skills funding and boost employer investment.” Using research conducted in Autumn 2023, the report analyses the approaches taken by 21 chamber-led LSIPs, and identifies their impact so far. Data gathered as part of the research show that, as of May 2023, 65,765 employers had been engaged. The research identifies a number of challenges for businesses, including “bureaucratic complexities” and “limited employer influence over skills spending priorities”. The report says overcoming the barriers requires “active engagement, open communication, and the advocacy of Chambers to smooth over the bumps in the LSIPs process” The report argues that the LSIP approach will lead to a more cohesive skills system.   Commenting on the report, Nova Fairbank Chief Executive of Norfolk Chambers of Commerce and the lead for the Norfolk and Suffolk LSIP, said: “Chambers of Commerce are the ideal partners to engage employers and foster collaboration with key stakeholders across the Norfolk and Suffolk skills landscape and this report highlights the brilliant work that is happening locally against the national skills strategy. “Working alongside our colleagues Suffolk Chamber, we have brought about a willingness to embrace change for the good of this region.  The LSIP is now firmly embedded with employers and we would urge the government to look at the long term plan to ensure Chambers and employers remain at the heart of the skills agenda going forwards.”   John Dugmore, Chief Executive of Suffolk Chamber of Commerce said: “Suffolk Chamber welcomes this report, as its findings highlight, the local approach to skills needs will bring huge benefits to the local business community and in turn the local economy “Working alongside our partners Norfolk Chambers, educationalists in FE and HE and county councils, this partnership can be transformational in making a positive change to an issue that has affected all employers for decades – bridging the skills gap. “As we approach a Spring statement and a general election, we trust Government will listen to the business community and take note and action on an initiative successfully launched, that is making a difference, and one that now needs Government to get fully behind for the long term, not simply more short term ‘announcements’. We need, and can, together build a local skills pipeline for the future needs.’’   Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said: “Business-led Local Skills Improvement Plans (LSIPs) are only just getting started – but they are already making a huge difference. “The local approach to skills planning brings huge benefits. Now we need a long-term commitment from politicians to make sure we can align skills investment with local economic growth, and help more people access the training they need for great jobs. “Our report highlights how the Chamber network is playing an important role in bringing employers and training providers together at a local level, to identify solutions and plan for change. “If we get it right, the potential of LSIPs is phenomenal. It is an ongoing process that identifies business growth ambitions, the people and skills they need to achieve that growth, and the training needed for people to benefit from these opportunities. We need the LSIPs to stay business led, and to remain a key part of the government’s long-term skills strategy. Without that commitment – the hard work already achieved risks being undermined.”   Read the full report here.

Yesterday our very own superhero Katie Norwood, hosted our brand new North Norfolk Co.nnect Networking Event at Kelling Heath Holiday Park. This is the first North Norfolk networking group where we had 22 businesses join us. Katie Norwood shared “It was such a lovely morning with a huge passion to get businesses in Norfolk North connecting and working together“. We will be holding this group every third Wednesday of the month and our next one will be on the 20th March keep an eye out for more details. Thank you to Emma Raines, Louise Tipper and Sarah Knights for supporting us with getting this event off the ground and a big thank you to Kelling Health Holiday Park for providing us with a venue for future meet-ups. Event Agenda • Arrival & Networking • Opening Welcome from Norfolk Chambers • Small group networking and topics discussed as a group • Networking Who is it for? Anyone is welcome at this event, and it is open to both members and non-members. The first event was free, and then following this a small fee per event will be charged to cover food and beverage.

Here are this week’s highlights from the team: Jack

It’s felt like one of those weeks where your feet don’t really touch the ground. On Wednesday I found myself running to the kitchen to make a coffee before I realised that doesn’t work on the return journey. Lesson learned – more speed, less haste. Black coffee and white shirts don’t mix.

A big-ticket item this week was our annual strategy session with the board, where we green-lit some exciting plans for 2024/25. But the real highlight for me was seeing our Customer Experience, Events and Marketing gurus present their plans for the year. Speaking to an audience doesn’t come naturally to everyone, and it’s no secret that the team is firing on all cylinders to keep giving businesses a great service…so seeing them proudly shout about their programmes and plans for the year was fantastic. They’re a credit to Norfolk Chambers and the business community they serve. The eagle-eyed may have clocked that we’re recruiting to grow our team, and much of my week has been on moving that forward. The last noteworthy bit for me has been spending a good chunk of time with Nova and Paul, the other 2/3rds of the Senior Management Team, looking at the next phase of our digital innovation – this is our ‘digital chamber’ work which brings us a futureproof, bespoke CRM, events booking (think Eventbrite but ‘in-house’) and a dashboard for every user. Next week is all about events, meetings with some key stakeholders in local government, candidate interviews and taking a few well-earned hours out to attend an event at my boy’s school…because we could all be better at taking a break from the screen! Rick (Me) This week, we have been diving into the details of upcoming events, shaping how the days will run, and looking at our Big Debate and the Festival of Knowledge. Lot’s of opportunities here for businesses to get involved, and the Festival of Knowledge is an event I think will become a recognisable fixture in the Norfolk calendar, in the same way the Royal Norfolk Show and B2B are. Interviews are progressing this week for our newly created Marketing Coordinator role, and having presented the 2024 Marketing Strategy to the board this week, I’m excited about putting my plans into action. I’m also keen to hear from our members. What do you want to see? We are here to support you, so the more input I can get from our membership, the better so please do message me or drop me an email with any suggestions or comments; all feedback is good feedback! Shelley This week, the Festival of Knowledge has truly come alive. With a staggering 3200 enthusiastic schoolchildren already booked for the two morning sessions, the anticipation is electric. The response has been remarkable, and exhibitor stands are selling fast, reflecting a shared commitment to education, skills, and the journey ahead. Katie After being off with the lurgy last week I was back in full swing this week, Monday I had a great day of planning Co.Solo, so keep an eye out as we will be going out with recruiting board members next week. Then Tuesday I presented the Co.Solo strategy plan to our main board which went really well, the rest of the week I have been out and about on some really lovely member meetings. Caroline

This week has been a lot of driving up and down the A11.  One of those trips was to visit my new member, The English Distillery and meet with Katy Nelstrop who kindly showed me and Julie Austin around their beautiful facilities. Watch out for a joint Norfolk Chambers and The English Distillery tour in April. Details coming soon….

Thursday night I hosted an event alongside Tom Holmes where we welcomed the business community to view the new Big C Cancer Charity Support Centre on Dereham Road. Sometimes the events you run, or attend can impact you in more ways than you think they will. We heard from Adele, who looks after people at the centre, and she truly touched me with her words and how she spoke about the care they offer. She is a superstar and a true legend for her dedication to her job and care. A big shoutout to the team at Big C for all the support they give the local community. It’s FRI-YAY, bring on the weekend!

Have a great weekend everyone, although first I’m heading out to attend Norfolk Netwalking event at Whitlingham, it’s going to be a windy one.

  Photo of the Week The photo of the week from the team has to be this picture of Adele from the Big C Cancer Charity event earlier this week. Hearing from Caroline what important work she does means there can never be too much recognition for someone like this! Thanks for reading. I will have more highlights next week! Rick Notley Marketing & Communications Manager

Here are this week’s highlights from the team: Nova After returning from a week of skiing, I was delighted to see our team’s exceptional support for the Norfolk business community. Both The Big Debate, scheduled for February 9th, and the Festival of Knowledge, set for March 6th and 7th, are progressing smoothly. I recently had a productive virtual meeting with our new account manager from the Department for Education. This collaboration is part of our commitment to the Norfolk & Suffolk Local Skills Improvement Plan (LSIP). Additionally, I had the opportunity to meet with the Chamber CEOs of Suffolk, Cambridgeshire, and Essex in Colchester to discuss developments in Chambers East. To cap off the week, I attended the A47 Alliance meeting at County Hall on Friday morning. Our ongoing mission is to lobby and advocate for business-oriented improvements to the A47. Jack

This week has felt like the first of 2024 where everything is properly gearing up for the year ahead. Our events programme is back with a bang and we’ve already held our first Engagement Group of the year in Thetford, hearing from businesses of all shapes and sizes. Our Strategic Partners Uptech are sponsoring these, and we had a very interesting discussion about digital literacy, cybersecurity and broadband infrastructure.

Co.Next held a brilliant panel discussion event this week, looking at Management vs Leadership – huge thanks to the speakers and well done to Caroline in our team for making it happen. Check out the events page on our website to see what’s coming up! In the background, the team has been doing all the usual member meetings and event planning, and this week has seen a laser-like focus from Events Manager Shelley on two biggies. The first is the Big Debate on 9th February at The Forum in Norwich. We have four panel debates, each looking at a key priority for the business community. Shelley has pulled together some excellent panellists for this one, including 3 of our local MPs. As soon as the Big Debate is done, it’s on to the new-look Festival of Knowledge – a new skills and careers event for Norfolk at The Showground. Stands are selling fast, so book yours now. For me, the week has been highlighted with an excellent catch-up with Andrew Dernie from Aviva, one of our Gold Patrons. I look forward to working closer with them on some key policy issues/opportunities for Norfolk. I joined Andrea on a call with Ascot Lloyd, one of five strategic partners, about how we can continue to support their business this year. This week, I also had the pleasure of being one of the Dragons for The Norwich School’s annual ‘Dragons Den’ event. Mile Cross Primary School pupils are remarkably innovative when it comes to business propositions! The winning business was ‘Heartwarmers’, an AI-enabled build-a-bear style toy for children to talk about emotions and mental health with their parents. Finally, I had a call with the British Chambers of Commerce on our asks for the Spring Budget in March. Emphasising the need for reform of business rates, further tax cuts for business and investing further in skills beyond the ‘traditional’ curriculum, such as Planning qualifications and non-accredited technical training. Rick (Me) Following the Christmas break, selecting just one highlight from this week feels akin to choosing a favourite child, given the flurry of activities. However, the development of our 2024 Marketing Strategy stands out. It’s brimming with innovative and exciting plans for the year. Central to our strategy is enhancing member benefits and deepening understanding of membership value. I eagerly anticipate your reactions as more details are unveiled. Last night’s ‘Management Vs Leadership’ event for Co.next was a standout. This event, slightly different from our usual programming, focused on a critical topic and attracted a substantial turnout at the Forum, which was the perfect venue choice. It was wonderful to witness such engagement and sets a positive precedent for the initiatives Caroline is planning for Co.next this year. Behind the scenes, I’ve been immersed in various digital projects for the Chamber, and as we look to work closer with our Strategic Partners is was great to have Source One Consulting join the Chambers as a brand new Strategic Partner this week too. We’re already talking about some cool stuff for the Norfolk Show and the Chambers business hub there, so keep an eye out for some announcements on that soon. It’s busy, and my caffeine levels are at an all time high, but we’ve achieved a lot already this year. I’m excited about the prospect of bringing new team members into the Chambers soon, as we work towards making 2024 the best year yet for our members. Andrea

What a fantastic week of member meetings.  Inviting members for a catch up and coffee at the end of 2023 has given me a great start to the year with some brilliant conversations with our amazing members.  My first meeting this week was with Ascot Lloyd about their Strategic Partnership, shaping plans for them for 2024 and looking at how we can support them with their own plans.  David and Mark gave us an outline of their projects and we are delighted to be supporting them on their key event of the year with Stratton Motor Company in May this year.  We are looking forward to David being one of our panellists at the Big Debate

Then it was onto a meeting with Kelling Heath to discuss their membership with us as well as the exciting plans we have for our North Norfolk Networking sessions starting on 14^th February. Kelling Heath have some amazing plans for 2024 including their “Inspiring guests with Nature” program, it’s the 40^th Anniversary of the park being owned by the Timewell Family and their new “dog friendly” lodges, it’s definitely going to be a busy year for them.

Yesterday gave me the opportunity to meet with Andy from Service Service who bought me up to date with exciting plans for his businesses – always good to have a coffee and catch up with Andy.

My next meeting was with Turning Factor discussing their Strategic Partnership and plans for 2024.  There are definitely some exciting plans taking shape.  We are also looking forward to Kathryn being one of our panellists for the Big Debate.

And then to today – my final two meetings were with Source One Consulting who have just joined us as a brand new Strategic Partner, we are really looking forward to working with them.  Then it was onto a meeting with Aviva’s Andrew Dernie – Aviva being one of our Gold Patrons are a fantastic support to the local business community.  They have some great key projects and are keen to work with the Chamber and its members to offer support. They bring a wealth of knowledge and experience and are very keen to share this.

Caroline

Being back hosting events and having catchups with my members, were my highlights this week.

Wednesday saw us kick start our Engagement Groups for 2024 and I hosted the first group in Thetford which was supported by our Strategic Partners, Uptech. Great to see so many local Thetford businesses attend and share with the group.

“?? ??? ??? ??????? ??”, “????’? ???? ????”, “??? ??? ?? ?????? ?? ???? ???????” and my favourite “????? & ????” were all spoken about on Thursday night at the first Co.next event of 2024. It was truly amazing to have a packed room of professionals and hear from our incredible panel and amazing speaker about their insights, dos and don’ts on ?????????? and ??????????.

Thank you to everyone who spoke, who shared and joined us! ?

At the event I announced Yawn Marketing as the new Co.next sponsor of 2024. Yawn Marketing is the inaugural sponsor for Co.next. Find out more about that here.

#engage #empower #encourage

  The photo of the week from the team has to be the amazing turnout for the Management Vs Leadership event yesterday! Thanks for reading. I will have more highlights next week! Rick Notley Marketing & Communications Manager

Co.next is delighted to announce Yawn Marketing as their new sponsor of 2024. Yawn Marketing is the inaugural sponsor for Co.next. Co.next began in 2022 to engage, empower and encourage young professionals across Norfolk. It offers engaging, knowledge and networking programs, supported and developed by a board of like-minded individuals, who want to empower budding professionals.

This new collaboration will allow Co.next to bring the young professionals of Norfolk a series of events focused on practical learning, networking, and skill development in the marketing and professional field. The beginning of ‘Co.next Coaching’. Sam Edwards, Founder and Managing Director of Yawn Marketing says, ‘We’re really excited to be supporting the Co.next programme for 2024! These events are such an important way to connect with young professionals, and the Norfolk Chambers of Commerce is a huge asset to anybody looking to get ahead in their career’.

Yawn Marketing, are a digital marketing agency putting consultation front-and-centre. They are a central hub for Norfolk marketing, acting as both connectors and experts. This program is a great opportunity to showcase the agency’s expertise, solidifying their presence in the local marketing ecosystem. Caroline Ellis, Account Manager at Norfolk Chambers of Commerce and the Co.next Programme Lead says, ‘This is an amazing opportunity for Co.next, Yawn Marketing and, most importantly, for the young professionals across Norfolk; This partnership, will allow us to strengthen our current offerings and expand our reach across Norfolk. Sam has always been a great supporter of Co.next, and we are incredibly grateful for the opportunity to work with him and his team throughout 2024, helping us to engage, empower, and encourage Norfolk’s young professionals – taking Co.next to the next level’.

James Groves, Co.next Chair and Managing Director of Indigo Swan says, ‘I am so delighted that Yawn Marketing have decided to get involved with our Co.next programme. Sam and his business will bring amazing value to the Co.next programme and their belief in making Norfolk even better, with even more opportunities for the young professionals makes me excited for what the future holds with Co.next, and specifically the Co.next Coaching initiative. Sam played an integral part within the first Advisory Board and to now have him back involved in a bigger capacity, creating a programme for our audience is extremely exciting and an amazing way to kick off 2024. I can’t think of a better first partner for Co.next than Yawn Marketing, and I can’t wait to see how they engage, empower and encourage the young professionals of Norfolk’. For more information about how you and your organisation can get involved with Co.next click here.

BCC Quarterly Economic Survey: Business Confidence Boost Fails To Revive Investment

• Confidence of Norfolk firms improves in Q4, but manufacturers expect turnover to drop slightly, bucking an otherwise upward trend.
• Despite this overall improvement, firms continue to report a limited no improvement to sales, cash flow and only modest increase in investment.
• Downward trend in price growth expectations ends with more Norfolk businesses expecting their prices to rise over the next three months.
• Hospitality sector continues to struggle disproportionately, with nearly a third (32%) of firms reporting a decrease in investment.

The BCC’s Quarterly Economic Survey – the UK’s largest and longest-running independent business survey – shows a small rise in the confidence of Norfolk businesses in the final quarter of 2023. The percentage of firms expecting an increase in turnover over the next year shows sectoral disparity in Norfolk with 36% of manufacturers expecting turnover to increase, down from 43% in Q3, whereas the service sector saw this jump significantly after 3 quarters of stagnation. The data also reveals that more firms expect price hikes, ending the downward trend of the last two years. The survey, conducted in November, of over 5,000 firms across the UK including those in Norfolk – 95% of whom are SMEs (fewer than 250 employees) – also reveals business performance across different sectors varies considerably. Minor improvement in overall business conditions The percentage of respondents in Norfolk reporting increased domestic sales rose notably to 24%, compared with 17% in Q3. Meanwhile, 19% reported a decrease and 41% said sales had remained constant. Across the UK, there were significant sectoral differences. 46% of consumer services firms said they had seen a boost in sales, whereas 35% of hospitality companies and 28% of retailers saw a decrease. Slight increase in business confidence The percentage of UK firms expecting to see their turnover increase over the next 12 months increased to 56%, from 53% in Q3. But in Norfolk that change is more pronounced due to a number of services businesses reporting significant growth expectations. Meanwhile, profitability confidence for our county’s businesses has also improved significantly, with 41% of companies saying they expect profits to increase in the next year. That compares to just 23% in Q3. 20% of those respondents believe their profits will fall. Downward trend in price expectations halts  Despite inflation continuing to ease, more local firms are expecting their prices to rise, compared with the last quarter. 55% of Norfolk respondents are predicting an increase (compared with 36% in Q3), 57% think prices will stay the same, and just 4% are anticipating a decrease. Slightly fewer firms cite interest rates as a concern While inflation remains firms’ biggest concern for local Norfolk businesses (74%), a recent trend in rising worries over interest rates has eased. 54% of businesses say they are concerned about corporation tax, compared with just 36% in Q2 and 37% in Q3. These figures remain high compared with the pre-Covid trend. Norfolk firms beginning to increase investment Challenging economic conditions are still being felt across the county and continue to impact heavily on business investment. However, the percentage of respondents reporting an increase to investment in plant/equipment has increased slightly from negative territory in Q3 to 12% in Q4. 55% of businesses said investment had remained the same. At the national level, there are large sectoral disparities in investment levels. 32% of hospitality sector firms say they have decreased investment, and only 19% have increased. Meanwhile, in the transport and logistics sector, 36% of respondents reported a rise in investment – only 18% a decrease. Jack Weaver, Chief Operating Officer at Norfolk Chambers of Commerce said: “The latest QES results for Norfolk show steadily growing confidence among our local SMEs, particularly compared to this time last year, when the UK was in the midst of an energy price shock, political instability and lingering confidence issues post-COVID. However, while it’s likely the UK will avoid a technical recession, these results provide more evidence of a very low growth climate across the whole country as most SMEs continue to report no improvement to sales, cash flow, or investment. What we do see however is remarkable resilience across the Norfolk business community. The data shows local firms bucking the national trend in sales, investment and confidence for the future. The data does reveal the disproportionate impacts of economic shocks on different types of businesses. Manufacturers, for example, are more likely to be exposed to the trade barriers established with Europe, while many firms in the retail and hospitality sector are reporting recessionary conditions. With a local economy more heavily geared towards the seasonality of hospitality and tourism, this remains a concern. These sectors also face the combined challenge of attracting and retaining staff; something Norfolk Chambers hears time and again when we discuss skills with our members. Norfolk businesses need to see a clear long-term plan for growth from Government, and increasingly the opposition in a general election year, that addresses infrastructure, access to skills, economic development and a coherent plan for global trade.” Shevaun Haviland, Director General of the British Chambers of Commerce said: “Our data shows business confidence is growing, but real challenges remain in the coming year. “Worries about interest rates and inflation remain at historically high levels, despite a slight easing of concern. “The recruitment challenges many firms are facing underlines our calls for a skills plan from Government alongside an affordable immigration system. “Investment continues to the Achilles’ heel for business. The Chancellor’s decision in his Autumn Statement to make full expensing permanent was very welcome. 2023 needs to be the year when companies are given further assistance to invest. “In the noisy election year ahead, it is crucial politicians remain focused on growing the economy and helping businesses thrive.”   We asked our Strategic Partners to share their insights into the Q4 results, here’s what they had to say: “We are cautiously optimistic for the year ahead. We are getting positive signals from customers concerning potential import volumes for the coming 12 months which should translate into additional throughput for the business.”

Kevin Wilding – Branch Manager – LV Shipping Ltd

“We do see a difference in the size of organisations, whereby larger are taking a more longer term view with enhanced focus on talent retention and progression – as they see this as key to their strategy, and is a barrier to growth. With the flatlining this year we see businesses taking this as an opportunity to focus on the efficiency of their business, and to invest in their staff.”

Kathryn Horton – Chief Executive – Turning Factor

“The focus on retaining and advancing the existing workforce in Norfolk must be complemented by initiatives aimed at cultivating a skilled labour pool. There’s a growing trend of individuals seeking opportunities beyond the region, prompting the need to proactively address this potential exodus. By bolstering efforts to grow and enhance the skills of workers in Norfolk, it becomes possible to not only attract new talent but also retain the current workforce. This balanced approach will fortify the local economy and help counteract the trend of people leaving the area for better prospects elsewhere.”

“With the escalating costs set by larger international and national businesses, the inevitable consequence is the transfer of these elevated expenses to end consumers. This upward price shift is anticipated to contribute to an overall increase in the cost of living and inflationary pressures. These economic indicators are poised to create conditions that could steer us toward a technical recession. A technical recession, stemming from increased living expenses and inflation, appears to be more probable than a complete economic downturn. This distinction is crucial since a technical recession typically signifies a slowdown in economic growth rather than a full-fledged recession characterized by widespread economic decline. Therefore, while the trajectory may lead us towards a technical recession, it might not necessarily entail a severe and prolonged downturn across all economic sectors.”

James Fowler – Business Development Manager – Uptech LTD   “We are always optimistic at Source One, if you do the right things well then that’s a good mantra to work to in the long run. Enquiries from clients remain continual and level. Clients do seem to be taking longer to make decisions with their projects and associated costs……all totally understandable in the world we are currently in…..we work the same way at the moment when making spending decisions. The supply chain and services are being hit with increases due to all the factors we know….which has an effect at the end of the chain when project margins can be affected. Offering a value for money service helps negate some of those challenges.” Patrick Lewis – Co-Owner and Chairman – Source One Consulting Ltd   The first QES of 2024 will be live on 12th February, please ensure you are subscribed to our newsletter for announcements, as well as following us on social media. If you would like to be emailed an invitation to complete the survey on release please email [email protected] and we will add you to our distribution list.

Here are this year’s highlights from the team: Nova Norfolk Chambers of Commerce has had a very busy but highly successful 2023, despite the economic challenges, a cost of living crisis and just the one Prime Minister this year!  We’ve been listening to the feedback from the Norfolk business community and have put new, exciting events into our calendar, such as the inaugural Business Hub at the Royal Norfolk Show in June, and we’ve recently launched a new initiative, Co.Solo, designed to support the sole traders; the entrepreneurs and business consultants. We have, of course, also delivered everything you would expect from your local Chamber of Commerce, from networking and netwalking, to Bank of England lunches, Net Zero events, Co.next events, skills events and of course, our classic B2B Exhibition, which for its 25^th anniversary, was our biggest and best event yet! As a leading business membership organisation, our reach across the Norfolk business community continues to grow: this year, our website has now topped 1 million engagements with over 280k visits, and our combined audience across social media is now over 30k!  Our dedicated team has delivered 110 events, with over 2000 delegates, this year and has some exciting plans for 2024. We have continued to work in collaboration with our fellow regional Chambers of Commerce, driving and influencing policy on behalf of local businesses across Norfolk, Suffolk, Cambridgeshire and Essex through Chambers East.  Work is now underway to produce a manifesto of business needs in anticipation of an expected general election. Norfolk Chambers has not stood still on our digital innovation work and we’ve been working hard with our local developers to bring the second phase of our ‘Digital Chamber’ online.  We will be looking to test this work with a ‘Chambers Champions’ user group in the new year, before launching it in the Spring.  So get ready to join the revolution on how you interact digitally with Norfolk Chambers! As Norfolk Chambers evolves and grows, we have had some significant changes in our team.  We celebrated the arrival of a new Chief Operating Officer, Jack Weaver, in May and have welcomed new Customer Experience Team members, an Events Manager, a new Marketing and Comms Manager, as well as an LSIP apprentice – all with skill sets and unique experiences that will help us drive the future success of Norfolk Chambers. So, as 2023 draws to a close, we would like to thank all those amazing individuals who have supported and helped us along our journey so far and celebrate the new team members who have already joined us and those who will join us as we continue to grow to support the needs of the Norfolk business community. Finally, the biggest highlight for myself and our Chambers Team has got to be our dynamic, brilliant, and successful business members.  They are the fundamental reason why Norfolk Chambers does what it does.  So thank you for another fabulous year, and we look forward to continuing to connect, support and give voice to every business in Norfolk in 2024. Merry Christmas & a Happy Prosperous New Year. Nova Jack

Pretty simple really – joining Norfolk Chambers in May! It’s genuinely a privilege to be the COO here and two things continue to amaze me. Firstly, the innovation, diversity, resilience, ambition and community spirit of Norfolk’s businesses. Secondly, the team here at the Chambers connecting all those organisations and supporting them. Andrea, Ben, Caroline, Dean, Ethan, Julie, Katie, Nova, Paul, Rick, Sam and Shelley go above and beyond every day, and they are true superheroes.

If I had to pick specific highlights it would be our first ever Business Hub at the Royal Norfolk Show, our 25^th Anniversary B2B Exhibition, the Bank of England Lunch…and getting a new coffee machine for the office. That last one makes a real difference.

We’ve done so much this year I can’t believe it’s only been 7 months for me. I can’t wait to see where we are when it’s been a year! Bring on 2024.

Rick (Me) Having joined the Team six weeks before B2B, I wanted to make an immediate impression and so for me being part of the biggest and most successful B2B yet has to be a highlight for me. I’ve been working on the marketing strategy and plans for 2024 and they are both exciting and ambitious, I’d like to thank the team for making me feel so welcome and supporting my new ideas. We are heading into 2024 stronger than ever and I’m looking forward to working with members to make sure you get maximum value from your membership and if you are not a member now really is a good time to join the Chambers business community. I am already seeing a spike in engagement and traffic on the website and Social Media, it’s been lovely to get feedback from the business community that they are seeing more of the Chambers now than ever. We are lucky to have such an amazing variety of businesses in Norfolk, and those businesses are lucky to have such a passionate Chambers team that I am looking forward to working with in 2024. Watch this space as lots in the pipeline. Have a great Christmas break and see you in the new year! Andrea

It’s been another busy year at Norfolk Chambers for me – moving into my 3^rd year working for the Chambers, it still amazes me how many brilliant businesses I come into contact with for the first time.  Sharing their stories and supporting them and their business is my top priority and I love hearing about new initiatives that businesses are coming up with when facing some really tough times.

Our Focus Engagement Groups have been really insightful, and I’m so pleased these are continuing into 2024.  It’s so important to bring the whole of the business community (not just our members) together to discuss important topics and look to ways in which we can support them.  Another step forward for us as Account Managers has been in dividing the county up into 4 quarters meaning that the Account Managers are more focussed in their areas and that businesses have a point of contact.

My area includes North Norwich up to the North Norfolk Coast and I’ve had some really positive meetings around looking to engage more in those areas. A new North Norfolk regular networking opportunity is going to start in February and I’m also looking forward to doing more around Norwich Airport area.

I’m also really delighted to be working closely with our Gold Patrons and Strategic Partners, these businesses bring something unique to our membership and it’s important that we recognise the fantastic work they are doing and the support they give to the whole of the business community.

Finally I have to mention the amazing team at Norfolk Chambers – thank you to each one of you for your support.

Caroline

As the year ends, I cannot help but look back at my first year at Norfolk Chambers and say WOW, we have achieved so much this year and I’m so proud of the team and all their achievements. For me, I’ve really enjoyed getting to know my South Norfolk businesses and building a great support network as well as great friendships.

Co.next has gone from strength to strength this year and none of that would be possible without the constant support and cheerleading from our Co.next Board members and the young professionals of Norfolk. We have some big events planned for 2024 and are kicking off the year with our first event on Thursday 18^th January on Management vs Leadership a night with Co.next.

I can’t end the year without mentioning the Co.next Oktoberfest event which was without a doubt one of my favourite moments so far in my role as Co.next Programme Lead – we had an absolute blast! We will be back for Oktoberfest 2024.

Thank you so much Norfolk Business community for being so welcoming, caring and supporting!

Katie I am not sure how I put into words my last 9 months at Norfolk Chambers, but here goes: it has been a privilege to be welcomed into the West Norfolk business community. I look forward to growing this and getting more West Norfolk businesses engaged. I have loved being part of such a great team at Norfolk Chambers. We might be remote workers, but there is always someone there should I need them. I guess my biggest highlight of 2023 has to be Launching Co.Solo at B2B this year I am not a great public speaker, but once I got started, it was easy as I am so passionate about Co.Solo, we had our first Co.Solo Christmas party at the start of December it might have been small, but I can’t wait to see where we are this time next year. Sam 

I started 2023 away from the chamber travelling Asia for 4 months so I can only thank the team for welcoming me back so easily mid-way through the year. This was a highlight for me of course experiencing the rest of the world, but also being able to return to the international team and hit the ground running once again as if I never left. I was able to complete a lot of new training and catch up on the Joys of Brexit (?) quickly and easily to be in the position to help all our brilliant international clients once again.  – Here’s to 2024!

Julie Reflecting on 2023 and all the different clients we’ve worked with, I think my highlight was 29 ATA Carnets in 2 days for one client back in February 2023!   Photo of the year: Even in the short few months I have been with the Chambers there have been some great moments, so picking the photo of the year, is near impossible. Having had our Christmas party yesterday I think this team photo and our photo following B2B are the only choice. This is your Chambers team that work so tirelessly in the background to deliver on what you need from your Chambers. These people are the real superheroes of the Chambers.   Thanks for reading. We’ll be picking this up in the new year, Merry Christmas everyone!   Rick Notley Marketing & Communications Manager

Here are this week’s highlights from the team: Nova We had a great collaborative catch up with Norfolk and Suffolk Chambers LSIP teams.   I helped Norfolk County Council celebrate the success of the Insights Apprenticeship project, which we work with them on.  Had some a good initial meeting to work in collaboration with EEEGR at the Festival of Knowledge.  Dipped in and out of a productive Chamber team meetings looking at what we need to achieve in 2024 to  help connect support and give to every business in Norfolk! Jack

We’ve spent a lot of time this week laying the groundwork for our exciting new skills-focused event in March 2024…the much anticipated Festival of Knowledge. It’s so cool seeing this re-invigorated skills event come to life, and we can’t wait to share it with the Norfolk business community. We’ve always spent a lot of time together as a team, looking ahead to 2024 and what we’re going to deliver for our members and the wider business landscape across the county. This has been especially exciting as the whole team hasn’t been together for a few weeks owing to some well-earned annual leave!

I’ve said a few times that I’m a shameless policy nerd so it’s great to be able to indulge that guilty pleasure through our Chambers East group. This is a group that brings together Norfolk, Suffolk, Cambridgeshire and Essex Chambers to work together on our big policy asks that impact all of us. Things like roads and rail infrastructure, skills, energy, net zero and so on. For Norfolk this is the epitome of the ‘voice’ bit of our mission to connect, support and give voice to every business in Norfolk.

I also can’t emphasise enough how great it is that Norfolk is now one step closer to a devolution deal this week! Norfolk County Council have voted to support the deal which is worth £20m per year over 30 years and gives Norfolk much more control over housing, development, education and skills. It also puts us much nearer the front of the queue for future funding pots. What’s not to like!?

Lastly, it’s just been great seeing so much engagement between our amazing Chambers team and businesses as we head towards Christmas. 2023 hasn’t been the easiest year in business, but there’s a sense of some optimism for 2024 despite some very real uncertainty about the economy. Norfolk Chambers will continue to support you and we can’t wait to see you all in the New Year.

Rick (Me) My highlight of the week had to be sitting down with all the team and sharing my marketing plan for 2024, and all the new exciting initiatives we are looking to put in place as well as revamping some of the existing core member benefits and how they are delivered. Lots of enthusiasm and some great ideas from the wider team, members you will be excited to see some of this launch in January, and if you’re not a member now really is a good time to join so you get maximum benefit for 2024. Andrea

It was great to have a full planning day on Tuesday hearing about our ambitious plans for 2024, there is so much to look forward to.

On Wednesday I spent some time looking at regular networking in North Norfolk. A fantastic meeting was held with Emma from Example Marketing, Sarah from Sarah Knights Coaching and Louise from M+A Partners. All of us are super passionate about engaging with businesses in the North of our region and we can’t wait to bring these events to you.

Following on from exciting Strategic Partner meetings over the last couple of weeks, including introducing a new partner soon – watch this space – I’m delighted with the work Rick is putting into the branding of this and can’t wait to share our ideas with the Strategic Partners and the wider business community.

Caroline Although this week has been full of sneezes and coughs it’s been a great week for planning for 2024 from the team. We have a packed Events calendar again for 2024 and some exciting projects coming. This week I also had the pleasure of attending the South Norfolk Business Breakfast organised by South Norfolk and Broadland Council, great to see so many familiar faces and catch up before the Christmas rush! Katie Was fantastic to host the drop in and chat session over in Kings Lynn and talk to local businesses about our exciting plans for the new year to get the business community together more often. Sam & Ethan (International)

We had our final zoom & Learn of the year which essentially is between all chambers of commerce and chambercustoms to discuss outstanding news, changes to customs legislations etc. We were one of the chambers where all clients are now CDS (RO-RO) movement ready meaning we are on track again to be ready for the chief switch off early next year.

It was also a great call to understand a bit better the sheer workload over the past year and how each chamber of commerce performed throughout. They broke down the different areas of import/export, sea/air/road shipments etc. which was a good insight into the goods travelling in and out of the UK daily.

  The photo of the week from the team has to be the amazing sunrise captured by Caroline on her way to yet another successful coastal Co.nnect event this week in Great Yarmouth!   Thanks for reading. I will have more highlights next week! Rick Notley Marketing & Communications Manager

As we look ahead to 2024 and new opportunities for our members, we are seriously considering the economic viability of a business hub. It would have a mix of hot-desking space and longer-term desk rentals in the city centre – would you use it? A well-curated space with a level of quality you would expect from a Chamber of Commerce. Everything you’d need to work effectively and productively, with the bonus of having our team on hand to support you. Please visit the LinkedIn poll here to vote. If you would like to express your interest in the space and be updated on the progress, please complete the short form here

The British Chambers of Commerce (BCC) has marginally upgraded its 2023 and 2024 GDP forecast but lowered the outlook for 2025, as economic growth for all three years flatlines. 

The BCC’s Quarterly Economic Forecast, ranked joint second most accurate by the Sunday Times, predicts the UK will remain in the slow lane. 

UK Economic Outlook      

The UK economy looks set to continue expanding until the end of 2025, but growth will remain very sluggish. A growth rate of 0.6% is now expected for the whole of 2023, dropping to 0.4% in 2024, and nudging up only slightly to 0.6% in 2025. Prolonged high interest rates, trade barriers, particularly with the EU, and limits on consumer spending are all seen to feed into a low growth climate.  

Despite core inflation now outpacing the headline CPI rate, BCC research indicates the proportion of firms expecting their prices to rise is continuing to fall. The forecast for the CPI rate is now 4.6% in Q4 2023, 3.1% in Q4 2024, and 1.9% in Q4 2025, when it finally slips below the Bank of England’s 2% target.  

Slight upwards revision to GDP   

Although ONS revisions have revealed the economy recovered from the pandemic much faster than originally estimated, the momentum has been lost. While the start of 2023 turned out better than expected, the second half of the year has been lacklustre, leading to overall growth of 0.6% for the year.  

And with interest rates now predicted to fall only slightly in 2024 and business confidence failing to take off, the BCC expects the economy to grow by just 0.4% in 2024 and 0.6% in 2025.    

This is a slight increase for 2024 and a similar decrease for 2025, from the BCC’s previous Q3 forecast of 0.3% and 0.7% respectively. 

Weak levels of growth in household consumption and a forecast of a reduction in overall real terms Government spending in 2023 and 2024, are also factors in this shaky performance.  

Although disposable incomes are now above pre-pandemic levels, households are spending less than they did then, suggesting high interest rates, inflation and global headwinds are weighing on consumer confidence. 

Trade is also likely to continue to suffer, with export growth of just 0.5% and 1.2% in the next two years, following a contraction of 0.5% this year. Imports are similarly lacklustre, with further regulatory changes at the UK and EU borders weighing on trade flows.  

Against this background, the BCC expects business investment to contract by 0.8% in 2024, a downward revision from –0.1% in Q3, before rebounding to 1.2% in 2025.  

Average earnings to perform more strongly   

Despite the gloomy economic outlook, average earnings are now expected to grow more strongly than inflation across the forecast period, with growth of 5.5% in Q4 2023, followed by 3.5% in Q4 2024 and 2.5% at the end of 2025.  

With core inflation remaining stubborn, and fears that wages could continue to put upward pressure on prices, the Bank of England interest rate is expected to fall only slowly – reaching 4.25% in Q4 2025.   

Further growth in unemployment rate   

While the number of vacancies continues to decline and demand remains subdued, the unemployment rate is also expected to stay higher for longer, hitting 4.8% by the end of 2025. However, this cooling of the labour market is yet to translate into any significant easing of the recruitment difficulties felt by firms, with BCC research showing the hospitality, construction and manufacturing sectors all struggling. 

Commenting on the forecast, Vicky Pryce, Chair of the BCC Economic Advisory Council, said:   

“The BCC’s latest forecast shows the UK economy has yet to find a way to break out of its current rut. While it’s welcome that GDP should continue to expand there is an underlying fragility that is eroding confidence. 

“The Government set out several pro-growth measures in the Autumn Statement, but businesses and consumers have had their fingers badly burned by the pandemic and ensuing economic shocks. 

“It will take a Herculean effort to shift the dial on investment and consumer spending, against that background, and inject some much-needed vitality. 

“The minimum wage increase early next year will further impact investment concerns among businesses, as cost pressures rise. 

“As we head towards an election next year, politicians will have to show how they will work with the business community to build on the Autumn Statement commitments and develop a much-needed long term economic plan to give companies confidence to invest in people, trade and grow.”   

David Bharier, Head of Research at the British Chambers of Commerce, said:     

“The UK economy is one of the most advanced and innovative in the world. However, the cumulative effect of three years of economic shocks ranging from Covid to Brexit, as well as policy uncertainty, have significantly weighed down on our ability to grow further. 

“Steps like making full expensing permanent, and pledges to improve planning and grid connectivity can all make a difference. Long term business and investor confidence can only come from a clear plan for infrastructure, skills, trade, and technology. 

“The BCC has long called for a longer-term plan from Government, otherwise any bump from the Autumn Statement will soon be lost.”