We had our third backstage tour with our Theatre Royal friend Jason Raper this morning, and it was magically fantastic!
From the sombre and minimalist set of Girl on the Train, to the quirky and fantabulous fun of Matilda, today we had the festive craziness of this year’s Pantomime Cinderella.
An hour with Jason just doesn’t seem long enough. His knowledge of the theatre’s history and his entertaining stories of life behind the scenes are enthralling. It’s impossible not to smile at the scenery, outfits and the glitter covered set! The magic certainly happens on stage, but behind the scenes is a team that ensures the show runs with clockwork precision. Jason introduced us to the intricate mechanics above and below us, and at every point had an interesting story to tell.
We then spent an hour enjoying a delicious breakfast of bacon rolls, pastries and fresh fruit and networked in the comfortable and elegant Prelude Restaurant.
A perfect way to end the first working week of 2020 – thank you so much to everyone who attended!
If you are interested in attending one of our upcoming tours, simply click on the link for our March tour of Les Miserables or for We Will Rock You in May.
Results from a BCC poll, conducted in partnership with banking group TSB, reveals that many firms have taken on debt during the pandemic and require flexible repayment solutions to rebuild their revenues and avoid an unsustainable debt crisis. Those who haven’t taken on debt, but may yet need to, favour flexible business banking services that adapt to their needs:
42% of respondents took on debt during the crisis, with more than 1 in 4 businesses saying they may need to scale down operations to repay and 1 in 10 saying they might have to cease trading
44% have not accessed finance so far, but still face challenging business conditions
Businesses require flexible and responsive support from government and banks as they recover from the crisis
Lending schemes provide critical lifeline to business operations
42% of those surveyed said that they had accessed finance during the pandemic through government lending schemes such as the Coronavirus Business Interruption Loan Scheme (CBILS) or the Bounce Back Loan Scheme (BBLS). These businesses were almost evenly spread across all sectors, with manufacturing firms slightly more likely to have taken out finance.
Those drawing on the schemes were overwhelmingly doing so to support critical day-to-day business operations during the pandemic. 71% said they used finance to support cashflow, 43% for overheads, 40% for paying staff and 32% for paying other debts.
Impact of business debt may weaken recovery
64% of respondents said that the repaying of finance built up during the pandemic might have a negative impact on their business. More than one in four firms (27%) said repaying finance might mean they scale down operations and 26% said they would change their investment plans. Most concerningly, 11% – more than one in ten firms – said they might have to cease trading. Micro firms were more likely to say repaying debt may cause them to cease trading (15%) compared to non-micro firms (6%).
Innovative approaches to repayment and recapitalisation may be needed to prevent thousands of firms from falling into a spiral of unsustainable debt. The survey found that 18% of respondents said they would prefer a ‘student loan’ style scheme – where the loan becomes a contingent tax liability that is repaid on a means-tested basis – if their business was struggling to repay their loan. 16% said they would prefer a longer fixed term period to repay the loan. In contrast, just 4% said they would prefer to convert the debt into an equity stake in their business.
Future financial support likely to be needed
44% of firms surveyed said they had not attempted to access finance during the immediate crisis, but still face challenging business conditions. While 38% have seen increases in revenue from UK customers, a further 38% have seen a decrease. Half of firms (50%) said their cash reserves have slightly or significantly decreased since July 2020.
Faced with this, local lockdowns and the planned withdrawal of various government support schemes in the autumn, more businesses will likely access business banking services in the coming months to support their day-to-day operations and drive the wider economic recovery.
Those looking to do so overwhelmingly require a flexible business banking service, offering a mix of face-to-face and in-person capabilities. 48% of firms said they required personalised or face-to-face support. 44% said they valued digital services – like apps and websites -most highly. A further 44% said fast and easy access to capital was most important and 36% said they preferred a presence in the local community.
Responding to the results, BCC Director General Adam Marshall said:
“Government loan schemes have been a lifeline for many businesses during the pandemic. So many firms have taken on debt in order to survive.
“With many businesses still facing reduced demand, depleted cash reserves, and continued uncertainty, bold solutions will be needed to prevent thousands of firms across the UK from falling into a spiral of unsustainable debt. If not addressed, large debt burdens could stifle the recovery, threatening jobs and constraining business activity and investment.
“Others who have weathered the immediate storm may yet need access to finance for working capital to help their businesses recover and grow. Ministers should consider whether some loan schemes should be extended beyond the autumn to help.
“Over the coming months, Government, regulators and banks must work together with business communities to find solutions that help firms repay Coronavirus loans sustainably ,and access the support and services they need at this challenging time.”
TSB CEO, Debbie Crosbie said:
“Banks have a vital role to play in helping small businesses survive and thrive. It is very clear they need banks that can provide a full suite of services, including lending, face to face advice and outstanding technology to help them build back better. TSB is focussed on providing this mix for small businesses across the country.”
The Norfolk Chambers of Commerce, Department of Work and Pensions and Thetford Town Council are working in collaboration to host this year’s job fair at the Carnegie on Wednesday the 11th of March, 09:00 – 13:00.
The event has been setup to bring employers face to face with jobseekers whilst giving them a spotlight to promote their business and create brand awareness amongst other businesses and those seeking employment.
Attending businesses will have an advanced look at potential candidates, which in turn will aid towards saving time and resources during the recruitment process. The event is also free to exhibit with Wi-Fi and refreshments provided by the venue.
Businesses that take part will be advertised prior to the event taking place which will attract potential candidates.
If you have any questions or require more information, please don’t hesitate to get in touch with Chris at the Norfolk Chambers – [email protected] / 01603 729 711
Help us give a warm welcome to the newest members of Norfolk Chambers of Commerce for the month of December 2019.
Visit their business to explore what they have to offer. Click on a business name below to view the full listing in our Member Directory.
Akcela Akcela supports businesses that have made a positive commitment to improve their business performance and understand there is a need to engage with external support.
Bourgee Bourgee is a must for night owls and foodies alike. We source produce from prestigious suppliers, whilst in-house chefs’ craft these expertly selected ingredients into deliciously creative dishes, all served in a modern, cutting edge-designed venue with superb service and unrivalled atmosphere.
Dad’s Boats Dad’s Boats is a family run business. We manufacture and sell boats designed by David Williams (the Dad). The first of his boats is The Pedal Boat.
Get Indemnity As a digital insurance broker, we offer competitive premiums, knowledgeable support and tailored insurance products to transfer our customer’s risk. With technical underwriting and claim management backgrounds, we have the capacity to leverage our knowledge, experience and digital tools to the benefit of our customers.
Hawkins Ryan Solicitors Hawkins Ryan Solicitors is a traditional provincial firm of solicitors with a difference. We are based in historic King’s Lynn but act for clients right across the country and beyond. We offer a broad range of services for both private individuals and commercial clients.
Just Perfect Property Maintenance Your search for a company that provides property maintenance ends with Just Perfect Property Maintenance in East Harling. We serve domestic customers across Thetford, Attleborough, Wymondham, Bury St Edmunds, Watton and Garboldisham.
Keith Bird – Business Growth Mentor I will show you how to quickly explode your Sales and Profits. If you do not receive a dramatic increase in your Sales and Profits then you do not pay me a penny and that’s my GUARANTEE.
Media In A Box Media in a Box was created by people who have worked within the media industry, and with local businesses for some time. Our business can count over fifty years of experience within media, and well over 2 million media campaigns constructed across all media channels, with a significant amount of websites developed and launched in that time.
Redhead Architects At Redhead Architects, the plan is surprisingly simple: Be nice, work hard, listen to our clients and produce the best designs we can, whilst making sure that they love them. We offer a full architectural service and over 25 years experience delivering high spec. residential, hotel, commercial and hospitality projects.
Think Maintenance Think Maintenance is about delivering a service which benefits our clients and putting our necks on the line by saying we WILL ENSURE your Heating and Plumbing services are the best that they can possibly be.
The British Chambers of Commerce’s Quarterly Economic Survey reveals that the UK ended 2019 in stagnation, amid long-term uncertainty, rising business costs and a slowing global economy.
The latest results of the survey – which is the largest of its kind in the UK and a leading indicator of GDP growth – found protracted weakness across most indicators of economic health in the final quarter of 2019.
Norfolk’s service sector indicators worsen and remain well below their historic average
Norfolk indicators for manufacturing cashflow, home orders, and investment continue to worsen and are firmly in negative territory
The service sector, which accounts for almost 80% of UK economic output, saw a large majority of its key indicators worsen compared to Q3 2019. These indicators remain well below their historic average.
The balance of manufacturers reporting a rise in domestic and export sales fell drastically. However, the balance of manufacturers reporting increased export orders rose from the previous negative position in Q3.
Investment intentions remain weak by historic standards – the balance of local firms in the manufacturing sector that plan to increase investment in plant and machinery dropped back to a negative position – whilst the fall was not as great, both the National and the East of England results also fell.
Cashflow – a key indicator of the health of businesses – Nationally showed a slightly improved result, but remained very weak across both manufacturing and service sectors. Locally, both the Norfolk and the East of England service and manufacturing sectors reported decreased cashflow (-6 and -10 respectively in Norfolk and -10 and -4 in the East of England).
Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
“The UK economy limped through the final quarter of 2019.
“The fourth quarter was characterised by a broad-based slowdown in the dominant services sector with all key indicators weakening in the quarter, amid sluggish household expenditure and crippling cost pressures.
“Despite some improvements, indicators in the manufacturing sector remain very weak by historic standards, and with indicators for domestic and export orders continuing to contract, the near-term outlook for the sector remains challenging.
“A faltering service sector together with listless manufacturing activity points to a downbeat outturn for UK GDP growth in the fourth quarter of 2019”.
Responding to the findings, Nova Fairbank, head of Policy for Norfolk Chambers of Commerce said:
“The end of political deadlock at Westminster must also bring action to renew business confidence and tackle the prolonged stagnation that’s affecting so much of the UK economy. The government must use its newfound majority to take big decisions to stimulate growth.
“We would like to see ministers take action to reduce up-front costs, move key infrastructure projects forward, and to help businesses on training, they’ll be rewarded with increased investment.
“However, they also must move quickly over the coming weeks to ensure that Brexit is done right. A clear future trading relationship with the EU is also crucial to many firms’ future investment and growth prospects.”
Key Norfolk findings in the Q4 2019 survey:
Services sector:
The balance of firms reporting increased domestic sales fell from +8 in Q3 2019 to -7. Those reporting increased domestic orders fell from 0 to -12.
The balance of firms reporting improved export sales dropped from -5 to -12. Those reporting increased export orders fell from -5 to -31, and all-time low.
The balance of firms reporting improved cashflow fell from +2 to -6
The balance of firms looking to increase investment in plant and machinery remained at -14 but rose slightly from +7 to +9 for training
The balance of firms confident that turnover and profitability will improve over the next year increased from +10 to +26 for turnover and from -5 to -4 for profitability. Despite these slight improvements, the figures still remain weak.
Manufacturing sector:
The balance of firms reporting increased domestic sales fell from 0 in Q3 2019, to -20
While those reporting increased domestic orders continued to fall from -11 to -20
The balance of firms reporting improved export sales rose from -6 to +11
The balance of firms reporting increased export orders improved considerably from -24 to 0
The balance of firms reporting improved cashflow fell deeper into negative territory from -5 in Q3 to -20 in Q4
The balance of firms increasing investment in plant/machinery fell from +10 to -10 and investment in training rose from +10 to +30
The balance of firms confident that turnover and profitability will increase in the next 12 months fell from +38 to +10 for turnover and from +14 to 0 for profitability. This is still much lower than the post-recession average.
Commenting on the Queen’s Speech today, Dr Adam Marshall, Director General of the British Chambers of Commerce, said: “The government’s legislative plans will give businesses some encouragement that Westminster is finally starting to think about growth and investment again, but the real test will be in the detail that follows. “From now on, soundbites can be no substitute for the daily grind of good government. Attention must return to the details that matter, and the government must work hand-in-glove with our business communities if it wants to translate electoral success into economic success.” On Brexit “Campaign slogans need to give way to real detail on our future relationship with our largest and nearest trading partner. Companies across the UK want clear answers to their many unanswered questions, and a guarantee that costly ‘cliff edges’ will be avoided. On trade “The forthcoming Trade Bill must deliver an ambitious international trading framework that supports prosperity post-Brexit. “Businesses need clarity on global trading relationships and the time to implement the practical changes necessary to thrive under an independent trading policy. “We need to see substantial investment in trade promotion activity that connects businesses with new markets to drive export growth. This will help kickstart a sluggish economy and boost business confidence.” On people and skills “At a time of critical recruitment shortages, an Immigration Bill that allows businesses throughout the UK to recruit staff at all skill levels cannot be delivered soon enough. Government should waste no time in providing detail on the proposed points-based system, and must not lumber firms with costly delays or red tape. “As the world of work continues to change it is encouraging to hear the government championing flexible working. Any legal changes should only come after extensive consultation with firms of all sizes to ensure new measures work for employers and employees alike.” On infrastructure “Businesses want to see a fully integrated and modern infrastructure network. The government now needs to get on and deliver. This must include completing all phases of HS2, Northern Powerhouse Rail and the Lower Thames Crossing as well as ensuring local areas have the funding they need to address their priorities.” On business investments and costs “UK business investment has fallen for the longest period in almost two decades. Many will welcome the short-term relief provided by further discounts to business rates, but the government should waste no time in setting up a comprehensive review of this outdated system. “Looking ahead to the Budget, businesses of all sizes need to see a package of fiscal measures to alleviate the burden of high up-front costs and stimulate investment. This should be accompanied by a moratorium on all new up-front costs for businesses for the duration of this Parliament.” On the environment “Together with business communities, the government and devolved administrations should build a plan for how we will work across the four nations to reach net-zero by 2050, while also maintaining security of energy supply and stable prices for businesses and consumers.” Ends
We will be closed from 5pm on Monday 23rd December 2019 and will open again at 8:30am on Thursday 2nd January 2020.
We wish you all a very Merry Christmas and a Happy New Year and we will see you in 2020 to continue on our mission of connecting, supporting and giving voice to every business in Norfolk!
Thank you to all of our members for making 2019 such a brilliant year for us, and for Norfolk business! There have been so many exciting things going on this year – here are a few of our highlights:
Congratulating the Prime Minister on his election victory, as reported at 7.00am, Nova Fairbank, Head of Policy for Norfolk Chambers said:
“Restoring business, investor and consumer confidence – and firing up the economy – must now be the Prime Minister’s top priority.
“Campaign slogans must give way to a renewed focus on the details that matter. The Norfolk business community needs to see swift, decisive action to avoid a messy and disorderly exit from the EU and to tackle the barriers holding back investment and growth here in Norfolk and the rest of the UK.”
Businesses’ priorities for the new government include:
Avoiding a no-deal exit from the EU and delivering a smooth transition giving firms time to prepare.
Acting rapidly to reform business rates and replace them with a fairer system.
Pressing ahead with improvements to transport infrastructure including A47 improvements, and rail infrastructure improvements, as well as additional capacity at Heathrow with regional connectivity.
Investing in our skills base and reforming the Apprenticeships Levy so that more small firms can access high-quality training locally, at affordable cost.
Delivering a sensible immigration system that gives firms access to essential overseas talent at all levels.
We’re pleased to announce that the British Chambers of Commerce Annual Conference 2020 will take place on Thursday 5 March 2020 at the QEII Conference Centre in London.
The conference will bring together the UK Chamber Network and the wider business community for a day of inspiring keynote speeches and stimulating panel debates, focussing on the issues most relevant to UK businesses.
Join a high-level audience of senior politicians, decision-makers, policy makers and the Chamber Network to discuss some of the key issues affecting Britain’s business community, with key themes including:
People – Creating workplaces for the future
Infrastructure – Meeting the infrastructure challenges of tomorrow
Notre Dame High School are looking for volunteers to talk to all year groups about their career paths.
How a subject led to my career involves the employer talking about how subjects they studied at school are now used in their everyday working life. There are slots available all week from Monday 2nd to Friday 6th March to inspire the next generation.