Chamber News

On the eve of the United Nations Climate Change Conference (COP 28) in Dubai, a ground-breaking survey of 1,000 businesses – mostly SMEs – by the British Chambers of Commerce Insight’s Unit shows 40% of companies don’t know any details about the UK’s net zero target.

• 7% are not aware of the UK government’s target at all, while 33% are aware but know no details. Last year 13% were not aware, and 48% had no details.
• There is business uncertainty about the impact of the UK’s net-zero policy changes announced in September. Around a quarter (24%) say the postponement of various targets will have a negative impact, while a third (31%) say the postponement will have a positive effect on their business.
• Around a quarter (24%) of firms report some form of exposure to severe weather events.

Over 1,000 businesses were surveyed for the research, with 96% of respondents SMEs. Similar research last year showed 61% of firms either not aware or having limited knowledge of the Government’s targets. This latest data once again reveals wide divergences between smaller and larger firms in their understanding and preparedness for net zero. 43% of firms with fewer than 10 employees say they don’t know any details about the target compared to 26% of firms with more than 50 employees. The research is published as the British Chambers of Commerce delegation of 60 businesses prepares to head to COP28 later this week.  Led by Director General Shevaun Haviland and Chair Sarah Howard, the team will take part in a series of events working in partnership with the British Chamber of Commerce Abu Dhabi. The delegation will meet UK and global politicians and take part in policy discussions, including on energy transition. Representatives from several UK chambers will also be at the international climate conference. Shevaun Haviland, Director General of the British Chambers of Commerce said: “On the eve of COP28 our research should be a huge reality check to politicians. “There is a huge challenge ahead to raise awareness in the business community about the UK’s 2050 net-zero target. Many firms are simply unaware of it, or have only a cursory understanding. “Business must be at the heart of tackling climate change. The Chamber network is working hard every day to improve understanding among our members, but companies need clear leadership from politicians. “Firms are calling out for a consistent net-zero framework that is clearly explained to them. The transition to Net Zero provides businesses with huge opportunities to grow and diversify. But awareness is key. “From flooding to heatwaves, a significant number of companies are now telling us severe weather is having a real impact on their business. Standing still on tackling climate change is no longer an option. “We want three outcomes from COP28. We need clarity of frameworks to drive action. We need to see action to prepare for increasing exposure to severe weather events around the world. And finally, we want to see more support for the innovation and expansion of green technologies.”

For more information, visit:  www.britishchambers.org.uk   

What is The Festival of Knowledge? The Festival of Knowledge is the updated and enhanced two day event which is replacing the Norfolk & Suffolk Skills & Careers Festival. The original Skills & Careers Festival was aimed purely at students, helping to raise their aspirations and answering their questions about possible career opportunities. The new Festival of Knowledge will have a much broader appeal, that will be more inclusive of employers and Norfolk’s key growth sectors, whilst remaining true to the needs of our young people.  The event will bring together businesses, schools, education and training providers to deliver skills, careers and jobs inspiration to students, as well as showcasing opportunities for job seekers of all ages and those looking to pivot their careers. The Festival of Knowledge will also offer a range of free-to-access knowledge workshops on topics such as apprenticeships, job readiness, and sector-specific topics. Who should attend? The Festival Of Knowledge is open to everyone and is free to access for all visitors, but it is particularly well-suited for:

• Students of all ages
• Job seekers
• Those looking to pivot their careers
• Businesses and employers
• Training providers and educational stakeholders

What to expect at the festival The Festival Of Knowledge will feature a variety of elements, including:

• A skills festival with an exhibition showcasing training providers and trade bodies, particularly in key sectors such as clean energy and agri-tech
• A careers festival with an exhibition aimed at both younger students and those seeking work or looking to pivot their careers
• A jobs fair where employers can showcase who they are and what they can offer and job seekers can have a specific opportunity to talk directly with employers
• A series of short knowledge workshops on a range of relevant topics

Networking opportunities The Festival of Knowledge will deliver a number of networking opportunities, including a launch event for stakeholders on Day 1 and a chargeable business networking breakfast on Day 2. Benefits of attending There are many benefits to attending The Festival Of Knowledge, including:

• Free to attend for all visitors
• Learning about the latest skills and careers opportunities in Norfolk
• Networking with potential employers and training providers
• Knowledge sharing amongst colleagues and peers
• Gaining access to free knowledge workshops on a range of relevant topics
• Discovering new career pathways and opportunities to upskill or retrain

Exhibitor stands available from £250, and sponsorship opportunities range from £1,500 to £8,000 for our Headline opportunity. Floor plan coming soon… In the meantime for more information on exhibition stands and sponsorship please contact [email protected]. We hope to see you there!

As you may be aware, Norfolk has been given the opportunity to take up a Level Three County Deal by the Government.  A County Deal, or devolution, would give Norfolk much greater control over our own destiny:

• It will provide local control over how economic policy is implemented and the flexibility to prioritise what is right for the county and its business community.
• It will deliver £600m of funding over 30 years – £20 million per year, with priorities decided with local businesses.
• It will facilitate long term funding without the need for costly and resource intensive bidding to Government – an area when Norfolk typically does not perform very strongly. In addition, it does not preclude Norfolk’s local authorities from accessing other additional funding opportunities
• It would open the door to more powers and funding as Devolution Deals evolve, as Greater Manchester and the West Midlands have proved. This is likely to benefit local businesses further in the future.

The devolution deal provides additional funding and powers which will support local economic growth, and contribute to a healthy economic environment for businesses to operate within:

• Having control of adult education enables us to focus on providing the skills we know that Norfolk needs, in order to attract highly skilled, well-paid jobs – such as those arising from the net zero carbon agenda.
• Supporting the consolidation of a transport budget and Local Transport Plan to invest in local transport planning to better meet our local needs and priorities.
• Delivering a Brownfield fund £7m funding to deliver 455-583 new homes.

If the County Deal is not signed, Norfolk risks falling further behind. We can’t afford to miss out, when neighbours such as Cambridgeshire and potentially Suffolk are embracing devolution. To gain a County Deal, Norfolk must agree to a directly elected leader. The next step in the Norfolk’s County Deal journey is a vote by the Norfolk County Councillors in early December – their approval is not a foregone conclusion and we are calling on the Norfolk business community to take action now in support of a County Deal. Norfolk Chambers, together with the Institute of Directors and the Federation of Small Businesses, are asking business leaders who are supportive of the County Deal, to urgently contact their local county councillor and stress to them the importance of voting in favour of the Deal. For ease of reference, we have provided below some wording for you to add to your letterhead and email to your county councillor.  All that we ask, is that you copy us in, so we know we have your support. Norfolk Chambers:         [email protected] FSB:                             [email protected] IOD:                             [email protected] To find out who is your local councillor, please follow this link. Wording for letter to your local councillor:  Norfolk CC Business Support Letter – County Deal Thank you in advance for your show of support for a Norfolk County Deal. Should you have any questions, please do not hesitate to contact us. To view the open letter please click Open Letter to Norfolk County Councillors – 27 Nov 23

Reacting to Chancellor’s Autumn Statement, Shevaun Haviland, Director General of the BCC, said:   “We are pleased the Chancellor has listened to our calls to help businesses deal with the current economic challenges. Our Chamber network called on Jeremy Hunt to offer ‘much needed solutions to Britain’s investment problem’. “Today’s statement provided some welcome remedies at a time when businesses of all sizes need certainty and security from the Government in the difficult months ahead. “The decision to make full expensing permanent will be a boost to companies wanting to invest. Our research shows that 34% of businesses have already benefited from the policy, rising to 47% for manufacturers. “We have long called for the electricity grid to be upgraded to help companies transition to net-zero. In our recent net-zero survey, more than a third (37%) of businesses told us they were not getting what they needed from the grid, in terms of energy supply and connectivity. If we can we reduce grid connection times it will make a big difference. “We welcome the planning reforms and investment announced by the Chancellor today to help tackle this huge infrastructure problem. Business trying to invest in a low carbon future will now be looking for a speedier path to grid connection. “Smaller firms will be relieved to see a package of measures that alleviate the cashflow problems they face, such as continued business rates relief for hospitality, retail and leisure, and new rules to help them get paid on time. “The Government’s plans to support people back into work have the potential to help grow the economy. There are just under a million unfilled vacancies in the UK and three quarters of businesses tell us they cannot get the staff they need. Plans to support people suffering ill health could make a real difference, but there must be a focus on getting them into work that matches their capabilities and potential. “Business investment is the lifeblood of local economies, creating jobs and supporting public services. The Chancellor has today taken a step in the right direction, but nothing can be taken for granted and we must all continue to focus on encouraging companies to grow.”

We invite you to join this fascinating webinar which will bring together industry figures, government representatives and BCC partners exploring the key opportunities, common issues and best advice for UK food and drink exporters to the USA. Did you know that last year, $64 billion worth of goods and services were exported into the USA, and $1 trillion were invested by the USA into the UK? Given the vast array of opportunities, it’s no surprise that the USA stands out as one of the UK’s most robust trading allies. This is especially evident in the realm of food and beverage exports to the US. This webinar will give your business an insight into why this market can be so lucrative and what your business can be doing to begin trading or expand your activity in the USA. We are proud to deliver this event alongside British American Business, who are the leading transatlantic trade group. The BCC is also delighted to welcome our corporate partner WTA Group, trusted logistics experts, who are well versed at helping businesses trade between the UK and USA. Book your place today here.

BCC Brings Politicians Together In Push For Export Growth The BCC has brought together an extraordinary group of politicians, diplomats, civil servants, businesses and Chambers to push for export growth. They met at the House of Lords this morning to discuss the BCC’s Trade Manifesto, which is supported by logistics company WTA. It sets out a comprehensive list of steps to get more UK businesses, currently just 10%, involved in international trade. Among those to contribute to the debate were the Minister of State for International Trade, Nigel Huddleston MP, and Shadow Minister for Exports, Afzal Khan MP. They heard about recent survey data from the BCC that found:

• The UK’s picture on exports has been broadly static since the pandemic.
• In Q3 of 2023, half of all SME exporters (49%) saw no change in overseas sales, and a quarter (25%) reported a decrease.
• A larger proportion of SMEs are now regularly reporting decreased sales – with an average 10 percentage point rise since 2018.
• It is almost five years (Q4 2018) since the proportion of firms reporting increased sales was higher than 30% – it was 26% in Q3 2023.

Shevaun Haviland, Director General of the BCC, said: “If our economy is to grow then we must export more, it’s as simple as that. But the pandemic, supply chain disruption, Brexit, non-tariff trade barriers and global headwinds have all made this more difficult over the past few years. “Yet firms that trade overseas, grow faster, pay better, and are more resilient. If the UK wants to remain one of the world’s largest economies, then we need more firms selling goods and services internationally. “Our Manifesto sets out a long-term strategy on the key areas where the Government must focus if it wants to hit its target of £1tn of exports. “Trade is constantly developing and there are real opportunities for a global Britain to exploit new markets as technology advances, Net Zero takes hold and the geopolitical landscape shifts. “We are already a world-leader when it comes to digital trade, and we must lean more heavily into the opportunities that will provide. “We also need to build a strategy to protect the UK’s supply chains – the US, the EU and China are all investing £100bns in sustainable and low-carbon technology. “We don’t have that kind of money, but we do have great strengths – services, renewable energy, green finance, engineering, professional services, cutting edge manufacturing, food and drink exports, and R&D. “We need to work with politicians, diplomats and businesses to put in place a framework that makes use of all the advantages the UK has, to keep us at the top table. The BCC is forecasting economic growth of just 0.4% in 2023, more international trade is the key to boosting that.” International Trade Minister Nigel Huddleston said: “When businesses export, they’re more likely to succeed. “UK exports are already on the rise – they were worth over £880 billion in the year to August 2023, up 15% in current prices on the previous year. We are the second largest exporter of services in the world and the fifth largest exporter of goods and services overall, up from sixth in 2021. “It’s fantastic to see British businesses being recognised for their world-class goods and services – we want them to be as ambitious as possible in their exporting strategies and will give them the tools they need to do it. “I’m proud of the work we’re doing to secure free trade agreements and remove trade barriers facing businesses, working closely with the BCC, and look forward to doing all we can to help British businesses export around the globe.” Shadow Minister for Exports, Afzal Khan, MP, said:  “After a difficult few years, with the pandemic, soaring inflation and high interest rates, businesses are desperate to turn things around, boost exports and improve the UK’s reputation as a great trading nation. “Labour is committed to taking a leading role in driving exports, negotiating free trade agreements and making sure British businesses in every corner of the UK are seeing the economic benefits of better trading relationships.” Rochelle Sommer, CO-CEO of WTA, said: “It is an exciting time for UK companies to enhance their international trade. Exporting is a great strategic tool for growth and can provide robustness to profit and loss, as it can minimise seasonal peaks and troughs and protect your growth strategy from pockets of economic downturn. “As well as encouraging and supporting the £1tn export target, this manifesto is committed to the digitisation of supply chains, something we feel passionately about at WTA. “This digitisation was one of the key drivers for our partnership with the BCC, as we feel digitisation is what turns supply chains from transactional parts of a business to strategic, and it’s where WTA can add the most value for our customers”.

Each week going forward, I will ask the team for their highlights of the week. Since joining the Chambers, I’ve realised just how much this team of Superheroes do behind the scenes, and my role here is not just showcasing what our members do and the benefits of being a member but what our team do!   Here are this week’s highlights from the team:   Nova Our brilliant, awesome team, the passion with which they have delivered a great mix of events this week, and how fantastic they have been engaging with our members. Jack

A couple of highlights for me this week.

On Tuesday, I visited The Hamlet Charity on Marion Road in Norwich for the opening of their new centre. A newer member who has recently rebranded AND completed a refit of a new facility for children and adults living with complex disabilities. It’s amazing to see the work our members do first-hand, whichever sector they come from.

Then I had pleasure of helping Caroline and Katie host our final business breakfast of 2023 at Roar Dinosaur Adventure. We heard from the park Director Adam Goymour and Zoe Bunter from Caring Together, a charity dedicated to supporting those doing unpaid care work for a family members and friends. Zoe told us about a change in the law from April 2024 that means employees are entitled to 5 days unpaid leave to help with their caring responsibilities and a great discussion followed on how this could benefit employers by reducing staff turnover and improving the wellbeing of team members.

Rick (Me) It’s been exciting week talking about future plans, and putting the job spec together for the new marketing coordinator that will be working with me (see more info here) – Keep your eyes out for some new things coming soon including a members-only newsletter which will have additional opportunities for members to communicate what they do, including promotions and offers for one and another. Oh and following the small win last week of getting a photo of Julie on social media, getting Jack to work with me on a small promo video for the Bank of England Lunch was a win, more of these to come in the future! Shelley Two weeks into my new role, it’s been a whirlwind of excitement, challenges, and enjoyment. Right from the outset, it’s been a rapid-paced journey. I thrive on challenges and seize every opportunity to make a positive impact. However, what has truly elevated this journey is the exceptional team I’ve joined. They’re not merely supportive; they’re the kind of amazing that transforms work into an exhilarating adventure. I also want to express my gratitude to everyone who has taken the time to send messages on LinkedIn. Your overwhelming support and kind words have truly touched me. I cannot thank you enough for being an incredible source of encouragement. Andrea I have had a busy week this week ahead of some annual leave.  So, as well as trying to make sure that I’ve left things in order, I’ve had 3 great external meetings. The first with David from Hansells Solicitors on Tuesday, discussing how we can support them and their teams across our region. I also had meetings with 2 potential new members so hopefully we can welcome those very soon. I’m also in discussions with 3 fantastic member organisations about having regular networking sessions in North Norfolk which we can hopefully kick off in the New Year. Caroline Follow some great Mentor Monday sessions to finish up this year, here’s some great feedback we’ve received. From the Nicolle Matthews sessions “Nicolle was really friendly and open to discussing anything I had in mind. She listened carefully and gave excellent advice. I felt really comfortable discussing topics with Nicolle and could tell she really cared and had an interest in giving me advice.” From the Stephen Balmer-Walters session “I did not expect this session to be as much about me as an individual and that has been very valuable as I have all the tools it’s just how I apply them.” Katie It has been a busy week. I had a great day in Kings Lynn on Wednesday with a meeting with Vicky from Discover Kings Lynn, and we are planning to reinvigorate Kings Lynn events by working together with the BID.  The other big news is today was the first Co.Solo event, with new faces and connections made. Sam & Ethan (International) We are following on from the webinars last week with Chamber Customs. The deadline for the switchover from CHIEF to CDS export customs declarations is 30th November 2023. From here, all customs declarations will be submitted through the new and improved CDS system, including those used by the Norfolk Chambers of Commerce. All our clients are now up and running on the CDS systems and have had declarations submitted over the past months, which have been used successfully throughout.   Following a great event at ROARR dinosaur park, my picture of the week has to be the photo featuring three of our team, all smiles, well done Caroline, Katie and Jack. Thanks for reading. I will have more highlights next week! Rick Notley Marketing & Communications Manager

The British Chambers of Commerce, together with the majority of the Chamber networks CEOs, including our own, Nova Fairbank, have written an open letter to the Chancellor of the Exchequer calling for improvements to our planning system, upgrading of our power infrastructure and the continuation of the full expensing tax policy. All three policies will clearly demonstrate that the United Kingdom is truly open for business.   Dear Chancellor, We welcome your recent engagement with the British Chambers of Commerce (BCC) on the priorities for businesses ahead of the Autumn Statement next week. For local communities to thrive, they need business investment, but this has been too low for too long. We are writing today to reiterate our call for you to offer much-needed solutions to Britain’s investment problem, and use the upcoming Statement to tackle the fundamental issues inhibiting growth in the UK: overhaul the planning system, upgrade the electricity grid, and make the full expensing policy permanent. The Autumn Statement provides one of the last chances before the next election for this Government to show businesses, of all sizes, that you are taking the steps necessary to provide the long-term certainty and security they need to make investment decisions. The current economic climate businesses face is, to say the least, challenging. Our latest Quarterly Economic Survey — a poll of over 5,000 businesses – found that investment is flatlining as interest rate concerns continue to grow. For Q3 2023, the percentage of respondents reporting an increase to investment remains stuck at just 23%, while 45% are concerned about interest rates. To drive growth in local economies across the country, the BCC’s submission to HM Treasury – supported by our Chambers network – has focused on three key policy issues. First, planning. The planning system represents one of the biggest strangleholds on business investment, and it’s no secret that it needs urgent reform. It is vital that more resources are provided to planning departments, processes are streamlined, and the system incentivises, rather than disincentivises, economic growth. It is also essential that local plans and government targets for development include designated areas where businesses can establish themselves — be that space for life sciences, factories, or retail. We need to build not only streets, but high streets and communities, and we’re calling on the Government to properly recognise this. Second, the grid. Thousands of businesses trying to invest in a low-carbon future are being told they will have to wait up to 15 years to connect to the electricity network. Energy investors have been clear that they will turn their back on the UK, with more attractive environments abroad luring them in. Businesses need cheap energy to be competitive, and they can’t get that energy without our grid being able to carry it to them. We welcome changes to the connections process announced by Ofgem this week, which will impose tougher delivery milestones on existing projects in the queue. However, Ministers must tackle this huge infrastructure problem head-on and upgrade the grid so it is fit for a net zero future. Third, full expensing. This temporary policy allows businesses to write off the cost of investment on qualifying plant and machinery in one go. For every pound a company invests, taxes are cut by up to 25p. The BCC and our Chambers network warmly welcomed this innovative policy when announced in the Spring Budget earlier this year. But currently, it only runs to 2026. As the OBR has recognised, this risks bringing forward investment plans already in the pipeline, without incentivising businesses to draw up new ones. It is new and increased investment that is urgently needed to boost GDP in the UK and to make the types of investment – like big infrastructure projects – that drive long-term and sustainable growth. While there are upfront costs, by boosting investment, jobs, and revenues, we expect that making full expensing permanent will have an overall net positive impact on the Government’s balance sheet. Through making these policy changes, we believe it will send a strong signal that Britain is open for business, drawing-in much-needed investment for communities up and down the country, enabling them to thrive. Business investment is the lifeblood of our local economies, creating jobs and supporting our public services. The potential to unlock opportunities across the UK is enormous and now is the time for the Government to act.   Yours sincerely, Shevaun Haviland, Director General, British Chambers of Commerce Russell Borthwick, CEO, Aberdeen and Grampian Chamber of Commerce Carrie Sudbury, CEO, Barnsley and Rotherham Chamber of Commerce Sarah Moorhouse, CEO, Black Country Chamber of Commerce Suzanne Caldwell, Managing Director, Cumbria Chamber of Commerce Stuart Elford, CEO, Devon and Plymouth Chamber of Commerce Daniel Fell, CEO, Doncaster Chamber Miranda Barker OBE, CEO, East Lancashire Chamber of Commerce Scott Knowles, CEO, East Midlands Chamber Denise Rossiter, CEO, Essex Chamber of Commerce Stuart Patrick, CEO, Glasgow Chamber of Commerce Henrietta Brealey, CEO, Greater Birmingham Chambers of Commerce Ross McNally, Executive Chair/CEO, Hampshire Chamber of Commerce Sharon Smith, CEO, Herefordshire and Worcestershire Chamber of Commerce Dr Ian Kelly, CEO, Hull and Humber Chamber of Commerce Colin Marr, CEO, Inverness Chamber Jo James OBE, CEO, Kent Invicta Chamber of Commerce Karim Fatehi MBE, Interim CEO, London Chamber of Commerce Nova Fairbank, CEO, Norfolk Chambers of Commerce Babs Murphy, CEO, North and Western Lancashire Chamber of Commerce John McCabe, CEO, North East Chamber of Commerce Louise Wall, CEO, Northamptonshire Chamber of Commerce Bob Grant, CEO, Renfrewshire Chamber of Commerce Louisa Harrison-Walker, CEO, Sheffield Chamber of Commerce Paul Colman, CEO, South Cheshire Chamber of Commerce Tracey Mawson, CEO, St Helens Chamber Sara Williams OBE, CEO, Staffordshire Chambers of Commerce John Dugmore, CEO, Suffolk Chamber of Commerce Louise Punter, CEO, Surrey Chamber of Commerce Ana Christie, CEO, Sussex Chamber of Commerce Paul Britton, CEO, Thames Valley Chamber of Commerce Group James Mason, CEO, West & North Yorkshire Chamber of Commerce Debbie Bryce, CEO, West Cheshire and North Wales Chamber Paula Basnett, Chair, Wirral Chamber of Commerce

Responding to today’s King’s Speech, Alex Veitch, Director of Policy and Insight at the British Chambers of Commerce said: “The King’s Speech opened with an aspiration to increase economic growth – but it failed to outline how that will happen. The businesses we represent need help in dealing with inflation, interest rates and a challenging labour market. “The Government could, and should have gone further, to help companies in challenging times. We hope the Autumn Statement later in the month will provide more certainty for businesses. “It is disappointing that the King’s Speech didn’t include further planning reform in England. We continue to call for a faster and more efficient system that enables business to grow. “Latest data from the BCC’s Insight Unit shows investment flatlining. Our Quarterly Economic Survey for Q3, showed only 23% of respondents were increasing investment whilst concern over the impact of high interest rates is growing, reaching 45%. “We welcome positive signs that the Government is listening to our calls for a modernised energy grid system. Building on the recent Energy Act, we’ll be looking closely at the detail to see if connections will be improved for businesses. “The Offshore Petroleum Licensing Bill rightly recognises we will need to continue using the UK’s oil and gas reserves during the transition to a net-zero future. However, we need to hear much more about the Government’s proposals for renewables. Reopening the political dividing lines on Net-Zero damages business confidence and investment plans. “We are encouraged by mention of increasing high quality apprenticeships. The skills crisis is one of the main issues impacting business. “Boosting exports is a key ingredient for economic growth and we welcome The Trade Bill. But the government must do more to shift the dial on global trade.”

Responding to the latest GDP data from the ONS, Alex Veitch Director of Policy and Insights at the British Chambers of Commerce, said: 

“Today’s preliminary estimate, showing GDP failed to grow in Q3, provides further evidence of the difficulties the UK economy faces. Weak growth in construction offset a fall in services output, while production remained flat. However, the outlook across all sectors remains uncertain.

“Our research is clear about the issues businesses are up against. After three years of economic shocks, firms are now having to deal with high inflation and interest rates. They also face persistent skills shortages and trade barriers with the European Union. Consequently, most SMEs report no increase in their investment plans.  

“Businesses need to see a clear path ahead for growth from Government. Next week’s Autumn Statement must set out a strategic vision and framework to boost investment. We are calling on the Chancellor to be bold and focus on key issues that impact business, including planning, full expensing, the energy grid, business rates and occupational health.”  

By David Bharier, Head of Insight at the British Chambers of Commerce The digital revolution is advancing at a seemingly exponential rate. Even the last 12 months, we’ve seen leaps taken in the development of AI technology, particularly large language models and deep learning. We can see this with AI generated content that is getting hard to distinguish from the real thing. Programmes such as ChatGPT have quickly entered the wider consciousness and are increasingly being deployed in the workplace. However, despite incredible innovation taking place within some organisations, many SMEs may be missing out on the digital revolution, due to poor infrastructure, a lack of skills, or limited guidance on what technologies are most appropriate. That’s why the King’s Speech should consider how SMEs can benefit from wider technology adoption.   The last decade, and the last three years in particular, have seen multiple waves of economic crises that have stifled the ability of many firms to invest and grow. Our Quarterly Economic Survey, the UK’s largest and longest-running independent business sentiment survey, consistently shows that most firms – around three-quarters – are not seeing increased investment. Artificial intelligence presents businesses with huge challenges and opportunities. The BCC recently published ground-breaking research on AI adoption rates among UK firms. The results were startling. Surveying more than 700 firms, most of them SMEs, we found almost half of respondents (48%) had no plans to use AI, with a further 22% stating that they may look to use AI in future. Only around a third (30%) said they were using some form of AI technology, with the top answer being chatbots such as ChatGPT. The results also highlighted divergences within the business community. For instance, customer facing businesses, such as retail and hospitality, are even less likely to consider using AI. AI technology, if deployed effectively, can produce efficiency gains, improved decision making, better customer experiences, enhanced risk management and game changing innovations. But there are legitimate concerns. This week’s international summit shows the UK government is keen to take a lead on AI, but it’s crucial that the risks cited by businesses including fraud, unreliability, and even digital tyranny, are minimised. The digital revolution should be an enabler for businesses, not another barrier. Broadband is now a vital utility and the foundation for all tech adoption, but coverage is still patchy in many parts of the UK. Every firm should be confident getting fast and reliable connectivity and infrastructure planning should always have that in mind, both locally and nationally. At the Chambers, we’re led by one of Britain’s true digital pioneers. Our President, Martha Lane Fox has been at the heart of digital innovation, both as an entrepreneur and a policy shaper. The BCC’s Digital Revolution Challenge group is meeting regularly now to pull together a set of clear and pragmatic recommendations. Taking full advantage of the opportunities will require a partnership between policy makers and the business community that listens to all sides of the debate and develops a clear ambition for the country.

Reacting to the latest Bank of England interest rate decision, David Bharier, Head of Research at the British Chambers of Commerce, said: “Today’s decision to again hold the interest rate at 5.25% will allay some concerns of the businesses we speak to that are unable to stomach further rises. “Our research has shown that interest rates have grown as a key issue among companies. This is especially true for smaller firms and those in the consumer-facing sectors, who have seen rising borrowing costs and decreased customer demand. “The BCC’s Quarterly Economic Survey for Q3 found that 45% of all firms cited interest rates as a concern. With inflation set to ease further, and GDP and labour market data indicating the economy is cooling, the Chancellor’s Autumn Statement must set out a plan for growth. “SMEs have been operating in an uncertain climate for too long, with policies constantly chopping and changing over the past few years. They need to see clear direction from decision makers, creating a roadmap for business that really boosts confidence and investment.”