Commenting on the manufacturing and industrial figures published today by the ONS, Caroline Williams CEO Norfolk Chamber of Commerce said:
“Year on year growth for manufacturing and total industrial output is satisfactory, but the more recent figures show clear signs of a slowdown. Manufacturing output eased between the first and second quarters of 2014, and the most recent figures show flat growth over the past three months – which points towards a further reduction for the third quarter of the year.
“Total UK GDP is now 2.7% above its pre-recession level, manufacturing output is still more than 4% below its pre- recession level. The sector has maintained much of its skills base during the downturn, however, manufacturing exporters are facing many challenges in the face of weak demand in the euro zone and a sterling exchange rate, which has recorded net rises over the past year. The manufacturing sector is now just over 10% of the total UK economy. It is still a very important driver of innovation export and investment, and its success remains crucial to a balanced UK recovery.”
Manufacturing output in the three months to August 2014: Flat compared with the previous three months, but up 3.3% compared with the same period the year earlier
Total industrial production in the three months to August 2014: Flat compared with the previous three months, and up 2.0% compared with the same period a year earlier
Commenting on the announcement that the European Commission has given the new nuclear power plant at Hinkley Point in Somerset EU state aid approval, Caroline Williams CEO Norfolk Chamber of Commerce said: “After months of uncertainty, businesses will be relieved to know that the nuclear power plant at Hinkley Point has finally been given the green light.”
“The new nuclear plant will bring supply chain opportunities to local businesses in Somerset but also in Norfolk where there is already considerable expertise gained from working on Sizewell B. This decision is a major milestone in the move to get the same approval for Sizewell C which will bring considerable economic benefit and jobs to Norfolk and Suffolk. “
John Longworth, Director General of the British Chambers of Commerce (BCC) said: “While there are clearly many positives to talk of, we mustn’t forget the fact that delays, caused by indecisive governments, has been at the public expense. All parties must stop using energy policy as a political football, and instead work towards adopting a comprehensive, long-term strategy to guarantee the security of energy supplies.”
The agreement for Hinkley Point C
The Commission found that the long-term contract (Contract for Difference) and the guarantee constitute an appropriate and proportionate way for the UK to meet its need for secure, low carbon energy. The Commission’s decision leaves the key elements of last October’s agreements unchanged whilst it has reinforced measures designed to share potential future benefits with customers.
The “strike price” for Hinkley Point C remains set at £92.50/MWh or £89.50/MWh if the planned power station at Sizewell goes ahead
The contract will last for 35 years
The strike price is fully indexed to inflation through the Consumer Price Index
The project will be protected from certain changes in law
As proposed in October 2013, the Contract for Difference already contained a series of “gainshare” mechanisms in which customers would benefit if the project construction costs or equity returns were more favourable than forecast. The Commission, the UK Government and EDF have accepted reinforcement of the “gainshare mechanisms” in the package today approved by the Commission. EDF Energy has also committed that electricity from the proposed power station will be sold at market price and recorded separately from EDF Energy’s other electricity production. EDF has agreed that the fee for the Government’s proposed Guarantee of project debt be paid at commercial rates. The agreed guarantee fee delivers the equity return required by investors.
EDF chairman and CEO Henri Proglio said: “The approval by the European Commission is a major milestone for the Hinkley Point C project. Now EDF and partners have to finalise the agreements needed to reach a final investment decision. Building EPR reactors in the UK will provide huge benefits for both countries in terms of job opportunities, economic growth and skills, further strengthening France and United Kingdom fruitful partnership.”
EDF Energy Chief Executive Vincent de Rivaz said: “The approval of the European Commission demonstrates that the proposed package of agreements between the Government and EDF is fair and balanced for investors and consumers now and for the long term. “The Commission rigorously examined the costs of the project in detail, potential returns for investors and benefits for customers. The engagement with Brussels was thorough, demanding but constructive.”
Norfolk Chamber of Commerce is currently drafting a ‘Business Plan for Norfolk’. The Plan will highlight what the Norfolk business community feel they need to ensure their businesses thrive and the Norfolk economy grows.
The plan will incorporate the key goals and aspirations taken from the New Anglia LEP and the Greater Cambridge Greater Peterborough LEP’s Strategic Economic Plans; the British Chambers of Commerce Manifesto for Britain; and input from the local authorities. The aim of the plan is to highlight the key opportunities and challenges facing Norfolk businesses.
As one size does not fit all, therefore Norfolk Chamber is surveying the key growth areas of Norfolk to ensure we encompass the different business opportunities and specific needs for each area.
The results of this survey will be incorporated into the overall Business Plan for Norfolk. The survey will take no more than 2 minutes to complete. – take the Greater Norwich Business Survey now.
On Friday 10th October over 80 delegates joined the Norfolk Chamber for a morning of economics, networking and a delicious breakfast at Dunston Hall, Norwich. With the opportunity to hear from two leading experts, Robert Woods, Director of Economics at HM Treasury and Phil Eckersley, Agent for the South East & East Anglia at the Bank of England.
The morning was hosted by the event sponsors Steeles Law who took delegates through the jam packed morning. They started with an economy themed networking activity got people talking on their tables creating a great atmosphere. This atmosphere carried on through breakfast and straight into safari networking where the delegates got to meet a whole new table of contacts.
It was then onto the main part of the breakfast to hear from our two key note speakers; Robert Woods explained the challenges the UK Economy faces and the government’s economic strategy. Phil Eckersley talked about the role of the Bank of England and the current economic outlook.
The breakfast finished with a Q&A where delegates got the chance to get some of their questions and concerns answered by the experts.
To view photos of the event, visit ourFacebookpage orGoogle+page
Norfolk Chamber of Commerce is currently drafting a ‘Business Plan for Norfolk’. The Plan will highlight what the Norfolk business community feel they need to ensure their businesses thrive and the Norfolk economy grows.
The plan will incorporate the key goals and aspirations taken from the New Anglia LEP and the Greater Cambridge Greater Peterborough LEP’s Strategic Economic Plans; the British Chambers of Commerce Manifesto for Britain; and input from the local authorities. The aim of the plan is to highlight the key opportunities and challenges facing Norfolk businesses.
As one size does not fit all, therefore Norfolk Chamber is surveying the key growth areas of Norfolk to ensure we encompass the different business opportunities and specific needs for each area.
The results of this survey will be incorporated into the overall Business Plan for Norfolk. The survey will take no more than 2 minutes to complete. – take the Great Yarmouth Area Business Survey now.
Norfolk Chamber of Commerce is proud to support the Lord Mayor’s Awards, and in particular sponsor the Customer Care Award. Helping businesses find new customers, and develop existing relationships, is at the core of Chamber activity. We’ve been providing help and support for the region’s commerce since 1896; always owned and directed by our business members, and always there for businesses of all sizes, and in all sectors.
We enable companies to find new connections through our publications and by meeting face to face. More than 3000 delegates attend the 90 plus events we hold each year.
Increasingly the region’s businesses reach new contacts locally and internationally, by promoting their businesses through adding news items, events and knowledge articles to the Chamber’s community website with its 5,500 visitors a month and its 4,800+ twitter followers.
It’s in the digital and online arena where the biggest changes are happening to customer care of course. Business to business, and consumer oriented, companies have embraced the demand for online selling. Now they must grasp the longer term implications of retaining customer loyalty in a digital world.
Innovative, pro-active customer care will be a key element in the growth, or otherwise, of the region’s businesses as we pass from relentless austerity into a period of seemingly tentative recovery.
West Norfolk’s businesses have always demonstrated the tenacity and resilience to survive the darker times, and the innovation and attitude to flourish in brighter days. New technology will provide new opportunities to deliver customer care, but established concepts and beliefs, rooted in sound business practice, will underpin the level of customer experience that defines a successful business.
The challenge, to deliver such a level of customer care that is worthy of this award, has never been more demanding. Businesses in our region have raised their game to the highest levels.
We are thrilled to be sponsoring this year’s Customer Care Award. It’s never been a more important barometer of West Norfolk’s commercial climate.
Norfolk Chamber of Commerce is currently drafting a ‘Business Plan for Norfolk’. The Plan will highlight what the Norfolk business community feel they need to ensure their businesses thrive and the Norfolk economy grows.
The plan will incorporate the key goals and aspirations taken from the New Anglia LEP and the Greater Cambridge Greater Peterborough LEP’s Strategic Economic Plans; the British Chambers of Commerce Manifesto for Britain; and input from the local authorities. The aim of the plan is to highlight the key opportunities and challenges facing Norfolk businesses.
As one size does not fit all, therefore Norfolk Chamber is surveying the key growth areas of Norfolk to ensure we encompass the different business opportunities and specific needs for each area.
The A11 will be closed overnight tonight (Monday 27 October) and on Tuesday and Wednesday nights from 9pm to 6am as part of the current dualling scheme. The diversion route will be via the A1065 and the B1107.
There is also a Southbound closure of A1101 from 9pm to 6am tonight (27th) and Tuesday night (28th) between Pine Tree Avenue, Mildenhall and Fiveways. Access from Fiveways to Mildenhall will still be possible. The southbound diversion will be via Thetford Road and the A1065.
Profit warnings by UK-listed firms have risen to their highest summer level in six years, according to a new report. The report, by the consultancy firm EY (Ernst & Young), advised that quoted firms issued 69 profit warnings in the third quarter of 2014, up from 56 in the same period in 2013. It is the highest level for the three-month period to 30 September since 2008.
Supermarket giant Tesco and retailer Next were among the companies to issue profit warnings during the period. Profit warnings are issued by companies quoted on a Stock Market to alert investors that profits will be lower than in the previous year.
The survey said that despite a rise in economic output, firms were facing crowded and competitive markets. It also said bargain-hunting customers, rapid structural change and, until recently, a strong Pound (£) had hampered progress. The construction materials industry also issued a high number of warnings because older contracts have come under intense margin pressure due to rising costs.
Caroline Williams, CEO of Norfolk Chamber of Commerce said: The most recent British Chambers of Commerce Quarterly Economic Survey (released 9 October 2014), which includes Norfolk Chamber members, did show a dip in confidence, but overall the Norfolk economy remains strong.
Norfolk businesses are quietly confident and the Chamber continues to see real growth in export documentation numbers, as well as more businesses attending our networking events, both of which are signs of businesses looking for new opportunities to grow.”
Support for Norfolk rail improvements is in the news today. The chair of the New Anglia Local Enterprise Partnership, Mark Pendlington, has been asked to give evidence to the House of Commons Transport Committee today. The Norfolk Chamber, together with partners, will continue to lobby until we get the improvements to the rail services that our business community needs.
In the North of England, plans for high-speed ‘HS3’ rail link moved a step closer after a report by the boss of the HS2 scheme, Sir David Higgins was published. Sir David said: “Better rail links in Northern England were ‘desirable’ and ‘possible’ after being asked to look at ways to maximise the benefits of HS2. Journey times from Manchester to Leeds could be cut from 48 to 26 minutes. The government says it will now produce a strategy looking at options, costs and a delivery timetable for HS3 and an interim report will be produced in March. The east-west improvements will be in addition to the north-of-Birmingham phase two of HS2 which will see a Y-shaped route going from Birmingham to Manchester and Leeds.
Caroline Williams, CEO of Norfolk Chamber of Commerce said: “The Greater Eastern Rail Campaign continues to lobby for a faster more reliable train service from Norwich to London, with improved carriages and significant investment to upgrade the track. Norfolk lacks the infrastructure benefits such as the motorways that the North of England rely upon. Therefore our rail improvements are as important to the Norfolk business community as HS3 will be to Manchester and Leeds.”
Twenty Four European banks have failed ‘stress tests’ of their finances, the European Banking Authority (EBA) has announced. The banks now have nine months to shore up their finances or risk being shut down. The review was based on the banks financial health as at the end of 2013. Ten of those banks have already taken measures to bolster their balance sheets. All the remaining fourteen banks are in the Eurozone.
The good news is that none of UK banks involved in the financial health-check failed the test. The four UK banks that were subject to the EBA test were: Royal Bank of Scotland, HSBC, Lloyds Banking Group, and Barclays.
Caroline Williams, CEO of Norfolk Chamber of Commerce said: “As the UK banks passed their ‘stress tests’, this should mean that these banks have stronger balance sheets. Which in turn will enable them to support Norfolk’s growing businesses, especially sectors to which they have historically been more reluctant to lend to – such as construction, life sciences and new technology companies.
On Wednesday 15 October 2014 both floors of Norwich CityFootball Club were packedwith the region’s very bestbusinesses showcasing theirproducts and services to theNorfolk business community.
The B2B Exhibition 2014 had over 90 exhibitorsdivided into six different business zones, wowingthe 600+ delegates that attended with theirquality and range of services.
The exhibition was opened by Wendy Thomson,Managing Director of Norfolk County Councilwho also judged the best stand award.
Wendy remarked on the variety of exhibitorsat the event and after much deliberation sheannounced the winners Tipsy & Tumbler.
In addition to the exhibition, delegates alsohad the opportunity to attend 20 minute expertbitesize sessions providing expert advice and toptips across three varied subject areas.
Overall there was a real buzz around theexhibition, there was plenty to see and do, frommeeting Hazel a Marsh Harrier Hawk at the NBCBird and Pest Solution stand to having a healthcheck provided by Wrightway Health.
Don’t forget to put a date in your diary fornext year’s B2B Exhibition on Thursday 15October 2015.
