The uninspiring Norfolk results seen in the last the Quarterly Economic survey findings reflected the fact that political uncertainty, currency fluctuations and the vagaries of the Brexit process were continuing to weigh on Norfolk business growth prospects.
We are now entering the fourth quarter – how are businesses reacting to the current economic climate? Today (Monday 06 November 2017) is the first day of the fieldwork period for the Q4 Quarterly Economic Survey (QES).
It is more important than ever that as many Norfolk businesses as possible complete the survey.
The QES is the largest independent business survey in the UK and is used by both the Bank of England and the Chancellor of the Exchequer to plan the future of the UK economy. It is also closely watched by the International Monetary Fund.
The balance of firms reporting increased export sales and orders rose
The percentage balance of manufacturing firms expecting the price of their goods to increase over the next three months fell in the last quarter, despite the cost of raw materials still being a key concern to most manufacturers.
Concerns over exchange rates has spiked
Confidence in the manufacturing sector rose slightly, with many firms confident that profitability will increase over the next 12 months
Norfolk services sector:
Exports remained fairly flat, with the balance reporting static. The balance for domestic sales also remained static
The percentage balance of services firms expecting the price of their goods to increase over the next three months remained rose
Confidence remains static within the service sector
On Thursday 2nd November, over 30 members attended our Beer and Wine tasting evening at the Adnams store in Norwich. On arrival guests were handed an Adams Gin and Tonic or an Adnams prosecco and various nibbles were laid out for guests to eat whilst networking. Once all guests had arrived we started evening off with ‘Tally Ho’ in which guests had a series of questions they had to answer then go around asking others if they had the same.
Once the guests had time to network Bonnie, manager at the Adnams store gave us a brief history of the Adnams brand and talked through the three beers they had to taste. Guests then had some time to taste the beers and network with other delegtes. Bonnie finished off the evening with the wine tasters and a chance to try the Adnams Christmas pudding. Once the evening was over guests had a chance to look around the store and purchase their favourites from the taster session.
The next after hours event Is our Super-bowl challenge 2018 on Friday 28th January to book Click Here:
Norfolk Chamber members are currently being polled for their views on the referendum for Scottish independence by the British Chambers of Commerce (BCC). The actual referendum will be held in September 2014 and BCC would like to know whether the referendum will impact on your business wherever you are located.
There will be 15 short questions on the poll and your answers will help the BCC and the Accredited Chamber Network to best represent the interests of businesses across Norfolk and the UK in the closing months of the referendum campaign. The poll has been emailed direct from the BCC to all Norfolk Chamber members and will remain open until midnight on 17 April 2014.
Norfolk Chamber has recently recruited additional members to its Board of Directors. Four new Board members have been appointed, which takes the Board to a total of 16 members.
Jonathan Cage, President of Norfolk Chamber said:
“We were pleased to receive such a large number of applicants for the Board. All of an extremely high calibre, with great all round business skills and experience. This made it very difficult to select a shortlist of candidates for interview and made the decision even tougher for the interview panel to make their final selections.”
“Our new Board members will help give Norfolk Chamber stronger representation by size of company and by sector and will allow us to truly be the voice of our membership. I am looking forward to working with them all to support and promote issues affecting the business community in Norfolk.”
Helen Lewis – Director of Research and Innovation Division – University of East Anglia
Glen Webster – Area Business Manager – Barclays plc
The four new members were also joined by the new President of West Norfolk Chamber Council, Michael Baldwin, the General Manager of the Bank House Hotel in King’s Lynn. Michael replaced Heather Garrod, who stepped down at the Chamber’s AGM in October, after 8 years of service.
The Norfolk Chamber Board is made up of Chamber members from across the County to ensure that members’ interests are represented at local, county and regional levels.
Norfolk County Council has won £3.05 million of government funding to replace a busy staggered crossroads on the A140 at Hempnall between Norwich and Ipswich with a roundabout.
The Department for Transport made the announcement yesterday to award the money to the County Council from its National Productivity Investment Fund.
People who use the current junction often experience queuing and long delays, particularly on the B1527 to Hempnall, and it is expected that the new roundabout will address this, leading to shorter journey times and less congestion.
The existing junction also has a poor accident record, with eight accidents in the last five years which resulted in 11 casualties and two categorised as serious. These were linked to traffic turning onto the A140 from the minor roads and the replacement roundabout will eliminate this issue and should therefore significantly improve the safety of the junction for all road users.
Nova Fairbank, Public Affairs Manager for Norfolk Chamber said:
“This is a key business and commuter route between Norwich and Ipswich and any improvements that will make the journey easier and safer are to be welcomed. Infrastructure improvements are at the top of many businesses list of barriers to growth – so this announcement is another win for Norfolk and will help boost jobs and economic growth.”
Martin Wilby, Chairman of Norfolk County Council’s Environment, Development and Transport Committee, said:
“It’s fantastic that we’ve won this money for Norfolk. Better road and transport links are vital to the county, leading to a better quality of life for people living and working here, improving road safety and attracting new investment and more jobs.
“This is a junction that is clearly in great need of improvement and I’m really pleased we’ve managed to convince central government of this. I’m proud and grateful to all those who have helped to secure this funding.” Other benefits the roundabout will provide that helped Norfolk County Council secure funding from central government include supporting better regional transport connections, particularly between Norwich and Ipswich, and providing additional road capacity for proposed development nearby at Long Stratton which is set to include up to 1,800 new homes.
The total cost of constructing the roundabout is estimated to be £4.36 million, with the remainder of the money for the project set to come principally from developer funding. Work to construct the roundabout, subject to planning permission, is planned to begin in autumn 2019 for an opening in early summer 2020.
Ahead of the Chancellor’s Autumn Budget on November 22, the Norfolk Chamber, together with the British Chambers of Commerce are urging the government to take immediate action to halt the expected 3.9% increase in business rates valuations next year, as part of a bold Budget that seeks to boost the UK’s productivity.
The UK’s leading business group, which represents almost 75,000 companies employing almost six million people in every region and nation of the UK, calls on the Chancellor to take action now to get the UK economy ready for when the country leaves the European Union.
Norfolk Chamber and the BCC propose pausing the Corporation Tax roadmap, with the tax remaining at 19% until after Brexit – with the resulting revenue ring-fenced to help ease the burden of up-front taxes and costs that hit business cash flow and undermine investment.
The business group calls on the government to take bold action across three key areas, to help businesses deal with the challenges and opportunities that Brexit provides, kickstart a productivity surge, and ensure that the domestic economy is in the best possible position on day one of leaving the EU:
Tackling the upfront cost of doing business – pledging not to introduce any more input taxes and other significant costs, abandoning the annual uprating of business rates for the next two years, and removing plant and machinery from business rates valuations.
Incentivise business investment during the Brexit process – through the introduction of a ‘Brexit Special’ Annual Investment Allowance, temporarily increasing the limit to £1 million.
Fixing the fundamentals – committing to ensuring complete voice coverage on mobiles by 2020, and kickstarting infrastructure projects vital to our economic future, from Northern Powerhouse rail and Crossrail 2, to bringing forward investment in the road network.
Chris Sargisson, Chief Executive of Norfolk Chamber said:
“At a critical moment for the UK economy, the Chancellor must be bold – and deliver a big budget that prioritises economic confidence and investment.
“The best possible Brexit deal won’t be worth the paper it’s written on if conditions for growth aren’t right here at home in Norfolk. The Chancellor has a unique chance to move the dial on growth and productivity now, leaving the Norfolk and the rest of the UK in a position to succeed over the long term. Action to slash the up-front costs faced by business, to incentivise investment, and to improve mobile coverage and infrastructure would lead to a real boost to productivity, wages and trade.
“A Budget that prioritises goodies and giveaways rather than future-proofing the economy would be a dereliction of duty by the government as a whole.”
On business rates:
“It would be unconscionable for the government to use September’s inflation figures to slam Norfolk businesses with a huge rise in rates, particularly when they already face spiralling up-front costs. A failure to act would hit the high street, manufacturers and others hard – and undermine the sort of investment we need to boost productivity.”
On infrastructure:
“A sugar hit for voters would quickly fade, but the protein boost provided by increased investment in Norfolk’s infrastructure and digital connectivity would be felt for decades. Ramping up infrastructure investment across our region and getting long-planned projects off the drawing board, such as further improvements to the A47, the Great Yarmouth Third River Crossing and the Norwich Western Link would give a huge boost to business confidence and creates both jobs and business opportunities.”
On investment:
“Too many Norfolk companies are playing a ‘wait-and-see’ game at the moment. We need a big, bold incentive to get more firms investing – particularly ahead of the Brexit transition.”
Over 40 delegates attended the latest HR Forum on Wednesday 8th November.
This afternoon session, delivered by expert speakers, Tom Sharpe and Lorna Townsend from Birketts, sparked interesting debates around the right way to carry out effective employee investigations.
Tackling this sensitive area of HR management, delegates reviewed a thought provoking case study, investigating an incident of harassment in the workplace. There was also an opportunity to practice questioning techniques, for delegates to hone their skills in carrying out their own investigations.
Norfolk Chamber’s HR Forums cover a range of core areas of interest to HR professionals, business owners and managers. The next HR Forum will take place Wednesday 7th March 2018.
We are pleased to say that we are now certified with Cyber Essentials.
Cyber Essentials aims to help organisations implement basic levels of protection against cyber-attacks. By being certified, this demonstrates our commitment to cyber security.
To ensure we are compliant we took a number of actions on our journey to achieving Cyber Essentials Accreditation.
Engaged with Paul Maskall, former Cyber Security Advisor, Norfolk and Suffolk Constabularies to conduct a Cyber Health Check with our IT providers, Computer Service Centre
Educated staff on the implications of Cyber Security and engaged with the board
Added Cyber Security as a risk to our internal risk register which is reviewed at a quarterly basis at our board meetings
Implemented a Bring Your Own Device Policy for staff to use their own devices safely for work purposes.
Introduced a password management system
However our journey doesn’t stop there, we will be constantly assessing what else we need to do to protect ourselves from being vulnerable to a cyber crime and to protect our customers data.
What is Cyber Essentials?
Cyber Essentials is a government-backed scheme to help organisations get a clear picture of how they can protect their business from common cyber threats. It also allows organisations to demonstrate to customers that they have taken essential precautions, through obtaining the Cyber Essentials badge.
Business benefits
A cost effective process to check your business has taken basic cyber security precautions
Reduce the risk to your business from common cyber threats by ensuring good cyber practice
Differentiate your business from you competitors by demonstrating that you take cyber security seriously
Meet the conditions of contracts and customers that request Cyber Essentials as a mandatory requirement
Why Chamber Cyber Essentials?
Chamber Cyber Essentials offers the standard level and is awarded after completion of a verified self-assessment via APMG’s online Platform. Certificates have been issued in as little as two hours.
The unique Chamber Cyber Essentials platform will enable you to:
Complete your application at your own pace
Only pay when you are ready to submit your application
Share your application with your team so they can contribute their expertise
Upload evidence to the encrypted database to support your application
Instantly receive your certificate
Chamber Members can access a £25 discount on the certification fee of £300 + VAT.
The UK has been named “Country of Honour” at the forthcoming Chinese International Industry Fair, the flagship event for advanced manufacturing in China with more than 2500 exhibitors and 160,000 visitors.
Although the UK Government has not made clear what advantages this title carries with it, the event is clearly being viewed as important with the Minister for Trade and Export Promotion and the Northern Powerhouse Minister leading a 100-strong business delegation.
They will no doubt be encouraged by statements made by President Xi at the recent 19th Communist Party Congress.
“China will only become more and more open,” he said, before going on to promise that “all businesses registered in China will be treated equally.”
More autonomy will be given to Free Trade Zones (FTZs) and more effort will be made to explore the establishment of Free Trade Ports, the President announced. He also called for the further opening up of services given that the proportion of China’s trade in services accounts for about 18% of total foreign trade, lower than the global average.
A more detailed look at what the future holds for trade between the UK and China can be found in a report produced by PricewaterhouseCoopers (PwC).
China’s New Leadership Rolls Out New Blueprint for Future Development: Business Review of China’s 19th Party Congress can be found here.
For more information on trading with China, please contact us on 01603 729712 or email export@norfolkchamber.co.uk
Musical Keys is a Norfolk charity which provides inclusive music and arts based projects for people living with disability and additional needs.
The charity was established in 1990 by a small group of parents of children with complex disability and additional needs. At the time, there was little provision for families in their situation and so with the gut feeling that music and movement could make a difference to their child’s development and wellbeing, Musical Keys was formed. And we haven’t looked back! From those early days, a comprehensive programme of music, movement and arts based activities has grown. Our sessions are inclusive of all disability and our workshop leaders are trained to be able to adapt to the needs of the participants. We reach people of all ages and our portfolio of work includes:
• Regular music and movement groups for early years and families. A number of age appropriate sessions which focus on the early years, through to adults in their thirties with complex needs. Offering participants the opportunity to express themselves in a safe and non-judgemental environment, the sessions aid their development. Our sessions provide a vital support network for families and carers.
• Hospitals and Hospice. In addition to our regular groups, our workshop leaders attend the children’s wards of the Norfolk & Norwich University Hospital and Queen Elizabeth Hospital in King’s Lynn. Providing a fun and inclusive environment which breaks up the monotony and stress of long and often complex medical care. We also attend the EACH at Quidenham where sessions are relaxed and utilise sensory provision.
• Short Breaks programme for young people (aged 6 – 25). Our ‘Discover Experience Arts’ project, or DXA for short, offers day sessions for young people with disability and complex additional needs. The sessions are tailored to the participants and include a range of art forms and ways of exploring music. Participants are supported to express themselves, learn new skills and build confidence. Most notably, the experienced workshop leaders are able to involve the participants in such a way that every individual is able to contribute on an equal level, regardless of their level of ability.
• One to One sessions. A number of one-to-one sessions have been developed in response to need for children, young people and adults with complex needs to develop skills with a musical instrument.
• Older people with dementia. Regular group sessions to support adults living with dementia take place in care homes in Norwich.
• Drug and Alcohol Support. Weekly two-hour sessions focusing on music making and production workshop for adults who are coping with drug and alcohol related issues.
Musical Keys is administered by four part-time staff who ensure that the work we do is relevant to the needs of the participants and families who we support. Our freelance workshop leaders are trained and experienced in working with disability; delivering our work with the support of valued volunteers. The difference our work makes to the participants and their families, cannot be understated, as recent feedback shows: “The support I received from staff and parents was a life line, you often feel very alone and isolated, but they gave me a sense of worth and I felt I belonged” (parent)
“[Musical Keys] is a really important part of my son’s routine. He has been attending for years and I’m convinced it’s contributed significantly to aspects of his development” (parent)
As a small charity, we rely on the financial support of donations from Trusts and Foundations, Individuals and Corporates, in order to continue to make a difference to the lives of those with disability and complex needs. “Our decision to join Norfolk Chamber of Commerce was not a difficult one to make” says Alison Cooper, Fundraiser for Musical Keys – “we welcome the opportunity to network with the business community in Norfolk with the view to raising our profile as well as much needed funds to continue our work. Existing as a charity is challenging in the financial climate we are faced with – in order to progress and develop, we have to be seen to be engaging with local businesses and forging meaningful professional relationships, if we are to get ahead and continue to make a difference. I’m not going to achieve that for the organisation by sitting behind my desk!”.
If you are interested in supporting our work you can contact Alison Cooper, Fundraiser.
alison@musicalkeys.co.uk
Further information on our services can be found on our website:
In a further effort to strengthen its global bilateral trade and investment relationships in a post-Brexit world, the UK has opened discussions with three countries in South America.
Colombia, Ecuador and Peru are the focus of what the Department for International Trade (DIT) is calling a new “trade dialogue”.
Speaking in Lima, Peru, Trade Policy Minister Greg Hands said that the UK is activating new trade dialogues to provide continuity with emerging markets in Latin America.
“We want continuing access for export opportunities for British businesses,” he explained.
Mr Hands also took the opportunity to announce that UK Export Finance (UKEF), the UK’s export credit agency, will double financial support for UK-Peru trade. UKEF will now provide up to £4 billion of financing to UK exporters and buyers of UK goods and services in Peru.
On behalf of Peru, Eduardo Ferreyros, Minister for Trade and Tourism, stressed the importance of the UK as a partner in Europe, saying that he looked forward to boosting trade and investment ties as new opportunities arise for businesses.
Similar sentiments were expressed by the UK’s Minister for Investment, Mark Garnier.
Following a meeting with Ecuador’s Minister for External Trade, Pablo Campana, Mr Garnier said: “The economies of Latin America have already seen steady growth. We want UK companies to take advantage of the opportunities.”
In 2015, total trade in goods and services between the UK and all South American countries totalled £12.4 billion. The UK’s biggest exports to the region include spirits, cars and medical equipment; among the most significant imports are coffee, nuts and fruit.
If you wish to link with the British Chambers in the above countries please contact us and we will introduce you to them.
UK economic conditions remain subdued, despite GDP growth picking up slightly in Q3
BCC QES pointed to muted Q3 growth with the manufacturing boost failing to lift UK GDP growth
Eurozone economy continues to outpace the UK as the US economy enjoys a strong Q3
The first official estimate of UK GDP put growth in the third quarter at 0.4%, up slightly on the growth of 0.3% recorded in the previous quarter. Overall, the latest GDP data suggests that the UK economy remains on a low growth trajectory.
The results of the latest BCC Quarterly Economic Survey (QES) pointed to muted growth in Q3 2017. The balance of firms in the service sector reporting increasing domestic sales was unchanged whilst the proportion of firms in the manufacturing sector reporting improved domestic sales increased. The latest QES also confirms that recruitment difficulties in the services and manufacturing sectors remain significant.
The US economy grew by an annualised rate of 3.0% in Q3 2017, according to the first official estimate, slightly lower than the growth of 3.1% recorded in previous quarter. This is the second successive quarter that President Trump’s GDP growth target of 3% has been met.
Overall, October’s data releases suggest that the UK economic conditions remain muted. Against this backdrop, it is vital that the Autumn Budget delivers an ambitious programme of change that pulls out all the stops to support business growth, at a time of significant uncertainty and change. This must include action to ease the upfront cost pressures facing firms, including action on business rates.