The USA, Germany and France are likely to remain the top three markets for UK services over the next decade, a new report has predicted.
In its latest Trade Navigator report, HSBC confirms that the UK economy performed better in 2017 than many forecasters had expected, thanks to a strong contribution from exporters.
British exporters have, HSBC says, found themselves in a “sweet spot” – enjoying the benefits of a weak pound and buoyant demand in the UK’s principal markets and not yet facing potential new Brexit-related trade barriers.
Although Brexit continues to dominate the outlook for UK trade, the HSBC survey of some 6000 businesses across a broad range of industry sectors in 26 markets, found what it terms “largely positive” expectations for trade in the short term.
That short-term optimism reflects a healthy global economic environment, it says, while the longer-term outlook suggests that the UK should gain from its strong position as a service provider.
Between them, the USA, Germany and France are anticipated to account for some 30% of total UK services sales by 2030.
In terms of growth, HSBC forecasts that the strongest demand for services will be from India and China, with UK service exports to those countries projected to rise by about 10% per year.
The next decade is expected to see UK service exports globally rise by 130%, the report estimates.
Views about the UK’s post-Brexit future are mixed, with 38% of the UK companies polled expecting Brexit to have a negative impact, 28% thinking it will have no impact and 33% anticipating a positive impact.
The latest HSBC Trade Navigator report for the UK can be accessed at www.business.hsbc.com.
Chris Sargisson, Chief Executive of Norfolk Chamber of Commerce revealed the organisation’s new vision, values and mission to over 120 businesses at the ‘Connecting Businesses in West Norfolk’ event on Thursday 26 April. The event at King’s Lynn Town welcomed a diverse range of businesses to hear about Norfolk Chamber’s plans to deliver more activities, better support and enhanced engagement with Businesses in West Norfolk. Chris promoted Norfolk Chamber’s commitment to supporting businesses throughout the county and revealed our new mission to ‘connect, support and give a voice to every business in the county’. Chris acknowledged the challenge of supporting and engaging with businesses in West Norfolk, by the Chamber having a fixed premises in Norwich and vowed to support more West Norfolk businesses by having a greater presence in the area, to fulfil the Chamber’s mission. Chris said, “This is a long term vision and goal for us… our journey starts to try to move ourselves back in the West Norfolk, to be part of the culture and actually be here”. At the lunchtime networking event, delegates also heard from Matt Sykes, Founder of training firm, Salecadence. Matt gave the audience practical guidance on how to overcome the challenges and pressure of networking, and explored the idea that ‘it’s okay to sell at networking events’. The event closed with Michael Baldwin, General Manager of The Bank House hotel and President of the West Norfolk Chamber Council, who revealed details of a series of new training events that the Chamber is delivering in King’s Lynn and the next West Norfolk Business Breakfast on 3 July 2018. Find out more out more about our upcoming events in West Norfolk16 May | 09.00 – 10.30, Project Management, Martin Peckett, Plumstudy Education May TBC | 09.00 – 10.30, AEO and International Trade post Brexit, Tracey Renshaw, Import Export Supports 15 June | 09.30 – 11.00, Workplace Wellbeing, Michelle Gant, The Engaging People Company21 June | 09.00 – 10.30, Perfect your Pitch, Matt Sykes, Salescadence.03 July | 10.00 – 11.00, West Norfolk Business Breakfast, Knights Hill Hotel, King’s Lynn
Commenting on the opening of the Olympic Games and their potential impact on British business, John Longworth, Director General of the British Chambers of Commerce, said:
“The London 2012 Olympics is a fantastic opportunity to showcase the best of Britain and make it clear to visitors and spectators from across the globe that we are ready to trade the world.
“We believe the Olympics will provide a timely confidence boost for businesses, particularly in the retail, hospitality and leisure sectors, and for the UK economy as a whole. The “feel-good factor” surrounding the Games is especially critical in the wake of the very poor GDP statistics released earlier in the week.
“The relaxation of Sunday trading laws will help many businesses reap the benefits from the influx of tourists. This eight week period will serve as a useful trial to provide evidence as to whether the relaxation of Sunday trading rules on a permanent basis would provide a boost to the economy in the long term.
“However, we cannot be complacent and assume that the Olympics will be positive for all companies. There is a chance that productivity could suffer as a result of congested transport networks, staffing disruptions, plus delays and cancellations to key deliveries. Olympic organisers and government ministers must stay in close contact with business to minimise disruptions, and ensure that the Games are more of a help than a hindrance to the UK economy.
“Finally, we also must ensure that we present the best possible face to our guests, particularly at our airports. We need to be ready to welcome travellers 24 hours a day, 365 days a year, to demonstrate that our doors are truly open to tourism, investment and trade. Border delays put our reputation and future prosperity at risk.”
Norfolk County Council is launching a public consultation next week on whether there is a need to tackle transport issues to the west of Norwich.
When it announced plans to build the Norwich Northern Distributor Road (A1270) north and east of the city, many people wanted the council to fill in what they saw as a ‘missing link’ between the Fakenham Road (A1067) and the A47.
Now that the Northern Distributor Road (now called the Broadland Northway) is open, the Council is beginning the process of considering whether transport improvements are needed to the west of the city.
While building a new road between the end of the Broadland Northway (at Fakenham Road) and the A47 is one potential option, the consultation asks people to identify any options which they believe could tackle transport issues in the area. These include improving public transport and improving existing routes as well as an option to do nothing.
Commenting on the forthcoming consultation, nova Fairbank, Public Affairs Manager for Norfolk Chamber said:
“The successful delivery of the Norwich Northern Distributor Road (NDR) is a clear signal that Norfolk is embracing growth and development in order to create the jobs and houses that our region needs and has been strongly welcomed by the Norfolk business community. However to maximise the potential for this region – the missing link from the A1067 to the A47 needs to be completed as soon as possible.
“The Norwich Western Link will facilitate easier access to both Norwich airport and Great Yarmouth port. It will further help to improve journeys into and around the west of the city, support potential housing and jobs growth; provide the infrastructure to manage the additional traffic this will create, and improve quality of life for people living in the area.
“This final piece of the puzzle will ensure that Norfolk has infrastructure that is fit for the 21st century. It will create stronger and more effective links to the Midlands and the North and will help Norfolk businesses to thrive and deliver greater economic growth and jobs. Norfolk Chamber is therefore encouraging as many businesses as possible to take part in next week’s consultation.”
Martin Wilby, Chairman of the Council’s Environment, Development and Transport Committee, said:
“The Broadland Northway is already helping to make journeys quicker for thousands of people every day, which is fantastic.
“However we’ve been hearing for some time now that many people are concerned about rat-running, congestion and other problems on roads and in communities to the west of the city. This combined with some major changes planned in the area, including dualling of a nearby stretch of the A47 and the food hub at Easton, is why the council has made delivering a Norwich Western Link between the Fakenham Road and the A47 one of its infrastructure priorities.
“While we have lots of informal feedback, this is the first time we have carried out a public consultation about transport issues in this area and what, if anything, people think we should do about them. It’s absolutely vital people take this opportunity to tell us about their experiences and opinions on transport to the west of Norwich so we can use this to help us come up with the best possible solution.”
The consultation launches next Tuesday (8 May) and will be open for eight weeks. During this time, people will be able to respond to the consultation online at www.norfolk.gov.uk/nwl or in person at nine staffed consultation events. The details of these are as follows:
Ringland Village Hall, Thursday 10 May
Hockering Village Hall , Thursday 17 May
Hall for all, Weston Longville, Tuesday 22 May
Easton Village Hall, Thursday 31 May
Taverham Village Hall , Tuesday 5 June
The Forum, Norwich, Wednesday 13 and Thursday 14 June
Costessey Community Centre, Monday 18 June
Hellesdon Parish Office, Tuesday 26 June
All the consultation events will run between 10.30am and 8pm with the exception of the event at Taverham Village Hall which will finish at 7pm. The consultation will close at midnight at Tuesday, 3 July. The council will analyse the responses over the summer and let people know the results later this year and what, if anything, it proposes to do to tackle any of the transport issues identified.
The Tour de France victory by Bradley Wiggins may have lifted spirits but, according to the fifth DHL/BCC Trade Confidence Index, that looks like the only encouragement exporters will get from the continent in the near future.
Produced by the leading logistics company and the British Chambers of Commerce (BCC), the Index is recognised as a measure of the UK’s exporting health. The latest edition reveals however that expectations for a “super summer” have been overshadowed by the Euro-zone crisis and concerns around currency fluctuations.
The report, which draws on a survey of over 1000 exporters and an analysis of export documentation (required of all companies exporting goods outside the EU) found 40% of firms stating that exchange rates were a concern.
A net balance of just +21% of firms felt profitability would increase in the coming 12 months, down from +30% the previous quarter, with falling profitability expectations across all firm sizes.
These results were in spite of the expectations of a summer of celebrations and high hopes for the economic impact of the Olympics and other events on exporters.
They are in stark contrast to research conducted in 2010 by DHL, which found that 56% of businesses anticipated that the focus on London over this period will create greater global demand for British goods.
Phil Couchman, CEO of DHL Express UK and Ireland said he remained confident that this once-in-a-lifetime opportunity, putting British businesses firmly in the spotlight, could still present a fantastic opportunity to make inroads internationally.
He highlighted the fact that the Index showed an increase in the number of firms reporting an increase in export orders, up from +39% in the first quarter (Q1) to +49% in Q2.
“To sustain momentum,” he concluded, “businesses large and small should start thinking now about how best to serve this international audience once the events are over, by initiating an export programme for their goods and services to reach that target market.”
Today (Tuesday 08 May 2018) Norfolk County Council launches a public consultation on whether there is a need to tackle transport issues to the west of Norwich. When it announced plans to build the Norwich Northern Distributor Road (A1270) north and east of the city, many people wanted the council to fill in what they saw as a ‘missing link’ between the Fakenham Road (A1067) and the A47. Now that the Broadland Northway is open and showing that it can reduce journey times, the Council is beginning the process of considering whether transport improvements are needed to the west of the city. While building a new road between the end of the Broadland Northway (at Fakenham Road) and the A47 is one potential option, the consultation asks people to identify any options which they believe could tackle transport issues in the area. These include improving public transport and improving existing routes as well as an option to do nothing.
Commenting on the importance of the consultation, Nova Fairbank, Public Affairs Manager for Norfolk Chamber said:
“The successful delivery of the Broadland Northway is a clear signal that Norfolk is embracing growth and development in order to create the jobs and houses that our region needs and has been strongly welcomed by the Norfolk business community. However to maximise the potential for this region – the missing link from the A1067 to the A47 needs to be completed as soon as possible.
“The Norwich Western Link will further help to improve journeys into and around the west of the city, support potential housing and jobs growth; provide the infrastructure to manage the additional traffic this will create, and improve quality of life for people living in the area.
Martin Wilby, Chairman of the Council’s Environment, Development and Transport Committee, said:
“The Broadland Northway is already helping to make journeys quicker for thousands of people every day, which is fantastic.
“We have had lots of informal feedback, this is the first time we have carried out a public consultation about transport issues in this area and what, if anything, people think we should do about them. It’s absolutely vital people take this opportunity to tell us about their experiences and opinions on transport to the west of Norwich so we can use this to help us come up with the best possible solution.”
The consultation will be open for eight weeks from Tuesday 08 May 2018. During this time, people will be able to respond to the consultation online at www.norfolk.gov.uk/nwl or in person at nine staffed consultation events. The details of these are as follows:
• Ringland Village Hall, Thursday 10 May • Hockering Village Hall , Thursday 17 May • Hall for all, Weston Longville, Tuesday 22 May • Easton Village Hall, Thursday 31 May • Taverham Village Hall , Tuesday 5 June • The Forum, Norwich, Wednesday 13 and Thursday 14 June • Costessey Community Centre, Monday 18 June • Hellesdon Parish Office, Tuesday 26 June All the consultation events will run between 10.30am and 8pm with the exception of the event at Taverham Village Hall which will finish at 7pm. The consultation will close at midnight at Tuesday, 3 July. The council will analyse the responses over the summer and let people know the results later this year and what, if anything, it proposes to do to tackle any of the transport issues identified.
The developer behind Norfolk’s largest green energy projects hopes a deal with a local port would trigger major investment from the offshore wind power supply chain, potentially creating thousands of new jobs in the region.
As both approach a final commercial agreement that will cement a 25-year minimum residence in the port, both say today that an investment by Vattenfall to locate there could trigger major investment by the supply chain in Norfolk.
“We are making substantial progress with Peel Ports on an agreement to locate our operations base at the Great Yarmouth facility. If we build both wind farms, we expect to employ up to 150 skilled, local technicians to maintain our projects for a minimum of 25-years. But what we think is really exciting is that we know that a potential multi-billion-pound investment in our wind farms would encourage the supply chain to cluster around us and other operators off East Anglia.
“So, we want to work with other economic interests like EEEGR and Norfolk Chamber of Commerce to capture that benefit for the area and establish Norfolk as a world leading hub for offshore wind power.”
He added: “And it’s not only coastal communities that will benefit. We are also proposing significant investment in onshore infrastructure. The construction works alone would lead to securing 300-400 jobs in the region.”
Commenting on the negotiations, Neil Orford, President of Great Yarmouth Chamber Council said:
“Norfolk Chamber has been working closely with Vattenfall to ensure that the local supply chain opportunities are clearly visible to the local business community. A deal between Vattenfall and Peel Ports would signify their commitment and belief in Great Yarmouth as a key offshore energy hub.”
Richard Goffin, Port Director Peel Ports Great Yarmouth, said:
“Vattenfall’s intent to locate their operations base at Great Yarmouth is testament to the Port’s influential position in the wider offshore energy arena, which is complemented by a supportive County and Borough Council. This agreement will leverage Great Yarmouth’s position as the East of England’s most successful offshore energy hub and attract further investment in the existing world-class supply chain, bringing a host of employment and economic growth opportunities to the region.”
Both Vattenfall and Peel Ports expect to finalise their agreement by summer 2018
UK GDP growth slows to six-year low as construction output falls and services output weakens.
UK real wage growth returns to positive territory as inflation continues to slow.
While US GDP growth slows in Q1, IMF upgrades its global GDP growth forecast expectations.
The UK economy grew by 0.1% in Q1 2018, the slowest rate of growth since Q4 2012 and slower than the growth of 0.4% recorded in Q4. In annual terms, the UK economy grew by 1.2% in Q1, down from the growth of 1.4% recorded in Q4. Overall, the first estimate of UK GDP for Q1 2018 supports our view that growth in the UK economy is becoming more subdued.
Pay growth is now outpacing price growth for the first time since early 2017. However, while the end of squeeze on real wage growth is an important moment, maintaining positive real wage growth could prove challenging without sustained increases in productivity and relieving the high upfront costs which restrict pay increases.
The first estimate of US GDP revealed that the US economy, the world’s largest, grew at an annualised rate of 2.3% in Q1 2018, the slowest rate of growth since Q1 2017 and lower than the growth of 2.9% recorded in the previous quarter. The slowdown was largely driven by consumer spending, which accounts for two-thirds of US economic output, growing by 1.1% in Q1, a sharp slowdown from the 4% increase in Q4 2017.
Although more than 147,000 cars rolled off UK production lines in March, this was down 13.3% on the same month in 2017 and exports also fell by 11.9%.
Highlighting the importance of the automotive industry to Britain’s economy and jobs, the Society of Motor Manufacturers and Traders (SMMT) said that a double-digit decline in car manufacturing for both home and overseas markets was of considerable concern.
Overall output in the first quarter (Q1) of 2018 fell by 6.3%, with 440,426 cars leaving production lines in total this year. Almost 80% of these were exported although demand from overseas customers fell by 4.0% in the quarter.
SMMT Chief Executive Mike Hawes said: “Following recent announcements on jobs cutbacks in the sector, it’s vitally important that the industry and consumers receive greater certainty, both about future policies towards diesel and other low emission technologies, and our post-Brexit trading relationships and customs arrangements.”
He described free and frictionless trade as an absolute priority for the industry and pointed out that Britain’s vehicle and component manufacturers are important contributors to the UK economy being responsible for 13.0% of all the country’s export in goods.
For every £1 generated by the industry, Mr Hawes explained, £3 are delivered to the economy via adjacent sectors such as logistics, retail and finance, with SMMT calculations putting the total economic impact at £219 billion – 10% of UK gross domestic product.
Representatives from Norfolk, Cambridgeshire and Suffolk – the three counties the A47 trunk road runs through – stand united in calling for the Government to fully dual the road between Peterborough and Lowestoft, a meeting heard today. Members of the A47 Alliance came together at County Hall in Norwich today (Friday, 11 May) to discuss ongoing efforts to convince the Government to invest in the A47. Currently just 47% of this major route is dual carriageway and while Highways England have committed to making £300m of improvements to the road, including dualling some stretches, this will still leave substantial sections of the A47 as single carriageway with no current plans to dual them. The Just Dual It! campaign, which is being led by Norfolk County Council, Norfolk Chamber of Commerce and the Eastern Daily Press, is calling on the Government to commit to make funding available to dual the entire length of the A47 by 2030. Since launching at the end of March, the campaign has received more than 2,000 messages of support from residents, businesses and political figures, whose reasons for wanting the route fully dualled range from road safety, shortening journey times and improving journey reliability and creating a better transport link between the east of England and the Midlands and beyond. At today’s meeting representatives heard updates on the campaign from Chairman of the A47 Alliance and Norfolk county councillor Martin Wilby, MP for Mid Norfolk George Freeman and Mayor of Cambridgeshire and Peterborough James Palmer. Martin Wilby said: “We knew a lot of people felt very strongly about getting the A47 fully dualled but the widespread support for Just Dual It! has shown that this campaign crosses borders and matters to people from all walks of life. As it stands, the road is a source of regular frustration and concern. Fully dualled, the A47 would be an asset to counties in the east of England, supporting business growth, boosting tourism and improving day-to-day life for hundreds of thousands of people. “We’ve waited long enough, it’s time for the Government to commit to fully dualling this major route – and we won’t rest until they do.” George Freeman MP said: “While I am very proud that we have managed to secure the £300 million required for the first phase of A47 dualling, it is imperative that we now get the rest dualled in order to improve safety and ensure that Norfolk has the 21st century transport system it deserves. Only then can we unlock the true economic potential of our great county.” James Palmer said: “Dualling the A47 is essential for the future prosperity of the northern part of East Anglia. “I have been only too pleased to lend my support to the A47 Alliance and the Just Dual It! campaign. When I became Mayor of Cambridgeshire and Peterborough last year, I made the A47 one of my key transport priorities. I felt the Highways England proposals already on the table – the dualling of 2.5km of road from Wansford to Sutton and improvements at the Guyhirn roundabout by 2021 – were not nearly ambitious enough. “Big regional campaigns like Just Dual It! really do make a difference to decision makers in Whitehall and I stand ready to make the case for dualling the A47 as loud and as clear as possible on behalf of Cambridgeshire and Peterborough.” The importance of dualling the road to the regions’ businesses was also stressed at the meeting, and their support for the campaign is seen as key to getting Westminster to invest in the road. Nova Fairbank, Public Affairs Manager for Norfolk Chamber said:”The full dualling of the A47 is a ‘must have’ for Norfolk Chamber and the local business community in order to deliver greater economic growth and jobs in this region. From tourism to logistics, manufacturing to research, all sectors across our region rely heavily on the A47 as our main road artery East to West and onwards to the Midlands. Improvements to this route are vital to help us to remain accessible and competitive.” Richard Perkins, Suffolk Chamber representative to the A47 Alliance, said: “Suffolk Chamber of Commerce have been supporting their members in North East Suffolk for a long time in seeking to substantially improve the A47, which is the only trunk road serving the area and provides vital links to Great Yarmouth, Norwich and the UK in general. The creation of a fully dualled A47 is robustly endorsed by Suffolk Chamber, its members and the business community in general and will greatly facilitate the accelerated economic growth of the Energy Coast areas of Lowestoft and Great Yarmouth.” There are several ways that businesses can show their support for the campaign to get the A47 fully dualled, including:
These messages will be transferred onto a Just Dual It! postcard, which will then be hand-delivered to Westminster in the summer to evidence the strong support that exists for getting the A47 dualled.
The International Trade Team at Norfolk Chamber is delighted to offer a new Training Service from January 2013.
Through our linkage with the British Chambers of Commerce, 6 x Level 2 (VQ Terminology) courses have been identified, which form an export curriculum that provides invaluable basic skills for small and large companies alike.
Candidates will have to demonstrate knowledge of the subject and their performance will be marked by external examiners on the completion of each module.
Successful candidates will receive a certificate; completing all six courses will result in the candidate achieving a nationally recognised Foundation Award in Exporting.
These courses are suitable for both experienced exporters and those with no previous knowledge of exporting.
The 6 course titles include:
Understanding Exports
Methods of Payment
Export Documentation
Incoterms® 2010
Letters of Credit
Import Procedures
These new courses will replace the existing courses that Norfolk Chamber has been delivering for many, many years although, they are very similar.
The courses will still be delivered by our trusted and accredited trainer Mike Strawson, who has been working with us for years. Those of you who have attended our courses will know that Mike has an incredible knack of delivering the content in such a crystal clear manner, delegates walk away with a sound understanding of the subject.