Norwich City Council have released their latest economic barometer. The report highlighted:
Locally
Lotus, based at Hethel outside Norwich, has unveiled its best annual global retail sales performance since 2011.
Ashtons Legal, one of the region’s largest law firms, is to acquire Norfolk-based Steeles Law in a merger which will increase its team to 400 people. The combination will add Steeles’ office in Diss, to Ashtons’ existing offices in Norwich, Bury St Edmunds, Cambridge, Ipswich and Leeds.
Business sentiment improved in December and employment levels rose at a faster pace as private firms in the East of England stayed confident about higher activity levels in 2022.
Manufacturing exports from the region could rise significantly over the next decade if plans by firms to sell more goods overseas materialise according to a new study – The Export Dividend – from Barclays Corporate Banking.
Nationally
The UK economy grew more slowly than previously thought in the third quarter, suggesting a shaky recovery even before the outbreak of the Omicron variant.
December PMI data pointed to another solid increase in business activity across the UK construction sector, but the rate of expansion slipped to its lowest since September.
UK households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high 5 inflation and rising energy bills.
The number of insolvent businesses in England and Wales rose by 18.7 per cent last month to 1,674, up from 1,410 in October and an increase of 88 per cent on November last year
Following the successful launch of Co.next, we have selected a board of five passionate business leaders based in Norfolk. This is made up of James Groves, Rebecca Headden, Stokely Howard, Kerry-Anne Lyme, Warren Salmons and Alex Sellers. Each of these individuals will help us bring the Co.next initiative to life, and bring with them a wealth of experience and energy to make things happen.
We wanted to ensure that the board was also representative of under 35s in Norfolk, especially given this is the targeted audience. We have therefore gone one step further and created an ‘Advisory Board’, made up of seven budding professionals who will sit on the board for an interim period of 6 months. They will then assist in electing the next Advisory Board, allowing for a continuous loop of recommendations and opportunity.
Our confirmed Advisory Board: James Melton-Royal, Ashley Day, Rebecca Campbell, Hannah Wright, Sam Edwards and Hannah Ireland and Rose Steward.
We’d love for you to join us to celebrate the launch of Co.next on Wednesday 9th February at The Forum. This event is open to every business in Norfolk, current business leaders, and professionals, as well as future leaders and professionals. Book your place here!
Supported by the Norfolk Chambers and Governed by a board of a passionate business leaders, we would love to hear from you if you would like to get involved or know more. Get in touch
Holly Lane, a well-used route connecting the B1149 Holt Road and Reepham Road, will be closed for two nights next week for gas main diversion work on the route of Norwich Northern Distributor Road.
The closures will be from 8pm to 6am at the latest on the nights of Monday 30 January and Tuesday 31 January.
Over the next two weeks temporary signals – traffic lights or stop/go boards – will be in use as needed on a number of routes crossed by the NDR, including Fir Covert Road, Reepham Road, the B1149 Holt Road, A140 Cromer Road, B1150 North Walsham Road, A1151 Wroxham Road, Salhouse Road and Plumstead Road. Where possible they will only be used outside peak hours.
Early warning of Salhouse Road closure
Salhouse Road will be closed between the Blue Boar Lane/Woodside Road junction, Sprowston, and the Sole & Heel roundabout at Rackheath for three days from Monday 27 February to Wednesday 1 March.
The closure is to allow deep drainage trenches to be dug across the road as part of construction of Norwich Northern Distributor Road. Salhouse Road is not wide enough to allow this work to be carried out under any other form of traffic management. Traffic will be diverted via Woodside Road, Plumstead Road and Broad Lane/Green Lane East.
Norfolk County Council and Balfour Beatty apologise for any inconvenience caused by road closures and other traffic management measures during the construction of Norwich Northern Distributor Road.
“While assistance for households is welcome, businesses will be dismayed at the lack of support for those firms also struggling with their energy bills. Many have already been hit by steep rises, with further significant spikes expected as existing fixed tariff contracts come to an end in the coming months.
“Smaller firms are particularly exposed as they have neither the protections or financial support provided to households, nor do they have the negotiating power of larger businesses.
“Without action, soaring energy bills will force many firms to raise prices further which will, in turn, fuel the cost-of-living crisis for consumers and further drive surging inflationary pressure.
“The Government should expand of the Chancellor’s rebate and clawback scheme for households to include small firms, as well as delay the impending National Insurance rise. These steps would give firms a better chance to weather the current storm without needing to pass costs through to consumers in the form of price rises.”
HMRC has produced a series of new leaflets aimed at supporting those moving goods from the EU to Great Britain.
If you move goods between the EU and Great Britain (England, Scotland and Wales), you must register for the Goods Vehicle Movement Service (GVMS) now. Find out more – click here.
New guidance on claiming preferences under the Trade and Cooperation Agreement (TCA) – Click Here.
The latest version of the UK Integrated Online Tariff for 2022 can be found here
Julie, Sam and Ethan, our Norfolk Chambers International Team are experts in their field and stand ready to support you in all your international trade needs. If you have a question do get in touch.
Raising your profile within the Norfolk business community is key to reaching new potential clients and getting your name out there.
As one of the largest membership organisations in Norfolk there are a number of ways, we can help with this.
Members can use our website, events (virtual), social and our logo to help raise their business or personal profile and much more. Find out how we can help you…
Promotion on our website
All members can post news, events, and blogs to our website. A selection of these are then included in our e-newsletter which goes out to over 2,000 contacts. We welcome everything from business announcements to training sessions so why not start taking advantage of this great resource? Members who regularly post have told us they see increased enquiries so if you haven’t already, create an account so you can start uploading content. Create your account here.
We’ve also created a handy guide for uploading content, view it here
Be listed in our online Directory
As a Chamber member, your business will have a listing within our online directory, this contains the details of all 950+ members and acts as your ‘shop window’ to the wider Norfolk business community. Our directory search engine will also allow you to be found by potential customers and clients.
Your listing will contain all your company information including your logo and any additional images you wish, company videos. It will also include links to news, blogs, events & training uploaded by your business.
Your listing will be automatically created for you when you first become a member, if you would like it updated please let us know.
Social media exposure
Everyone knows how much of an impact social media is having on businesses and having a strong presence is increasing in importance.
With over 16,500 followers across multiple social media channels, why not take advantage of Norfolk Chambers’ influence by using us to raise your profile and reach potential customers.
We use Twitter, Facebook, Instagram, and LinkedIn as a way of spreading good news across the county and we’d love for you to be part of the conversation. Our LinkedIn group contains over 3,000 connections and we share members news across our channels so you can let your fellow members know what great work you’re doing!.
Events
Norfolk Chambers of Commerce is running a varied programme of virtual events including online networking, webinars and online workshops.
Chamber Co.nnects are weekly network meetings for its members to network and chat with other businesses in a digital space. This is a great way to meet new people and get your brand noticed by others. There are also opportunities for members to speak at a Chamber Co.nnect as a 15-minute guest speakers on a topic of interest.
We are running a series of FREE webinars with the help and expertise of our members. If you’re interested in delivering a webinar with Norfolk Chambers of Commerce, please complete the online form to register your interest.
Using the Chamber logo for your business
As a member you can have license to use the Norfolk Chambers of Commerce member logo on your own marketing materials to highlight that you are part of the Chamber’s network.
This could be used on your company website, business cards, email signature and marketing literature. It allows your customers to recognise you are part of Norfolk’s largest business network and to identify your business to other Chamber members.
If you would like to find out maximise your membership please email hello@norfolkchambers.co.uk or speak to your account manager.
Apprentice of the year – Intermediate and Advanced Level (Level 2/3)
An apprenticeship isn’t just a qualification! Co.ngratulations Sam!
We’re so proud of Sam’s journey with us here at the Norfolk Chambers of Commerce! Sam completed an apprenticeship in Business Administration, whilst being thrown in at the deep end in his role within our busy International Trade Department throughout Brexit.
The training can be trying and complicated, but Sam worked brilliantly and we are thrilled to see his hard work is being recognised through this award!
Commenting on the inflation statistics for January 2022, published today by the Office for National Statistics, Head of Economics at the BCC Suren Thiru, said:
“Rising inflation highlights both the cost-of-living crisis facing households and the uphill struggle for businesses to keep a lid on price rises amid surging cost pressures.
“While the headline annual figure remains at a 30-year high, the decline in monthly inflation in January offers some hope that we may be nearing the peak in the current spike in inflation.
“Inflation should peak at over 7% in April as reversal of the hospitality VAT cut and the energy price cap rise enters the calculation. However, the current Russia-Ukraine tension could keep inflation higher for longer by triggering a further surge in wholesale energy costs.
“Rising inflation could well be a significant drag anchor on UK economic output this year by weakening consumer spending power and damaging firms’ finances and ability to invest.
“Increasing inflation means that a March interest rate rise is expected. However, tightening monetary policy too quickly risks undermining confidence and the wider recovery and will do little to curb the global factors behind the current inflationary surge.
“More needs to be done to limit the unprecedented rise in costs facing businesses, including financial support for those struggling with soaring energy bills and delaying April’s National Insurance rise.”
Photo credit: Getty Images/Chamber Canva Pro usage 2022
Responding to the Prime Minister’s statement to Parliament on the ‘Living with Covid’ strategy, BCC Co-Executive Director, Claire Walker, said:
“Businesses will welcome the ambition of the Prime Minister, which inches us closer to pre-pandemic trading conditions. However, for many firms, this move will not be without its challenges and Government must not pass public health decisions on to the business community, who are not public health experts.
On testing
“Members continue to tell us that access to free testing is key to managing workplace sickness and maintaining consumer confidence. If the government is to remove this, companies must still be able to access tests on a cost-effective basis.
New Guidance
“We look forward to consulting with Government to help shape the new guidance for businesses that will be developed. It is critical that a variety of issues and scenarios be fully addressed by this. Businesses need clarity if they are to operate at maximum capacity, as well as keep consumers and employee’s confidence high.
Future outbreaks
“Businesses also need to understand how Government will respond to further variants of concern – or indeed a future pandemic – and what support would be put in place if new guidance or mandatory restrictions are introduced that have a negative impact on the economy.
“Firms will only truly be able to ‘Live with Covid’ when they are confident that a plan is in place for future outbreaks. Uncertainty will put a brake on investment and the shadow of the pandemic could continue to loom over our economy for some time to come.”
Import duties on Sri Lankan products entering the EU could be removed, but only if the country implements reforms on human rights, the environment, the rule of law and governance.
Under proposals made by the European Commission, duties would be removed on 66% of tariff lines, covering a wide array of products including textiles and fisheries.
The removal of customs duties would, however, be conditional on Sri Lanka’s ongoing commitment to ratify and effectively implement 27 international conventions on a range of issues including labour conditions and environmental protection.
Accounting for nearly a third of Sri Lanka’s global exports, the EU is Sri Lanka’s largest export market with total bilateral trade amounting to €4.7 billion in 2015.
Goods exported from Sri Lanka to the EU were worth €2.6 billion, with the most significant being textiles, rubber products and machinery.
The Commission’s proposal would see the EU initiate a special version of the EU Generalised Scheme of Preferences. Known as GSP+, the arrangement is designed to support developing countries by fostering their economic development through increased trade with Europe and providing incentives to take tangible steps towards sustainable development.
Eight countries currently benefit from GSP+ agreements: Armenia, Bolivia, Cape Verde, Kyrgyzstan, Mongolia, Pakistan, Paraguay and the Philippines.
Announcing the latest initiative, Trade Commissioner Cecilia Malmström said that GSP+ preferences could make a significant contribution to Sri Lanka’s economic development by increasing exports to the EU market.
Following the Commission’s proposal, the European Parliament and the Council have a maximum of four months to raise objections before the measures take effect.
Reacting to the signing of the UK-New Zealand Free Trade Agreement, William Bain, Head of Trade Policy at the BCC said:
“The BCC welcomes the signature of the UK-New Zealand free trade agreement today. This will mean zero-tariff trade for UK exporters with customers in New Zealand once the agreement enters into force early next year. It will also be easier for SMEs to access the New Zealand market as paperwork and red tape are reduced through modern provisions on digital trade. The FTA should be worth up to £800m to the UK economy and raise bilateral trade by around 60%.
“We also welcome the opportunities for business travel and being able to provide services in New Zealand on an equal footing together with a new entry route to facilitate this.
“The agreement will also boost trade in environmental goods and services – essential for the transition to Net Zero.
“We will engage with businesses in the UK and New Zealand to discuss the many plus points of this agreement, and hope to see it force as soon as possible.”
Way to Work is a new partnership between the government and employers to get 500,000 jobseekers into work by the end of June 2022.
This partnership will help fill record numbers of vacancies, supporting job-ready people into the labour market and helping them progress into a career.
Whether you’re a job seeker finding your way back into work, or an employer who’s looking for a way to get the right person to help their business, Jobcentre Plus and Way to Work can help.
More information can be found by clicking on the below links:
