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Commenting on the Queen’s Speech today, Dr Adam Marshall, Director General of the British Chambers of Commerce, said: “The government’s legislative plans will give businesses some encouragement that Westminster is finally starting to think about growth and investment again, but the real test will be in the detail that follows. “From now on, soundbites can be no substitute for the daily grind of good government. Attention must return to the details that matter, and the government must work hand-in-glove with our business communities if it wants to translate electoral success into economic success.” On Brexit “Campaign slogans need to give way to real detail on our future relationship with our largest and nearest trading partner. Companies across the UK want clear answers to their many unanswered questions, and a guarantee that costly ‘cliff edges’ will be avoided. On trade “The forthcoming Trade Bill must deliver an ambitious international trading framework that supports prosperity post-Brexit. “Businesses need clarity on global trading relationships and the time to implement the practical changes necessary to thrive under an independent trading policy. “We need to see substantial investment in trade promotion activity that connects businesses with new markets to drive export growth. This will help kickstart a sluggish economy and boost business confidence.” On people and skills “At a time of critical recruitment shortages, an Immigration Bill that allows businesses throughout the UK to recruit staff at all skill levels cannot be delivered soon enough. Government should waste no time in providing detail on the proposed points-based system, and must not lumber firms with costly delays or red tape. “As the world of work continues to change it is encouraging to hear the government championing flexible working. Any legal changes should only come after extensive consultation with firms of all sizes to ensure new measures work for employers and employees alike.” On infrastructure “Businesses want to see a fully integrated and modern infrastructure network. The government now needs to get on and deliver. This must include completing all phases of HS2, Northern Powerhouse Rail and the Lower Thames Crossing as well as ensuring local areas have the funding they need to address their priorities.” On business investments and costs “UK business investment has fallen for the longest period in almost two decades. Many will welcome the short-term relief provided by further discounts to business rates, but the government should waste no time in setting up a comprehensive review of this outdated system. “Looking ahead to the Budget, businesses of all sizes need to see a package of fiscal measures to alleviate the burden of high up-front costs and stimulate investment. This should be accompanied by a moratorium on all new up-front costs for businesses for the duration of this Parliament.” On the environment “Together with business communities, the government and devolved administrations should build a plan for how we will work across the four nations to reach net-zero by 2050, while also maintaining security of energy supply and stable prices for businesses and consumers.” Ends
We will be closed from 5pm on Monday 23rd December 2019 and will open again at 8:30am on Thursday 2nd January 2020.
We wish you all a very Merry Christmas and a Happy New Year and we will see you in 2020 to continue on our mission of connecting, supporting and giving voice to every business in Norfolk!
Thank you to all of our members for making 2019 such a brilliant year for us, and for Norfolk business! There have been so many exciting things going on this year – here are a few of our highlights:
The Norfolk Chambers of Commerce, Department of Work and Pensions and Thetford Town Council are working in collaboration to host this year’s job fair at the Carnegie on Wednesday the 11th of March, 09:00 – 13:00.
The event has been setup to bring employers face to face with jobseekers whilst giving them a spotlight to promote their business and create brand awareness amongst other businesses and those seeking employment.
Attending businesses will have an advanced look at potential candidates, which in turn will aid towards saving time and resources during the recruitment process. The event is also free to exhibit with Wi-Fi and refreshments provided by the venue.
Businesses that take part will be advertised prior to the event taking place which will attract potential candidates.
If you have any questions or require more information, please don’t hesitate to get in touch with Chris at the Norfolk Chambers – chris.bone@norfolkchambers.co.uk / 01603 729 711
Help us give a warm welcome to the newest members of Norfolk Chambers of Commerce for the month of December 2019.
Visit their business to explore what they have to offer. Click on a business name below to view the full listing in our Member Directory.
Akcela Akcela supports businesses that have made a positive commitment to improve their business performance and understand there is a need to engage with external support.
Bourgee Bourgee is a must for night owls and foodies alike. We source produce from prestigious suppliers, whilst in-house chefs’ craft these expertly selected ingredients into deliciously creative dishes, all served in a modern, cutting edge-designed venue with superb service and unrivalled atmosphere.
Dad’s Boats Dad’s Boats is a family run business. We manufacture and sell boats designed by David Williams (the Dad). The first of his boats is The Pedal Boat.
Get Indemnity As a digital insurance broker, we offer competitive premiums, knowledgeable support and tailored insurance products to transfer our customer’s risk. With technical underwriting and claim management backgrounds, we have the capacity to leverage our knowledge, experience and digital tools to the benefit of our customers.
Hawkins Ryan Solicitors Hawkins Ryan Solicitors is a traditional provincial firm of solicitors with a difference. We are based in historic King’s Lynn but act for clients right across the country and beyond. We offer a broad range of services for both private individuals and commercial clients.
Just Perfect Property Maintenance Your search for a company that provides property maintenance ends with Just Perfect Property Maintenance in East Harling. We serve domestic customers across Thetford, Attleborough, Wymondham, Bury St Edmunds, Watton and Garboldisham.
Keith Bird – Business Growth Mentor I will show you how to quickly explode your Sales and Profits. If you do not receive a dramatic increase in your Sales and Profits then you do not pay me a penny and that’s my GUARANTEE.
Media In A Box Media in a Box was created by people who have worked within the media industry, and with local businesses for some time. Our business can count over fifty years of experience within media, and well over 2 million media campaigns constructed across all media channels, with a significant amount of websites developed and launched in that time.
Redhead Architects At Redhead Architects, the plan is surprisingly simple: Be nice, work hard, listen to our clients and produce the best designs we can, whilst making sure that they love them. We offer a full architectural service and over 25 years experience delivering high spec. residential, hotel, commercial and hospitality projects.
Think Maintenance Think Maintenance is about delivering a service which benefits our clients and putting our necks on the line by saying we WILL ENSURE your Heating and Plumbing services are the best that they can possibly be.
The British Chambers of Commerce’s Quarterly Economic Survey reveals that the UK ended 2019 in stagnation, amid long-term uncertainty, rising business costs and a slowing global economy.
The latest results of the survey – which is the largest of its kind in the UK and a leading indicator of GDP growth – found protracted weakness across most indicators of economic health in the final quarter of 2019.
Norfolk’s service sector indicators worsen and remain well below their historic average
Norfolk indicators for manufacturing cashflow, home orders, and investment continue to worsen and are firmly in negative territory
The service sector, which accounts for almost 80% of UK economic output, saw a large majority of its key indicators worsen compared to Q3 2019. These indicators remain well below their historic average.
The balance of manufacturers reporting a rise in domestic and export sales fell drastically. However, the balance of manufacturers reporting increased export orders rose from the previous negative position in Q3.
Investment intentions remain weak by historic standards – the balance of local firms in the manufacturing sector that plan to increase investment in plant and machinery dropped back to a negative position – whilst the fall was not as great, both the National and the East of England results also fell.
Cashflow – a key indicator of the health of businesses – Nationally showed a slightly improved result, but remained very weak across both manufacturing and service sectors. Locally, both the Norfolk and the East of England service and manufacturing sectors reported decreased cashflow (-6 and -10 respectively in Norfolk and -10 and -4 in the East of England).
Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
“The UK economy limped through the final quarter of 2019.
“The fourth quarter was characterised by a broad-based slowdown in the dominant services sector with all key indicators weakening in the quarter, amid sluggish household expenditure and crippling cost pressures.
“Despite some improvements, indicators in the manufacturing sector remain very weak by historic standards, and with indicators for domestic and export orders continuing to contract, the near-term outlook for the sector remains challenging.
“A faltering service sector together with listless manufacturing activity points to a downbeat outturn for UK GDP growth in the fourth quarter of 2019”.
Responding to the findings, Nova Fairbank, head of Policy for Norfolk Chambers of Commerce said:
“The end of political deadlock at Westminster must also bring action to renew business confidence and tackle the prolonged stagnation that’s affecting so much of the UK economy. The government must use its newfound majority to take big decisions to stimulate growth.
“We would like to see ministers take action to reduce up-front costs, move key infrastructure projects forward, and to help businesses on training, they’ll be rewarded with increased investment.
“However, they also must move quickly over the coming weeks to ensure that Brexit is done right. A clear future trading relationship with the EU is also crucial to many firms’ future investment and growth prospects.”
Key Norfolk findings in the Q4 2019 survey:
Services sector:
The balance of firms reporting increased domestic sales fell from +8 in Q3 2019 to -7. Those reporting increased domestic orders fell from 0 to -12.
The balance of firms reporting improved export sales dropped from -5 to -12. Those reporting increased export orders fell from -5 to -31, and all-time low.
The balance of firms reporting improved cashflow fell from +2 to -6
The balance of firms looking to increase investment in plant and machinery remained at -14 but rose slightly from +7 to +9 for training
The balance of firms confident that turnover and profitability will improve over the next year increased from +10 to +26 for turnover and from -5 to -4 for profitability. Despite these slight improvements, the figures still remain weak.
Manufacturing sector:
The balance of firms reporting increased domestic sales fell from 0 in Q3 2019, to -20
While those reporting increased domestic orders continued to fall from -11 to -20
The balance of firms reporting improved export sales rose from -6 to +11
The balance of firms reporting increased export orders improved considerably from -24 to 0
The balance of firms reporting improved cashflow fell deeper into negative territory from -5 in Q3 to -20 in Q4
The balance of firms increasing investment in plant/machinery fell from +10 to -10 and investment in training rose from +10 to +30
The balance of firms confident that turnover and profitability will increase in the next 12 months fell from +38 to +10 for turnover and from +14 to 0 for profitability. This is still much lower than the post-recession average.
A recent meeting of the Chamber’s Planning & Development Group (CPDG) highlighted that the property market appears to be booming. New build residential house prices and sales are very positive, possibly as a result of the Help to Buy scheme.
The industrial property sector is also strengthening, especially as prices are becoming more realistic, however the office market is not faring as well. There is a depletion of Grade A office space in Norwich and a glut of old office stock, the majority of which is outdated and not what most modern businesses are looking for. A change in the planning regulations means that a ‘change of use’ may be possible for some of this old stock and this may result in the office market improving going forward.
The retail property sector is also ‘holding its own’ however market towns continue to stagnate as a result of supermarkets and competition from Norwich itself.
The letting market is also experience a steady upturn. A recent national survey highlighted a strong shift towards the private rental market, particularly for the younger generations, who simply cannot afford to get onto the property ladder.
Jonathan Cage, Chair of the CPDG said: “It is encouraging to see the upturn in the property market. We need to stay focussed and help drive forward growth to make the most of the opportunities in terms of both housing and the commercial sectors to boost economic growth in Norfolk.”
Results from a BCC poll, conducted in partnership with banking group TSB, reveals that many firms have taken on debt during the pandemic and require flexible repayment solutions to rebuild their revenues and avoid an unsustainable debt crisis. Those who haven’t taken on debt, but may yet need to, favour flexible business banking services that adapt to their needs:
42% of respondents took on debt during the crisis, with more than 1 in 4 businesses saying they may need to scale down operations to repay and 1 in 10 saying they might have to cease trading
44% have not accessed finance so far, but still face challenging business conditions
Businesses require flexible and responsive support from government and banks as they recover from the crisis
Lending schemes provide critical lifeline to business operations
42% of those surveyed said that they had accessed finance during the pandemic through government lending schemes such as the Coronavirus Business Interruption Loan Scheme (CBILS) or the Bounce Back Loan Scheme (BBLS). These businesses were almost evenly spread across all sectors, with manufacturing firms slightly more likely to have taken out finance.
Those drawing on the schemes were overwhelmingly doing so to support critical day-to-day business operations during the pandemic. 71% said they used finance to support cashflow, 43% for overheads, 40% for paying staff and 32% for paying other debts.
Impact of business debt may weaken recovery
64% of respondents said that the repaying of finance built up during the pandemic might have a negative impact on their business. More than one in four firms (27%) said repaying finance might mean they scale down operations and 26% said they would change their investment plans. Most concerningly, 11% – more than one in ten firms – said they might have to cease trading. Micro firms were more likely to say repaying debt may cause them to cease trading (15%) compared to non-micro firms (6%).
Innovative approaches to repayment and recapitalisation may be needed to prevent thousands of firms from falling into a spiral of unsustainable debt. The survey found that 18% of respondents said they would prefer a ‘student loan’ style scheme – where the loan becomes a contingent tax liability that is repaid on a means-tested basis – if their business was struggling to repay their loan. 16% said they would prefer a longer fixed term period to repay the loan. In contrast, just 4% said they would prefer to convert the debt into an equity stake in their business.
Future financial support likely to be needed
44% of firms surveyed said they had not attempted to access finance during the immediate crisis, but still face challenging business conditions. While 38% have seen increases in revenue from UK customers, a further 38% have seen a decrease. Half of firms (50%) said their cash reserves have slightly or significantly decreased since July 2020.
Faced with this, local lockdowns and the planned withdrawal of various government support schemes in the autumn, more businesses will likely access business banking services in the coming months to support their day-to-day operations and drive the wider economic recovery.
Those looking to do so overwhelmingly require a flexible business banking service, offering a mix of face-to-face and in-person capabilities. 48% of firms said they required personalised or face-to-face support. 44% said they valued digital services – like apps and websites -most highly. A further 44% said fast and easy access to capital was most important and 36% said they preferred a presence in the local community.
Responding to the results, BCC Director General Adam Marshall said:
“Government loan schemes have been a lifeline for many businesses during the pandemic. So many firms have taken on debt in order to survive.
“With many businesses still facing reduced demand, depleted cash reserves, and continued uncertainty, bold solutions will be needed to prevent thousands of firms across the UK from falling into a spiral of unsustainable debt. If not addressed, large debt burdens could stifle the recovery, threatening jobs and constraining business activity and investment.
“Others who have weathered the immediate storm may yet need access to finance for working capital to help their businesses recover and grow. Ministers should consider whether some loan schemes should be extended beyond the autumn to help.
“Over the coming months, Government, regulators and banks must work together with business communities to find solutions that help firms repay Coronavirus loans sustainably ,and access the support and services they need at this challenging time.”
TSB CEO, Debbie Crosbie said:
“Banks have a vital role to play in helping small businesses survive and thrive. It is very clear they need banks that can provide a full suite of services, including lending, face to face advice and outstanding technology to help them build back better. TSB is focussed on providing this mix for small businesses across the country.”
On a series of dates in March 2020, the Norwich Opportunity Area and City Academy Norwich are launching a Growth Sector Competition with year 8 students. Working in groups they are being challenged to research New Anglia Local Enterprise Partnership’s growth areas; then create a poster; and present back to their year group.
The students will have a wide range to choose from, as the NALEP growth areas include:
Energy
Digital, ICT & Creative
Life Sciences
Advance Manufacturing
Construction & Development
Port & Logistics
Financial Services & Insurance
Visitor Economy
Agriculture, Food & Drink
They will be looking at the definition of the sector; the types of companies in Norfolk/Norwich who represent it; the job roles, pay scales, and entry routes etc.
But they do need some support from the local business community to make this a success. The Norwich Opportunity Area and City Academy Norwich are looking for business representatives from each of these sectors to support the activity by giving short presentations over the project on their sector and answering any questions the students may have at a school assembly on the following dates:
Thursday 13 February 2020
Thursday 12 March 2020
Thursday 19 March 2020
Assemblies run from 8.45am – 9.05am and they plan to have 2 guest speakers for each, allowing 10 mins for each speaker. Speakers will then be invited back for the finale (Thursday 26th March – if they are available) to see the posters the students have created and help choose the winner!
Ideally, they are looking for at least one representative from a business in each of the growth areas – can your business spare an hour to take part? If you are able to help or would like more information, please contact: madeleine.matthews@newanglia.co.uk
Returning on Friday 7 February, 1pm – 4pm at OPEN Norwich, The Big Debate brings together local MPs and business leaders to influence change and give voice to Norfolk businesses. Following on from a successful event in 2019, 2020’s event will be split into four debates looking at topics Norfolk Chambers have identified as key to the business community right now. Attendees will be able to submit questions live at the event using Sli.do, with the ability to vote for their favourite questions to be asked directly to our panels. Our first panel on stage will look to focus on people and skills, tackling the challenge of how we recruit and retain top talent in the county. Joining us for the debate will be Richard Bacon MP for South Norfolk, Lisa Collen of Flagship Group and Becky Wilson of Pure Resourcing. Next on the agenda will be infrastructure with the aims of looking at the impact poor fundamental facilities has on businesses and how we revolutionise Norfolk’s physical and digital infrastructure. Back in November 2019 British Chambers of Commerce reported that UK businesses are even less satisfied with UK infrastructure than they were a year ago, highlighting how important it is to bring this to the debate. This topic will be debated by Chloe Smith MP for Norwich North, Dale Curtis of Kickstart and Jonathan Cage of Create Consulting and will be followed by a break. During the break afternoon tea will be served to the tables for attendees to network and continue the discussions and debates. After the break international trade will be up for discussion. We expect Brexit will be high on the agenda here, highlighting the support local businesses need to drive growth overseas as well as the impact Brexit will have and the changes coming into effect. We are pleased to have Kate Colchester of New Anglia LEP, Kevin Walsh of LV Shipping and Duncan Lathwell of NatWest joining us to answer your questions. Our final topic of the afternoon will be sustainability and climate change. Our panellists will be looking at what support is needed for businesses to improve their carbon footprints, as well as how we make radical changes without impacting business as usual and lobbying for more sustainable infrastructure in Norfolk. Answering your questions will be Clive Lewis MP for Norwich South, Ali Clabburn of Liftshare and Alex Durand of SaxonAir. Whilst questions will be coming in live from attendees, there is also the opportunity to submit any burning questions in advance of the event. If you would like to submit a question on any of the four topics, you may do so here: click here to submit questions The Big Debate 2020 is sponsored by Greater Anglia and Broadland Business Park. To book your tickets click here.
LV Shipping & Transport has become the first Strategic Partner of Norfolk Chambers of Commerce, this partnership aims to give businesses an enhanced profile and promotion.
Since starting operations in 1921, LV Shipping & Transport has grown into a company that offers logistics solutions through their global network. The Great Yarmouth office is based on Harfrey’s Industrial Estate and offers a complete range of freight forwarding services available to businesses in Norfolk, including on-site storage and warehousing facilities.
Well established across the country, LV Shipping & Transport in the UK operates at 12 locations, dedicated to offering customers integrated and end-to-end supply chain solutions. Covering all major seaports and airports, providing clients with the most cost-effective and fastest connection across the UK and worldwide.
Kevin Walsh UK Sales Director, LV Shipping, commented saying: “The role of Chamber is to support local business and introduce them to specialist companies like LV Shipping and others who can help them with their business needs.
“We are hoping to increase our profile in Norfolk further and want to use our involvement with the Chamber as a strategic partner to demonstrate our support for the local business community here in Norfolk. We have a number of loyal customers in Great Yarmouth and Norfolk, but of course there are so many other businesses here that we have yet to meet and support.
“Our Great Yarmouth office offers a complete range of freight forwarding services. We can handle shipments by air, road and sea (import and export) and also offer full customs clearance and brokerage services which will potentially become more significant depending on the exact nature of the eventual Brexit. We have a very approachable and experienced team, if you need to know anything about or even if you are just thinking of starting to import or export and require preliminary guidance – they will be able to help.”
Great Yarmouth is Britain’s principle port for the Southern North Sea Oil & Gas and renewable energy industries. A new outer harbour has increased the ports facilities to handle deep water container vessels, making it the closest link from the UK to the Netherlands and Belgium.
LV Shipping & Transport Great Yarmouth office offers a complete range of freight forwarding services, as well as Vessel support and Ships’ Agency on 24/7 basis and renewable energy logistics. You can contact the Great Yarmouth team on 01493 657755 or email yarmouth@lvshipping.com
For more information about Strategic Partnerships click here or contact Philippa Bindley, Head of Customer Experience at Norfolk Chambers of Commerce on 01603 729703 or email Philippa.bindley@norfolkchamber.co.uk
The latest report for Norwich City Council has highlighted the business confidence continues to climb. The BDO LLP report highlighted that business optimism was at its highest level for 22 years in January, suggesting the economy will continue to grow rapidly over the coming six months. The Bank of England’s Monetary Policy Committee voted to maintain interest rates at 0.5 per cent this month, despite the lower than target inflation rate
The number of apprenticeship vacancies in the East of England posted online between August and October increased by 23% to 3,640, according to figures from the National Apprenticeship Service. Meanwhile online applications for apprenticeships rose by 33% to 39,600 in the region.
Construction has begun at Pointers Field on the first affordable homes that Norwich City Council has built in the city for more than 20 years. These new Norwich City Council 6 homes are of huge significance. Not only as the first council homes to be built for a considerable period of time, but also as the first milestone in the council’s commitment to building an additional 250 homes across the city over the next five years, as set out in the latest housing strategy.