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.
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.
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.
A series of recommendations that it claims will benefit both the Brexit process and wider trade priorities have been set out by think tank, the Institute of Economic Affairs (IEA).
In a new report, it argues that the Government should be taking practical steps now to reap the benefits of an independent post-Brexit trade policy.
Several of the recommendations focus particularly on customs matters controlled by HM Revenue & Customs (HMRC).
“As the debate continues about customs union membership at a high level, it is important not to lose sight of the tools and processes that can help businesses on the ground,” report author Victoria Hewson said.
Many of these are already available to the UK Government and should be implemented both as Brexit preparation and – whatever happens with the EU – to show that the UK is serious about global trade and competitiveness, she added.
Among a number of short-term recommendations, the IEA calls for greater transparency in order to attract new exporters to international trade, so that they are not deterred by perceived bureaucracy and uncertainty.
It is also important to build resource within HMRC in order to assist businesses that are not used to trading outside the Customs Union, the Institute argued.
HMRC should focus, the report insists, on providing IT support skills training for businesses and consider engaging external professional services to help in other areas.
In the long term, the Border Force goods functions should be incorporated into HMRC’s remit, aspects of the Union Customs Code (UCC) should be reformed, and the UK should use the flexibility available in VAT when it is no longer an EU member.
The report Under Control: What HMRC Can do to Prepare and Optimise Customs Processes for All Outcomes can be found here.
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
We have been informed today (3 May 2018) that the Central Bank of Egypt has cancelled the regulations regarding bank to bank transfer of export documentation, as per the PDF attachment.
The following regulation has been cancelled. “Import transactions concluded under documentary collections, the conclusion of those transactions shall take place only via documentary collections directly received by the banks from banks existing abroad, provided that the documentary collections directly incoming into clients’ accounts shall not be accepted.”
it has been decided that it is acceptable for trade documents to be sent directly to clients rather than through the bank in the Exporter’s country to the Egyptian bank. This applies to all exported products.
For more information, please contact Madalina Iamandei at the Egyptian-Chamber of Commerce on 020 7499 3100 or email madalina@theebcc.com
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 Iraq Britain Business Council (IBBC) is delighted to announce that they are officially an international affiliate to the British Chambers of Commerce (BCC). The IBBC is now the official organisation to whom British companies and organisations will be referred by the BCC.
This relationship neatly mirrors our status with the Iraqi Federation of Chambers of Commerce and the Kurdish Federation of Chambers of Commerce and Industry who are close partners of IBBC. Indeed the 5 largest Iraqi chambers, namely Baghdad, Erbil, Basrah, Najaf and Karbala are full members of the IBBC.
The BCC sits at the heart of a business network that spans the length and breadth of the UK, with links to markets across the world, with 53 accredited Chambers in the UK as trusted champions of businesses, places, and global trade.
Chambers of Commerce provide a voice to the business communities they represent, amplifying their priorities and concerns. In every region and nation of the UK, Chambers of Commerce and their members work to improve the local business environment in which they operate.
The Chamber of Commerce network exists to support and connect companies, bringing together firms to build new relationships, share best practice and foster new opportunities.
Christophe Michels, MD of IBBC says ‘IBBC is delighted to have been granted this affiliate status by BCC, as this endorses our role as intermediaries and trade enablers with Iraq for all the work we do with British business in the country. It completes the circle of business with Iraqi companies, as we have an equal position in Iraq, and are thus able to bring businesses in both UK and Iraq together through this unique leverage.’
Dr Adam Marshall, Director General at BCC stated ‘We are delighted to welcome IBBC as an international affiliate of the BCC and we look forward together to strengthening relations and business opportunities between the UK and Iraq in the weeks and months ahead’.
For more information, please contact: London@webuildiraq.org
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
Norfolk Chamber’s CEO, Chris Sargisson compered the Norfolk Construction Excellence Awards 2018 on Thursday evening at the OPEN in Norwich.
The awards night was a great success, celebrating some fabulous projects in Norfolk. There were some great project winners, with the overall winner on the night being LSI Architects.
The guests attending the awards were all asked to take part in their own ‘construction project’ – each table had to build an aeroplane from an assortment of straws, lollipop sticks, paper, and sticky tape – and anything else that came to hand on their tables.
The finished projects would be launched off the OPEN balcony and needed to fly as far as possible and would be judged accordingly. Amazing amounts of variation and imagination were used to produce some inventive entries. The winner not only flew the furthest, but managed a loop-the-loop!
Commenting on the successful evening, Chris Sargisson said:
“It was a huge honour to host the constructing excellence awards. I would like to say very well done to all the fantastic, talented companies who entered and a huge congratulations to LSI Architects for being chosen as the overall winner.
“When I agreed to compere, I never imagined I’d be asked to orchestrate over 20 people throwing a variety of homemade aeroplanes from the balcony. Brilliant! My favourite entry was one made using the end of a French baguette! Some took to the sky, soared magnificently but now sadly remain in the lighting gantry. Maybe next years’ ‘table challenge’ could be to build a device to get them down…?”