Commentating on today’s interest rate decision announced by the Bank of England, Caroline Williams, Chief Executive for Norfolk Chamber of Commerce, said:
“The Bank of England’s Monetary Policy Committee (MPC) has shown composure and sound judgement in keeping rates unchanged.
“It would have been imprudent to push through a rate rise at this moment when our economic recovery remains in need of care and encouragement. Rates will eventually have to rise and when they do it should be done slowly and steadily. Until that moment, the Bank of England is right to keep interest rates at current levels.”
David Kern, Chief Economist at the British Chambers of Commerce, said:
“Those who advocate higher interest rates, underestimate the fragility of the economic recovery, especially in the face of a highly uncertain international backdrop.
“The MPC will be watching increases in earnings closely. But any adverse inflationary pressures will be mitigated by the declines in oil and commodity prices and by the strength of sterling seen over recent months. Our view remains that inflation will remain below the 2% target until well into 2016. That being the case, the MPC should keep interest rates at current levels for the foreseeable future and, in doing so, it will not take any undue risks.”
The Government has launched a new toolkit which aims to help SMEs understand and present the value of the Intellectual Property (IP) to potential lenders.
Developed by the UK Intellectual Property Office (IPO), it will support small businesses to use their intellectual property assets to secure the finance they need for company growth.
The toolkit has been developed to
help lenders and businesses talk the same language when understanding the value ofIP
encourage and guide businesses to document theirIPassets ahead of any application for finance
help businesses to develop more effectiveIPmanagement and commercialisation strategies
raise awareness of the wide variety of finance options available forIP-rich businesses
Minister for Intellectual Property, Baroness Neville-RolfeDBEsaid:
“The UK now invests more in ideas and brands than factories or machinery. Small businesses are the economic bedrock of the UK and it is vital that we help them exploit theirIPto secure appropriate finance and grow.”
“Too often businesses and lenders do not fully identify and value theIP they have. It’s essential that we continue to create the right environment for them to flourish, so we can benefit from their creative designs, inventions and ideas. TheIPFinance toolkitis an important step towards businesses making the most of theirIP.”
“TheIPFinance toolkitwill help businesses to present the security and financial worth of theirIPwhen seeking finance and help banks recognise the value ofIPin a business. It will assist businesses which are rich in intangibles, but lack traditional assets, to make a stronger case when they need to access the finance they need to grow.”
The 6 week legal challenge period, following the granting of the Development Consent order by the Secretary of State, Patrick Mcloughlin, has now passed without any challenges being received. This now means that work can start on the £148.5 million Norwich Northern Distributor Road (NDR). Norfolk County Council has revealed that initial work will start on the NDR in mid October. The route runs for 12.5 miles from the A1067 Fakenham Road at Attlebridge to Postwick on the A47.
A Norfolk county Council spokesperson said: “The courts have confirmed that there have been no legal challenges made, which is positive news. It means the next step is to secure full funding from the Department of Transport and final approval from councillors.”
“We anticipate that initial work will start on site around mid October. This will be in the form of utility diversions and some advance environmental and archaeology works. The main road and bridge construction work would start on site in February/March next year, with all construction expected to be completed in December 2017.”
Norfolk’s business leaders have welcomed the granting of the NDR Development Consent and are pleased that work will now start in October:
Caroline Williams, Chief Executive of Norfolk Chamber of Commerce said:
“A confirmed start date for work on the NDR is another positive step toward getting the improvements to Norfolk’s infrastructure, which the business community has been calling for. The NDR is not just a piece of road, but the opportunity to unlock jobs and new homes for the city and surrounding area.”
Peter Foster, Chair of Norwich Chamber Council / Managing Director of Hugh J Boswell Ltd
“I am delighted with the positive outcome for the NDR. It is incredibly clear to me that some of the northern aspects of our city and indeed County will benefit enormously. I know that in recent years there are certain areas that we have traditionally transacted less business for pure logistical reasons. Intuitively I believe that the NDR will transform the northern part of the city and encourage growth in areas such as Holt, Sheringham, Aylsham and North Walsham. This bid certainly has the support of the Board at Hugh J Boswell Ltd.”
Richard Marks, Head of Branch – John Lewis Norwich
“John Lewis supports the Norwich Area Transport Strategy which is so dependent on the NDR coming to fruition – removing through traffic from Norwich City Centre and increasing pedestrianisation will be of huge commercial benefit to city centre retailers”
Mark Proctor, Partner – Lovewell Blake
“I am pleased to hear the positive news on the NDR. The benefits to the city and wider city area will be significant. It will greatly improve transport links for the north ofNorwich, which will assist businesses togrow and enhance inward investment opportunitiesfor Norwich and Norfolk. TheNDR will form an essential part of the overall growth in housing planned for Norwichand thereby willplay a key part in the growth of the local economy formany years ahead.”
The latest British Chambers Monthly UK Economic review was published today. The key headlines were:
UK economy grew by 0.7% in Q2, driven by a strong output from services and oil and gas
Labour market conditions in the UK weaken and inflation falls back to zero
Outlook for global growth weakens amid continued concern over China and Greece
The UK service sector accounts for three quarter’s of the UK’s economic output and it rose to 0.7%. However the UK manufacturing sector output fell by 0.3%. This UK-wide data was reflected in the results of the last Quarterly Economic Survey for Quarter 2. Although many of the key Norfolk manufacturing QES balances rose in Q2 2015. Both export sales and orders balances rose (sales by eight points to +29% and orders by 2 points to +18%).
Hear a quick policy update from Adam Marshall, Executive Director of Policy & External Affairs at the British Chambers of Commerce (BCC). He outlines what has been happening in Westminster last week and gives details of the webinar with Columbia, an emerging export market,and the expected results from the latest BCC International Trade survey being published this week.
The results of the BCC International Trade survey can now be found here.
It has recently been reported that the A47 improvements may not be completed until 2023. Mr Oluwole Odetola, the Highways England Manager, in charge of the A47 projects outlined that there are planning hurdles and environmental and design works that will take time and that actual construction will not commence until 2020, and will take approximately two to three years to complete.
He also advised that it has not yet been decided whether the single lane sections to be dualled, between North Tuddenham and Easton, and Blofield and North Burlingham, should be completely new road constructions, or whether an extra lane should be added to the existing carriageway.
Highways England possible timeline for the improvement works would look like:
2015
Feasibility studies to be carried out, including surveys and development options. These will be in conjunction with local authorities and ‘stakeholders’ along the route.
2016
By the end of 2016 Highways England is aiming to hold public consultations on the options for the proposed routes.
2017
Beginning of 2017 it is hoped that the routes will be announced.
2020
It is hoped that construction work will commence. This cannot happen until the design has been finalised and contractors appointed.
2023
If work commences in 2020, it is expected that construction will take no more than three years to complete.
Commenting on the time scales, Mr Odetola said:
“The five years is currently the timescale we have, I know it does seem long but there are reasons. Major plans, which impact on the surrounding community and environment, would have to go to the Planning Inspectorate. That is a major hurdle and it would take some time to prepare for it and examine it. These route questions require traffic modelling, route assessments and engineering assessments. Road building is a hugely complex task, so there is a certain amount of time you need to prepare for this assessment and design.”
Caroline Williams, Chief Executive of Norfolk Chamber said:
“Dualling these sections of the A47 is vital to economic growth for Norfolk’s businesses and residents. Norfolk Chamber, together with the A47 Alliance, and the local business community will continue to lobby hard for the improvements to the A47 to be delivered as soon as possible.”
New Anglia LEP recently convened the inaugural meeting of the region’s Oil and Gas Taskforce at Beacon Park in Great Yarmouth. Working with the East of England Energy Group (EEEGR); Brandon Lewis, MP for Great Yarmouth and Peter Aldous, MP for Waveney; local authorities; Norfolk and Suffolk Chambers of Commerce; members of the Government; and Job Centre Plus; the aim of the Taskforce is to help and advise businesses across Norfolk and Suffolk that are affected by the challenges facing the oil and gas sector.
The Taskforce commissioned energy exports Nautilus Associates to carry out market research to gain further insight into the problems local companies are facing. Nautilus will be speaking directly to local companies within the oil and gas sector, on a confidential basis, over the coming weeks.
The results of their research will be fed into the New Anglia Growth Hub, whose business advisers are ready to offer free and impartial face-to-face support. Businesses can contact the Growth Hub advisers by phone or online. The Growth Hub can be contacted by phone on 0300 333 6536 or by email: growthhub@newanglia.co.uk
For any individuals affected by redundancy, Job Centre Plus is on standby to help identify alternative employment and make sure their valuable skills are not lost. Lynn Rolland, District Partnership Manager at Job Centre Plus can be contacted by phone on 01603 248667 or 07920 727154 or by email: lynn.rolland@dwp.gsi.gov.uk
The Taskforce’s goal is to make sure the long-standing oil and gas industry has a sustainable future as well as to help businesses and employees to take advantage of the opportunities available across the whole energy sector, building on our existing assets of offshore wind and decommissioning.
Caroline Williams, Chief Executive of Norfolk Chamber, who attended the inaugural meeting of the Oil and Gas Taskforce said:
“The oil and gas sector is a large part of the Norfolk business community. It is important that businesses understand what support and opportunities are available to them and how they can access them. There are also decisions, which the industry needs the government to make, to help give confidence back to this sector.”
One of Norfolk Chamber’s key campaigns is ‘Developing the Talent of our Young People’ – we are working with our members, stakeholders and the British Chamber’s of Commerce (BCC) to bridge the gap between education and the world of work. We are also part of a BCC pilot project to develop the ‘Young Chamber’ offering to schools to enable them to better connect to their local business community.
Over the last 3 years, Norfolk Chamber has had a total of 4 apprentices, which at one point represented 25% of our workforce. 2 apprentices graduated last year and we were delighted to be able to employ them upon their graduation. Of the remaining apprentices, we now have 1 apprentice, Darcy Bayfield, who is nearing the completion of her Level 2 apprenticeship and another, Samantha Brown, who having completed her Level 2, is now close to completing her Level 3 apprenticeship. We are now starting to recruit for another new apprentice to work in the events department.
One of our apprentices, studying for a Business Administration Apprenticeship at Level 2, is Darcy Bayfield. Below she outlines why she chose the apprenticeship route.
Darcy Bayfield – Business Administration Apprentice said:
“During the last year of my A-Levels, I had a very big decision to make – what am I going to do after I have completed my A-Levels? I had my sights set on going to University to study Accountancy and Finance. My sixth form gave me a lot of opportunities to attend various workshops and meet with business men and women. A lot of them told me that they went to university, but a few said they undertook an apprenticeship. I hadn’t even considered an apprenticeship, but wanted to know all my options, so I did some research.”
“The more I learnt about them, the more I liked the idea of becoming an apprentice. Not only do you benefit from not having a university debt, you also gain a better understanding of the company that you are working for. I liked the idea of essentially starting at the bottom and working my way up. You also gain experience in the workplace and you are given many opportunities to develop your skills.”
“I decided to select an apprenticeship in Business Administration. I achieved an ‘A’ in my Business Studies A-Level and I really wanted to put my knowledge to good use. When reading the job description for the apprenticeship at the Norfolk Chamber, I was really interested in the day-to-day duties and the key responsibilities. I had no idea that I would end up working in other departments too!”
“What I enjoy most about being an apprentice are the opportunities that you are given. Norfolk Chamber has given me numerous opportunities to develop my skills and to be trained up in other departments. I have been trained to do work in the Accounts department and also in the International Trade department. For the International Trade work, I had to take additional exams to become qualified to stamp official documents. I also carry out day-to-day general office duties and have various responsibilities, such as being in charge of all the stationary orders for the Chamber. This has given me an insight as to how the Chamber works and what happens in each department. Every day has something different waiting for you, which is great.”
“Upon completion of my apprenticeship I hope to have achieved a qualification that I can add to my CV. Plus, I also hope to have developed my own skills and to have built good working relationships with my colleagues.”
Caroline Williams, Chief Executive of Norfolk Chamber said:
“At Norfolk Chamber our apprentices form an integral part of our work force and are valuable asset to our business. Historically apprenticeships have been perceived as the ‘poor relation’ in comparison to a university degree. However, more and more employers are seeing the advantages and benefits of apprenticeships, and our apprenticeshave brought new ideas and innovations to our organisation.”
“Apprenticeships will not only give Norfolk’s young people the skills they need, but the experience and ‘on the job’ training. Plus, they also offer local employers the chance to mould their new recruits and effectively grow their own future workforce. I would recommend all employers, both large and small, to find out more about apprenticeships.”
GDP growth in Q2 2015 was 0.7%, up from 0.4% in the first quarter
Services output rose by 0.7%, total production was up by 1.0% but construction was flat
GDP in Q2 2015 was 2.6% higher than a year ago and was 5.2% higher than in the pre-recession peak in Q1 2008
GDP growth matches the forecast made by the British Chambers of Commerce (BCC) last month
Commenting on the preliminary GDP figures for Q2 2015, published today by the ONS, Caroline Williams, Chief Executive of Norfolk Chamber said:
“These national figures show a welcome acceleration in growth, with the services sector once again being the driving force. But today’s figures also point to other sectors where life is more difficult.”
“The manufacturing sector saw output fall by 0.3% in the quarter, continuing to highlight the serious, systemic problems our manufacturers face. The construction sector also remains weak. The 1% growth in total production was mainly due to a surge in mining and quarrying – a highly volatile sector.”
“The last BCC Quarterly Economic Survey showed that the Norfolk results for Q2, whilst mixed, showed signs of cautious growth. Norfolk’s manufacturing export sales and orders were stronger and higher than the national results and it was encouraging to see several of Norfolk QES balances positively ‘bucking the national trend. However concerns over the EU are still causing some uncertainty within the Norfolk business community and the impact of the reduced oil prices is being felt locally.”
Therefore it is positive that the latest GDP figures highlight that the UK economy continues to grow, but there are still many hurdles to clear in the months ahead. This is not the time for complacency. Our economy remains unbalanced and international uncertainty adds to the challenges our economy faces. A premature move to increase interest rates could choke the recovery and the MPC must keep rates at existing levels for the time being.”
Building on the last four year’s success Norfolk Chamber bring you an unmissable opportunity to experience first hand how digital technology is impacting on your business today. And tomorrow.
The digital revolution has changed the way we do business forever. It’s a 24/7 world. We’re always online. Always connected.
In this fully interactive experience you’ll be brought up to speed on how digital technology is shaping the future of business, and how you can maximise its potential.
Hear from local and national brands including Amazon, Tech City UK, Naked Element, Proxama and Rainbird who will guide you through key issues including –
The ‘Power of the Cloud’. Learn more about Cloud based technology and the office of the future
Master Data Management. Get practical advice on gathering customer data as well as using social media and google analytics
Mobile Ready. Hear how to get the most from location based marketing and making sure your website is responsive across all platforms.
Connecting with the future. Explore the developments in technology and how they have already come into practice in the business community.
PLUS! Develop practical skills and take away top tips from four 30 minute invaluable ‘Be Better’ workshops delivered by leaders in their field-
-Be Better at Email Marketing -Be Better at Improving your Digital Marketing Strategy -Be Better at Google Adwords -Be Better at Video Marketing
All this, as well as a keynote address on The future of Norfolk’, a networking lunch, Q&A Panel and an exhibition featuring some of the region’s best businesses. The Future is here – and it’s unmissable!
Step in to the future of technology for business. Get real insight and practical advice to take your business forward.
The Future is Here Experience it at The Space, Norwich Wednesday 23 September 2015, 8.30am – 1pm
The latest Agent’s summary from the Bank of England highlighted that whilst growth in consumer services turnover had been steady, retail sales growth had eased. House prices had risen, as the housing market strengthened and construction output growth also continued at a steady pace.
Although there had been little change in the growth of total labour costs per employee, there were signs of wage pressures building. However employers were still advising that they intended to recruit new employees, even though recruitment difficulties remained.
Manufacturing output remained modest, although manufacturing exports had improved. Business services turnover growth remained firm overall.
I am pleased to let you know that following a recent reviewComposite Legal Expenses have added a number of enhancements to the Chamber Legal benefits package.
The enhancements include:
Removal of £1000 Excess – Chamber members will now benefit from an excess-free claims process
Increase in the limit a member can claim to £100,000 per claim and an aggregate amount of £1,000,000 per member per year
More accessible policy wording
Change in the Telephone number from 0871 number to a new geographic number of 029 21 157571 (the old number is still valid ongoing)