In the three months to June 2014, employment rose by 167,000, while unemployment fell by 132,000 (to 6.4%)
Total pay including bonuses fell by 0.2% while pay excluding bonuses was up 0.6%
Commenting on the labour market statistics for August 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures show that the UK labour market is strong and flexible. However, wages growth declined on the quarter for the first time in five years, which is a warning sign that the economic recovery although on the right track, is still fragile.
“The earnings figures confirm that there are no serious inflationary pressures at present, with the strength of sterling also putting downward pressure on inflation. In this environment, the MPC needs to take its time before considering a rise in interest rates, and assure businesses that when they eventually start rising, this will happen slowly and at a measured pace.”
The A47 eastbound carriageway will be closed for at least two nights this week at the junction with the A146 at Trowse, and it will not be possible to join the A47 eastbound at Postwick.
The closure will be in place from 8pm to 6am on Tuesday night, 13 May, and Wednesday night, 14 May. If work is not complete, two further nights will be used (Thursday 15 May and Friday 16 May).
Traffic will be diverted via the A146, A143, A12 to rejoin the A47 at Vauxhall roundabout. Traffic attempting to join the eastbound A47 at Postwick will be diverted across the A47 and via the westbound A47 to join the A146 diversion route at Trowse.
The closure is to allow barriers to be installed at Postwick to protect the workforce and the travelling public during the junction improvement work that began today (Mon).
Norfolk County Council apologises for the inconvenience caused by these overnight closures.
Chris Sargisson – CEO, Nova Fairbank – Head of Policy, and Philippa Bindley – Head of Customer Experience were joined by Norfolk businesses for an interactive Q&A session on Wednesday 29 April 2020.
With the sheer volume of information on what businesses should and shouldn’t be doing about the Coronavirus – Norfolk Chambers wanted to help try to answer some of the frequently asked questions that many of you have been asking.
Questions around furloughing your employees, and accessing grants and loans; what additional support can my Chamber membership offer me; and what should my business be thinking about to help its ultimate recovery?
We have a series of virtual events running over the coming weeks: https://www.norfolkchamber.co.uk/events
Commenting on the news that the UK and US are to open formal negotiations on a future free trade agreement, BCC Director General Adam Marshall, said:
“While most UK businesses will be focusing on the immediate challenge posed by Coronavirus, strong trading arrangements with both the European Union and USA will support recovery and future growth.
“The government has set a high ambition for UK-US talks, and it will be particularly important to get the details right over the coming months to ensure that any prospective agreement delivers tangible benefits to businesses and communities across the UK.
“Companies will welcome the focus on helping more UK SMEs grow their trade with partners in the US, and on finding ways to move goods, people and data across borders between the two countries more smoothly.
“We will be working constructively with the Government to ensure the needs of UK business communities are considered in negotiations with the USA and with other key trading partners.”
As the government mulls plans to lift lockdown,British Chambers of Commerce President, Baroness Ruby McGregor-Smith, has written an open letter to the Prime Minister setting out principles for a phased restart of the UK economy.
The leading business group set out its integrated approach, the first step in a three-stage process, as the government prepares to ease initial lockdown restrictions.
The letter reads: “The fight against the virus must remain the top priority, but the planning and communication of a carefully phased approach to lifting lockdown must begin immediately if we are to harness the public health and economic benefits, both now and in the future.”
Praising the work of Chambers of Commerce across the UK as the “first responders” of the business world, the letter is accompanied by detailed policy proposals for safely reopening the economy, comprising steps to:
Safely reopen public spaces and restore services (including schools and public transport)
Safely reopen workplaces and commercial spaces
Minimise job losses and business failures
Rebuild supply chains and customer bases; and
Put the UK economy on a high-growth, high-wage and low unemployment trajectory as soon as possible
The letter continues: “This is a time to be bold. Government should not shy away from sustaining high levels of public spending in order to restart and renew our communities and the economy in the short and medium-term, while not tying the hands of future generations.
“An expansionary fiscal policy, including a commitment to transformative infrastructure investment, will be needed in order to generate the returns that will help to pay down the national debt in the longer-term.
“We see the journey ahead as having three phases:
Restart: a phased reopening of the economy
Rebuild: building resilience for firms and households
Renew: returning to prosperity and growth
“We plan to share some principles for each of these three phases over the coming weeks, beginning today with ‘Restart’.
“Fundamental prerequisites to beginning this journey include mass testing and contact tracing; clear decisions and guidance on what PPE is needed in workplaces; and proactive steps to ensure adequate supply of PPE to both the health service and to businesses where necessary.”
The letter welcomes the “speed and scale’ of existing government support schemes and indicates that they will need to “continue to evolve to support a phased restart of the economy, enabling businesses to survive through this crisis and thrive in the future.”
The letter concludes: “We commit to working with you and your colleagues across Government on exploring these phases in detail as we plan our path forward. We owe nothing less to our businesses, and the communities and people they support, who have been battered by this storm.”
The coronavirus pandemic has been a seismic shock to the Norfolk economy. It is an unprecedented situation in both scale and impact. What we now understand is that we will not be going back to “business as usual” any time soon. There will be a ‘new normal’ and as a business community we must find ways to adapt and thrive in a very different economic landscape.
Norfolk Chambers would like to understand what challenges your business has faced and is still facing as a result of the impact of Covid-19. We want to ensure that we support the business community in the most effective and useful ways and have designed the Norfolk’s Business Pulse to help us to understand how best to help.
Ensure your voice is heard and listened to by helping us to take the Business Pulse – take part now.
Pockets of rural Norfolk that struggle to get a mobile phone signal or use mobile broadband are being given the chance to get better connected through a national programme. If you are a business who would benefit from a better mobile signal you need to let your parish council know.
Only 100 parishes across the UK will be selected to take part in Vodafone’s Open Sure Signal Programme, which will benefit those with a Vodafone contract. With competition likely to be fierce, Norfolk County Council is helping parishes to determine whether they will be in a strong position to be accepted onto the programme by creating a simple checklist which they can complete before deciding whether to go through the more lengthy formal application with Vodafone.
Those rural communities that are successful in being included onto the programme by Vodafone would have Open Sure Signal units installed in locations in and around the village which would provide an open 3G network. Any device in range that uses 3G – including mobile phones and tablets – would then automatically connect to it, meaning people would be able to make calls and get online where they couldn’t previously.
The deadline for applications to the Open Sure Signal Programme is 14 October and there can be only one application per community. Anyone interested in finding out more about the programme can visit www.vodafone.co.uk/rural or should speak to their parish council if you want to see your parish being put forward as part of this programme.
The Bounce Back Loans scheme will offer loans from £2,000 up to 25% of a business’ turnover or £50,000, whichever is lower. The Government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. The government has then set the interest rate for this facility at 2.5% per annum for subsequent years. No repayments will be due during the first 12 months. Length of the loan is for six years. There will be a short, standardised online application to apply for a loan. The scheme is now open for applications and firms will be able to access these loans through a network of accredited lenders.
Am I eligible?
Your business must be able to self‑declare to the lender that it:
has been impacted by the Coronavirus pandemic.
was not a business in difficulty at 31 December 2019 (if it was, you must confirm your business complies with additional state aid restrictions under de minimis state aid rules).
is engaged in trading or commercial activity in the UK and was established by 1 March 2020.
is not currently using a government-backed Coronavirus loan scheme, unless the Bounce Back Loan will refinance the whole of the CBILS, CLBILS or CCFF facility.
is not in bankruptcy or liquidation or undergoing debt restructuring at the time it submits its application for finance.
derives more than 50% of its income from its trading activity (this requirement does not apply to charities or further-education colleges).
Bounce Back Loans are available to businesses in all sectors, except the following:
Credit institutions (falling within the remit of the Bank Recovery and Resolution Directive)
Insurance companies
Public-sector organisations
State-funded primary and secondary schools
The borrower remains fully liable for the debt.
What do I need to do to access it?
You will need to fill in a short application form online, which self-certifies that your business is eligible for a loan under BBLS. If your business is eligible, it will be subject to appropriate customer fraud, Anti-Money Laundering and Know Your Customer checks. Some state aid restrictions may apply to your application.
You should speak to your business banking provider or one of the accredited lenders. With high demand for BBLS facilities, finance providers recommend that you approach a lender via their website. Phone lines are likely to be busy and branches may not be able to handle enquiries in person.
Commenting on the latest UK Finance figures (7 May) on the number of firms successfully accessing CBILS, the BCC’s Head of Economics Suren Thiru said:
“Although the steady improvement in the number of firms accessing CBILS is welcome, with many firms only having a few months’ cash in reserve the pace of delivery remains disappointingly slow.
“The strong start made by the Bounce Back loan scheme is encouraging for the smallest businesses that are struggling to stay afloat. However, more needs to be done to ensure that all businesses get access to the finance they need.
“The current template for Bounce Back loans could be used the improve the provision of the CBIL scheme, including adopting an easier and more consistent application process.
“Government must also be ready to further expand the existing grant schemes to ensure that as many businesses as possible get access to the support they need.”
Results from the latest BCC Coronavirus Business Impact Tracker reveal the vast majority of firms surveyed say they will require three weeks or less to prepare to restart operations alongside any loosening of the UK lockdown. Smaller businesses may be able to restart operations more quickly. Almost two-thirds (64 per cent) of respondents employing fewer than 10 people say they would need less than one week, compared to half (50 per cent) of respondents with more than 50 employees. For firms of all sizes: • 25 per cent said they would not need any notice • 35 per cent said they would need less than a week’s notice • 29 per cent said they would need one to three weeks’ notice • 7 per cent said they would need three to six weeks’ notice • 3 per cent said they would need more than 3 weeks’ notice By sector Over two-thirds (68 per cent) of business-to-business service firms said that they would need less than one week or no notice to restart operations, compared to 50 per cent of business-to-consumer service firms. The leading business organisation’s weekly tracker poll, which serves as a barometer of the pandemic’s impact on businesses and the effectiveness of government support measures, received 540 responses. The sixth tranche of polling was conducted April 29 – May 1. The Tracker will continue to monitor business attitudes toward the restart of the economy – and the gradual release of the UK lockdown – over the coming weeks. Businesses furloughing employees The number of firms accessing the government’s Job Retention Scheme remains consistent with previous weeks, with around 74 per cent of respondents furloughing a portion of their staff. The scheme remains a crucial support for businesses to preserve jobs and livelihoods. Encouragingly, since the scheme’s online application portal opened on 20 April, the vast majority of respondents (59 per cent) have submitted a claim and received payment from HMRC. This week’s results do not report any firms being rejected. At the time of fieldwork: • 12 per cent of firms submitted a claim more than six working days ago and said they were yet to receive payment • 17 per cent of firms submitted a claim less than six working days ago and said they were yet to receive payment • 11 per cent have not yet made a claim, but plan to Commenting on the results, BCC Director General Dr Adam Marshall said: “Over the coming days, business communities will require clear forward guidance from government on plans to re-open parts of the economy, transport networks, schools and local services. “Our results show that businesses’ ability to restart quickly varies by company size, and by sector. “For these reasons and more, it will be crucial for the government to maintain and evolve support for businesses, to give as many firms as possible the chance to navigate a phased return to work. “While the fight against Coronavirus must remain the top priority, the communication of plans for the easing of restrictions must also begin immediately. The Chamber Network will continue to work constructively with governments across the UK to plan a coherent path forward.”
Annual CPI inflation in July 2014 was 1.6%, down from 1.9% in June
The largest contribution to the fall in inflation was clothing prices
The largest offsetting factor came from transport
Goods price inflation in July 2014 was 0.8%, while services inflation was 2.5%
Commenting on the CPI inflation figures for July 2014, published today by the ONS, Caroline Williams CEO Norfolk Chamber of Commerce said:
“The welcome fall in inflation confirms that the increase in June was temporary and doesn’t signal a new upward trend. While wage increases remain very low and the pound is still relatively strong, we expect inflation to remain below the 2% target for the foreseeable future.
“Although the recovery remains on track, it is still fragile and now is not the time to put it at risk with premature interest rate rises. We must nurture the business confidence we are seeing at present by giving businesses the security of working in a low interest rate environment. The government should reinforce this stable backdrop by introducing measures to help firms access the finance they need to grow, and by enhancing support for our exporters.”