It has recently been announced that there will be some price changes that will be applied to all ChamberCustoms declaration and submission fees with effect from 1st January 2023. The changes are as follows.
The BCC expects the UK economy to remain in recession for five quarters before an anaemic recovery in 2024, but inflation has likely peaked at 11%. UK Economic Outlook
GDP heading for a five-quarter contraction In the immediate term, the BCC is now forecasting a five-quarter recession for the UK economy which began in Q3 of 2022. The annual expectation for GDP growth in 2023 is now -1.3%, broadly in line with the OBR and Bank of England’s predictions. However, unlike the Bank of England, the BCC expects the economy to grow in 2024, albeit at 0.7%, which is around half of the OBR’s forecast. A key contributor to the 2023 economic contraction is a sharp fall in household spending as consumers face rising energy costs, falling real wages, frozen income tax allowances and higher mortgage payments. A poor outlook for the global economy means exports are also likely to fall, although they will be outstripped by a sharper decline in imports. The mini-budget in September 2022 is expected to have had a long-term impact on borrowing costs for both businesses and consumers. Alongside the effect of changes in corporation tax and business rates on already dwindling business confidence, this is likely to lead to a 3.0% contraction in firms’ investment in 2023. Inflation likely to have peaked at 11% Businesses and consumers will continue to face high costs due to inflation, but the upward spiral is now thought to have peaked for Q4 2022. This is down from the previous BCC prediction of 14.0%, thanks in part to the Government’s energy price guarantee. The CPI rate is expected to slow to 5.0% in Q4 2023 and finally drop below the Bank of England’s target to 1.5% in Q4 2024. However, this simply means prices will stabilise at a very high level and Government plans to reduce energy support after April 2023 could put upward pressure on inflation again. The forecast for the Bank of England’s interest rate has changed dramatically following the mini-budget of September 2022; the rate is now expected to increase to 5.25% by Q4 of 2023. Although the impact of energy and raw material costs on inflation is likely to reduce in 2023, there remains a likelihood of upward wage pressure as workers seek to increase their income. Investment and recovery expected to be anaemic Overall investment is expected to fall by 1.8% in 2023, with business investment expected to fall even further by 3.0% in 2023, down significantly from a previous prediction of a 0.6% increase. This follows recent BCC research showing significant falls in business confidence in recent months. Household consumption is also expected to fall by 2.3% although Government spending is expected to increase by 4.6%. The overall picture for 2024 shows a return to growth but not at a level which will compensate for the five quarters of a shrinking economy. Net exports, household spending and business investment will all return to positive growth but with government spending dropping, the recovery will by lacking in strength. Commenting on the forecast, Alex Veitch, Director of Policy at the British Chambers of Commerce, said: “BCC research has shown that business confidence has been falling for months. It is now clear that the September mini-budget and Autumn Statement have had a further chilling effect. “Very few firms will be willing to invest as they face into a wall of higher prices, interest rates and taxes. “The very real worry is that the UK will get left behind by our competitors, once the economy emerges from recession, as growth remains so weak. “But it is not too late to turn this around. With concrete action on infrastructure investment, skills, trade, and green tech we can put the economy in a much stronger position. “The next Budget, due in March 2023 will be a real acid test of whether the Government fully understands the scale of the problems ahead and is prepared to act. “In the meantime, the forthcoming announcement on energy bill support for businesses will be watched closely by firms for signs that the Government grasps the size of the challenges they face.” Key points in the forecast:
A landmark devolution deal, which puts money and power over building, regeneration and skills into the hands of leaders in Norfolk will be signed today by Levelling Up Secretary Michael Gove. Norfolk will be devolved power over their Adult Education budget, so they can shape provision in a way that best suits the needs of Norfolk’s economy and will receive immediate support to build new affordable homes on brownfield sites, as well as more capital funding to support the delivery of housing and regeneration. The deal will also see Norfolk County Council handed control over a £600 million investment fund – this will be guaranteed for the next thirty years. This will enable the county to drive growth and plan for the long-term with certainty as it looks to level up and unlock its full economic potential. Norfolk will also get a directly elected leader of the council. This not only provides a single person who is accountable to the people of Norfolk but gives the county a local champion who can attract investment and be a stronger voice in discussions with central government. The Levelling Up Secretary will today attend a ceremony in Norwich with Cllr Andrew Proctor to officially sign the deal. Michael Gove will also visit Suffolk today to sign a devolution agreement with Suffolk County Council, which will transfer further money and power out of Whitehall. The deals follow Cornwall Council who just last week signed their own devolution deal with the government, unlocking powers and long-term funding of £360 million. With three new devolution deals signed in the last seven days, 50% of England will now be covered by a devolution deal and reaffirms the government’s commitment in the Levelling Up White Paper to offer a devolution deal to any area that wants one by 2030. The deal sets out the government’s plans to devolve more power to Norfolk County Council through:
Levelling Up Secretary Michael Gove said: “We are putting power into the hands of local leaders in Norfolk because we know important decisions are best taken closer to home, by people who know what their challenges are, not by those sitting behind a desk in Whitehall. “This landmark deal allows leaders in Norfolk to take forward local priorities over the longer term, and it will be for the people of Cromer, Norwich, and Great Yarmouth to elect someone who is best placed to represent their unique interests as a county. “I look forward to working closely with whoever the new leader is to level up Norfolk and unleash the full economic potential of the whole county.” Norfolk County Council leader, Councillor Andrew Proctor, said: “I’m delighted that Norfolk is well positioned to gain additional powers and money to improve people’s lives, thanks to the County Deal we have agreed in principle with the Government. “The aim is for decisions and funding previously controlled in Westminster to be agreed in Norfolk, for Norfolk. “Striking a deal will help us to boost our economy through jobs, training, housing and development, to improve our transport network and to support our environment. “Getting to this point shows that the Government sees Norfolk as a can-do county. I’m confident that we can make a success of this and that more powers and funding would follow.” Nova Fairbank, chief executive of Norfolk Chambers of Commerce, said: “A county deal for Norfolk would be welcomed by the business community. To have guaranteed annual funding over a 30-year period is absolutely going to be for the benefit of the business community. Plus, the ability to make local decisions on jobs, transport, infrastructure, housing, and skills is really important to the business community.” These deals are just the first steps in transferring power away from Whitehall into areas that want them. The East Anglian agreements mean that six of 13 places invited to negotiate devolution deals in the Levelling Up White Paper have now signed agreements with government. Suffolk and Norfolk join Cornwall – who signed their own deal just last week – York and North Yorkshire, and the East Midlands who have already signed devolution deals this year – these deals equate to another five million being covered by a devolution deal in 2022 alone. The deal is now subject to local consultation, a council resolution to change their governance model so that electors directly elect the council leader, and elements, such as the transfer of new powers, require parliamentary approval to secondary legislation. The deal envisages the election of a directly elected leader in May 2024. Subject to the passing of the relevant measures in the Levelling Up and Regeneration Bill, Suffolk and Norfolk would call the directly elected person the “elected leader” of the County Council.
There are only a few days left to nominate your business, favourite retailer or pub for our 2023 Business Awards, sponsored by Big Sky Living. These awards recognise and celebrate the amazing array of successful businesses in both Broadland and South Norfolk District. Businesses are be invited to nominate themselves for an award in any of the 11 categories and residents can support their favourite pub or shop by voting for them as ‘Retailer of the Year’ and ‘Pub of the Year’. By voting for your favourite pub or shop you’ll have the chance to win £100 of shopping vouchers and £100 of pub vouchers in our prize draws. This year’s categories are:
Nominations close next Monday 12th December and winners will be announced on 7th March at an awards event at Norwich City Football Club. Details of the awards and how to nominate can be found at https://www.southnorfolkandbroadland.gov.uk/broadland-south-norfolk-business-awards.
Funding to build a multi-use community hub in the middle of King’s Lynn has been secured by the Borough Council of King’s Lynn and West Norfolk (BCKLWN) and Norfolk County Council (NCC). The Hub will create a place where residents can access a range of public services they value, alongside information and advice they trust, with library and learning at their heart. The business case was approved in November by the Department for Levelling Up, Housing, and Communities (DLUHC) which secured the £7.4 million Town Deal Funding. The Business case was highlighted as being a best practice example that clearly demonstrated the need in the town. This is a significant project for the town, with funding for the project predominantly coming from the Towns Fund and brings a brand-new library and associated facilities, alongside a range of NCC services and programming from Adult Learning and partners which will be tailored to the needs of King’s Lynn residents. This is a fantastic opportunity support the development of the Town Centre, which we know is the heart of the community for many, whilst also creating a brand new and improved community offer. Cllr Margaret Dewsbury, Norfolk County Council cabinet member for communities and partnerships, said: “I’m really pleased that the funding has been secured and we can now move forward with this much needed project. It’s important now more than ever to be able to provide services and advice which people can trust, which is why the hub is so important. “The hub will provide residents with a fantastic place to come together and not just borrow books, but make use of all that is on offer, such as learning, resources, and access to information technology.” Cllr Lesley Bambridge, local member for King’s Lynn North and Central, said: “Over the years, I have seen by my many visits to the library, that much more is offered by the service and the new premises will ensure that the wider community will be able to take advantage of what will be available. It will be a place where people can meet, learn new skills both work-related and hobby activities, focussing on toddlers to the elderly.” Cllr Graham Middleton, Deputy Leader of the Borough Council of King’s Lynn & West Norfolk and member of the King’s Lynn Town Deal Board, added: “Basing many essential services in this prominent town centre location will make them more accessible for a whole range of people as well as increasing footfall in this part of the town. I would like to thank all the partners involved for all their hard work in developing the business plan and securing the funding for this transformational project.” A tender will shortly be issued to provide the construction of the building, and the next stage of the design will start in spring next year. We are keen to involve the public throughout the process and will be carrying out a consultation to co-design the programmes and services that will be based at the hub, as well as help to shape the designs and branding as they develop. The hub is due to open in September 2025. This range of services will provide a core environment of well-being, skills development, learning and information. The project has a budget of £12.4 million, with the Towns Fund is providing £7.4 million, and NCC contributing an additional £5 million. The current library in King’s Lynn will stay open until the opening of the hub in 2025.
Reacting to news of a new Digital Trade Agreement with Ukraine, William Bain, Head of Trade Policy at the BCC, said: “UK companies will be keen to assist in the reconstruction of Ukraine and the first priority is going to be the economy. “To have a strong digital trade agreement in place from the get-go will provide a boost to e-commerce trade in both directions between our two countries. “This agreement should allow businesses and consumers in Ukraine to more easily buy the products and services they need. “E-commerce comprises a growing share of the UK’s net trade so we hope companies will get user friendly advice from the Government to make the most of today’s agreement.” More detail on the new digital trade agreement can be found here.
Broadland Council has set their net-zero target 20 years ahead of the national target – see the full article at the link below: https://www.southnorfolkandbroadland.gov.uk/news/article/253/council-agrees-target-to-achieve-net-zero-carbon-emissions-by-2030 Image Credit: Canva Pro
The Norfolk Chambers of Commerce, in collaboration with the Suffolk Chamber of Commerce, have been selected by the Department of Education as the designated lead for The Local Skills Improvement Plan (LSIP) within Norfolk and Suffolk. The LSIP Project is designed to put the voice of the Employer at the heart of shaping local training and skills provision – over the coming months we will be encouraging employers to provide their insight into the skills required to enable growth. The LSIP will form a major part of shaping local skills provision working collaboratively with local councils and training providers to ensure skills gaps are addressed. We need your views and insight into the skills you need to move your business forward, we will be reaching out from January via digital surveys and 121 meetings, we welcome your involvement! For more information, please contact the team at LSIP@norfolkchambers.co.uk or read more here
“UK companies will be keen to assist in the reconstruction of Ukraine and the first priority is going to be the economy. “To have a strong digital trade agreement in place from the get-go will provide a boost to e-commerce trade in both directions between our two countries. “This agreement should allow businesses and consumers in Ukraine to more easily buy the products and services they need. E-commerce comprises a growing share of the UK’s net trade so we hope companies will get user friendly advice from the Government to make the most of today’s agreement.”
We’re looking for our next Co.next Advisory board. Our Co.next programme was launched in early 2022 to empower, engage and encourage young professionals across Norfolk. The programme provides valuable support, training, mentoring, and events to those under 35 in the region. Our concept has been developed from idea to fruition thanks to our first Advisory Board. The board was made up of seven young professionals on a variety of career journeys and has been at the heart of the programme and they are now Co.next alumni members. We are now looking for cohort advisory board #2. Are you a young professional (35 and under) in Norfolk and passionate about supporting and developing what is on offer in the region? Do you see gaps in the skills market that aren’t currently filled? We’d love to hear from you! Read the full person specification here Co.next Advisory Personal Specification Apply for the Advisory board here. Submission deadline 9th December 2022.
A new survey from the British Chambers of Commerce of 938 businesses, mainly SMEs, has identified low awareness of the Retained EU Law (REUL) Bill among businesses, as well as low levels of priority for deregulation. When asked how much they knew about the REUL Bill and its impact on them, only 4% of businesses said they comprehensively understood. A quarter (25%) knew some details, while 41% knew no details, and 30% were not aware of the Bill. Firms were also asked whether deregulation was a priority for them across the business areas of employment, health and safety, environment, planning and product safety regulations. Across all areas, around half said deregulation was either a low priority, or not a priority at all. Employment, planning, and environmental regulations had higher levels of prioritisation among respondents. 19% of businesses said deregulation of employment regulations was a top or high priority, with 19% saying the same for planning regulations, and 18% for environmental regulations. By contrast, only 12% said deregulation was a top or high priority for product safety regulations. When asked which regulations they would keep, amend, or remove completely, over half (58%) said they had no preference. 14% specified a regulation to remove, 14% specified a regulation to amend, and 14% specified a regulation to keep. For those stating a regulation to remove, a range of rules were cited, from ‘employment’ regulations generally, to the proposed UK Conformity Assessed (UKCA) mark, IR35, as well as other planning and health requirements. William Bain, Head of Trade Policy at the BCC, said: “Businesses did not ask for this Bill, and as our survey highlights, they are not clamouring for a bonfire of regulations for the sake of it. “They don’t want to see divergence from EU regulations which makes it more difficult, costly or impossible to export their goods and services. “This Bill could also create divergence within both Great Britain and with Northern Ireland. For example, food and environmental legislation are devolved issues. Welsh and Scottish governments could easily decide to take a different path and bring forward their own legislation around things like the use of pesticides or food labelling. “In these circumstances, the Office of the Internal Market for trade within the UK would need to be heavily involved. “While removing barriers to SMEs’ growth would be welcomed, any proposals to amend or repeal thousands of pieces of retained EU law must be carefully examined and should not be rushed. “That’s why the deadline on this Bill must be pushed back to the end of 2026, to give everyone more time for the process to be consulted properly. Safeguards for businesses are also required, particularly for exporters and those trading within the UK so that additional barriers to doing business are not unwittingly created. “More widely, the UK Government must listen to businesses on all elements of the Bill and fully explain its rationale and the implications around which laws are expiring, being amended or repealed. “Most importantly, businesses and Government need to focus on the pressing issues we are facing right now. With a difficult 12 months ahead, we can’t afford to take away any resources that businesses need to keep afloat over the coming year.”
The team at ChamberCustoms has developed an interactive tool to help businesses who are exporting and importing to improve efficiency and save money.
This free tool will give businesses greater insight into their customs clearance compliance level.
It only takes 5 minutes and once completed, the business will receive a free and confidential report highlighting areas that may need greater attention.
ChamberCustoms is our customs advisory and declarations service for UK importers and exporters, of all sizes and in every region of the UK. At Norfolk Chambers, we are here to help you and your business keep moving by providing a specialist customs advisory service that puts your business first.
https://www.norfolkchamber.co.uk/international-trade/chamber-customs/