Norfolk Chambers of Commerce is working closely with VolkerFitzpatrick to bring a Meet the Buyer event to Norwich for the Hornsea Three Onshore Cable Works. VolkerFitzpatrick has been appointed by Ørsted, the world’s most sustainable energy company, to deliver the installation of onshore cables for the Hornsea three offshore wind farm. They are holding a ‘Meet the Buyer’ event on Friday 4 November 2022 at Norwich City Football Club and would like to invite local businesses to explore potential opportunities with them. With a capacity of 2,852 MW, Hornsea 3 will produce enough low-cost, clean, renewable electricity to power around 3.2 million UK homes, making a significant contribution to the UK Government’s ambition of having 50 GW offshore wind in operation by 2030 as part of the British Energy Security Strategy. The project (subject to Ørsted taking a Final Investment Decision on Hornsea 3) will see the installation of 240 km of onshore cables that will connect the offshore wind farm from the landfall at Weybourne in Norfolk to the Norwich Main National Grid Substation. Works are scheduled to commence in March 2023 with an anticipated completion in 2027. Both VolkerFitzpatrick and Ørsted are committed to engaging with the local community and supply chain to maximise the benefits and opportunities for individuals and the local economy. VolkerFitzpatrick would like to meet the local supply chain to explore any potential opportunities with local businesses. VolkerFitzpatrick have proactively identified a number of the relevant trades, services, commodities and skills required and are working closely with Norfolk Chambers to co-ordinate and facilitate as many opportunities as possible for local, and particularly, for small businesses and individuals to get involved and benefit from this exciting project. Norfolk Chambers of Commerce, Chief Executive, Nova Fairbank said “We’re delighted to be bringing back a Meet the Buyer event. It’s our mission to connect the Norfolk community and what better way than an event like this? We have so many incredible businesses here in Norfolk and many will be able to pitch their services for this fantastic opportunity”. This event is now fully booked
Reacting to the announcement of the new Prime Minister, Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said: “We would like to congratulate Rishi Sunak on his appointment as Prime Minister. “The political and economic uncertainty of the past few months has been hugely damaging to British business confidence and must now come to an end. “The new Prime Minister must be a steady hand on the tiller to see the economy through the challenging conditions ahead. “This means setting out fully costed plans to deal with the big issues facing businesses; soaring energy bills, labour shortages, spiralling inflation, and climbing interest rates. “We cannot afford to see any more flip-flopping on policies – the UK’s businesses need a sustainable, long-term economic plan they can believe in. “The BCC is writing to the Prime Minister to set out the action needed to tackle the main challenges facing business. It is vital we see progress made in these areas to keep doors open and promote investment. “Firstly, the Government must provide more certainty on the energy support package for businesses and quickly communicate how the system will work from April. Firms need to know what support to expect in the medium and long term. “Secondly, they must fix the extremely tight labour market. Without the skilled people to do the jobs businesses need, the economy will stagnate. “Thirdly, to grow the economy, Government must set out a strategy to boost our international trade and exports. “People run businesses and businesses rely on people. The new administration must grasp that the cost of living and cost of doing business crises are two sides of the same coin. “We need a clear long-term vision of how the new Prime Minister will deal with the challenges ahead and create the business conditions that allow firms, and the communities that rely on them, to thrive.”
Reacting to the PM’s resignation, Nova Fairbank, CEO of Norfolk Chambers of Commerce, said: “Following weeks of chaos and uncertainty, the Prime Minister has resigned. Her resignation means the UK now faces even greater uncertainty, just as it stands on the cusp of a recession. “It is now vital the Conservative Party speedily comes to a decision on a new leader who can return both political and economic stability. “The new administration must immediately set out how they plan to deal with soaring energy bills, labour shortages, spiralling inflation and interest rates. “Flip-flopping on policies has led to low consumer and business confidence, with four in 10 firms expecting falling profits, as companies have seen little sign of a coherent strategy nor stability in Government decision making. “The challenges that lay ahead of us are building by the day. Two thirds of firms expect to raise their prices and inflation is the top concern. Interest rates are set to climb further in November and energy bills will now rocket again for many in April. “This is unsustainable. Government must work with business to address three main issues, to show it recognises the challenges firms face. “Firstly, they must look again at the energy support package for businesses and communicate quickly how the system will work from April. “Secondly, they must fix the labour market, without the skilled people to do the jobs businesses need, the economy cannot thrive. “Thirdly, to grow the economy they must set out a strategy to boost our exports. “People run businesses and businesses rely on people. The new administration must grasp that the cost of living and cost of doing business crises are two sides of the same coin. “We still need a clear long-term vision on how it will support firms, and the communities that rely on them, to thrive.”
Responding to the Chancellor’s statement this morning, Shevaun Haviland, Director General of the BCC, said:“The Chancellor’s buzzword was stability. But what we’ve seen from himis a plan for today and nothingfor tomorrow.“Following the economic turmoil of the last few weeks he hadto pressthe reset button.“But businesses will be dismayed by the decision thatlooks set to strip back the energy support for firmsfrom next April.This will be a hammer blow for many who were already worried about how they will survive.“The government must commit to a full consultation with firms ahead of thatcliff-edge to provide some certainty on where any targeted support will go. Energy costskeep business owners awake at night, alongside rising inflation and interest rates. “Keeping support for the NICs reversal in place will be some relief for hard-pressed firms, but on its own will not be enough.“The Chancellor hasa delicate balancing act to carry out. He mustrestore order to the markets if he is to prevent further damage to business and consumer confidence. But if he is serious about stability and growth, he must speak to our Chamber Network to truly understand the pressures firms face.“People run businesses and businesses rely on people. The Government is failing to fully understand that the cost of living and cost of doing business crises are two sides of the same coin. We still need a clear visionon how it will support firmsand the communities that rely on them to thrive.“It must be clear in how it plans to do this, to prove it is serious about helping businesses through the difficult months ahead. Time is of the essence.” Image credit: Chamber Canva Pro
Nova Fairbank, CEO for The Norfolk Chambers of Commerce commented on the latest ONS figures, saying “The 0.3% fall in monthly GDP for August 2022 is a warning sign that the economy was already stalling before the market turmoil of recent weeks. “Our research indicates that business confidence is falling at an alarming rate. Volatility in the currency and bond markets following recent Government announcements will have only exacerbated this. “The six months energy support package will have provided some breathing room for businesses facing eye-watering energy costs. “To build business confidence, Government must rapidly provide more detail on its fiscal policies and supply side reforms, particularly at a time when businesses face the twin crises of rising interest rates and high inflation.” Image Credits – Chambers Canva pro
Four in ten (39%) businesses believe their profitability will reduce over the next 12 months
Fewer businesses are reporting increased sales; only 33% of firms reported increased domestic sales, down from 41% last quarter.
Measures for inflation remain at record highs as more than four in five (84%) firms say it is a growing concern for them
The BCC’s Quarterly Economic Survey (QES) for Q3 2022 shows a significant decline of key economic indicators, with weakening structural business conditions and confidence a cause for concern. The QES is the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth. The survey took place between August 22 and September 16, prior to the Government’s energy support package for firms and the mini-budget announcement. The survey of over 5,200 firms – 92% of whom are SMEs – reveals there have been significant declines for indicators of business sales, cashflow, and profit expectations. All indicators of business conditions and confidence have fallen significantly from Q2 More businesses are now seeing their cashflow decreasing, instead of increasing. One in three (32%) firms reported reduced cashflow over the last three months, while 23% reported an increase. Indicators for business confidence have plummeted; less than half (44%) of firms expect their turnover to increase over the next 12 months, while 25% expect a decrease. Those expecting an increase are down ten percentage points from 54% in Q2. Profitability confidence has dropped to an even lower level; only one in three (33%) businesses believe their profits will increase over the coming year, while 39% now expect a decrease. This is the lowest level since Q4 2020 at the height of the Covid crisis. Unsurprisingly, firms are not upping investment in their business. Only 22% reported an increase to plant/equipment investment in the past three months, while 57% reported no change, and 22% reported a decrease. Business activity is taking a hit, with fewer firms reporting increased sales Only 33% of firms reported an increase in domestic sales over the past three months, a sharp decline from the Q2 level of 41%. 24% of firms reported a decrease in sales. The outlook is particularly bleak for the retail and wholesale sector. The sector is now in its second quarter of negative territory; with far more businesses reporting a decrease in sales rather than an increase. 25% of retail/wholesale firms reported an increase in domestic sales, while 39% reported a decrease. Alongside the retail and wholesale sector, other sectors are also struggling; almost three-quarters (71%) of hospitality businesses reported they are operating below capacity. Inflationary pressures are showing no signs of letting up The percentage of firms expecting their prices to rise over the coming months (62%) remains close to last quarter’s record high. 84% of firms also cite inflation as a growing concern to their business – by far the highest level on record. A rising proportion (37%) are also worried about interest rates. Commenting on the Norfolk results, Nova Fairbank, Chief Executive Office for Norfolk Chambers, said: “This quarter’s survey results showed that in both the manufacturing and the service sector, 42% of the QES indicators were down on the previous quarter, the last quarter’s results were particularly subdued. “Manufacturing export sales and orders are in negative territory and have fallen every quarter since this time last year. A likely result of Brexit and the increased costs of exporting – it is estimated that the cost of exporting has increased by approx. 40%. “For our service sector, we saw UK sales increase slightly from the last quarter, however, UK orders have been falling since the start of 2021 and continuing to do so. Since the start of 2021, Export sales and orders are negative and are still falling. “Recruitment difficulties are being reported by both the manufacturing and the service sector. “Confidence in cashflow and turnover are both low and falling. Investment in plant and machinery and training continues to be weak and indicators are dropping – particularly in the service sector. Both sectors are deeply into negative results when asked about their profitability. “Similarly, the service sector dropped in Q2 2021 and then a further in this quarter. We can conclude that the cost of living, inflation and fuel and utility costs are biting hard across all our sectors. “49% of manufacturers and 40% of the services sector are at full capacity. However, 83% of manufacturers and 56% of service industries are expecting their prices to rise in the next 3 months. For manufacturing, pay settlements, raw material prices, utility bills and fuel costs are the key challenges and for the service sector it is fuel costs and utilities. Both sectors stated their biggest concern was inflation. “Many firms are caught in the pincer movement of soaring inflation and rising interest rates. The devaluation of the pound has also added a huge cost base for businesses reliant on imports. Businesses now desperately need to see economic stability in order to rebuild the confidence to invest.”
The Trader support service which helps businesses move goods between Great Britain and Northern Ireland has been extended until December 2023. The free-to-use service has helped businesses and traders continue to trade seamlessly between Great Britain and Northern Ireland. Read the full article below here
Thursday 15th September saw the Norfolk Chamber of Commerce’s Talking Tech event return with over 50 business professionals in attendance. Once again hosted at The Space, Norwich, we were happy to welcome 13 speakers, each with unique insights and experience, across three panels covering Everyday Tech, Green Tech and Innovation Tech. Co-hosted by Tim Robinson (COO at Tech East) and Nova Fairbank (CEO at the Chambers), the event began with the Green Tech Panel, addressing some of the most pressing issues facing the business community at the moment. One key topic was the journey to net zero; Julie Furnell (Mobilityways) highlighted that many companies would like to begin their journey but ‘are just unclear on where to start’, a point echoed by many others. Simon Girdlestone (Solinatra) focused on costs and how these could be ‘passed through to the consumer and small business’ by investing in products which ‘[use] less energy to produce’, a key factor in making businesses greener and also easing hardship during the current cost of living crisis. Chris Spinks (Westcotec) spoke about the mission to make green and sustainable products safer and therefore more accepted – they ‘encourage people to cycle to work…because we can provide warning systems to make it safer so use their cycles’. Following this, we heard from our Everyday Tech panel about how advances in tech have allowed advances in business practices, from the needs of those working from home such as access to faster internet connections, as well as the continuing drive to introduce more diversity to the tech world. Clifford Norton (BT Local Business) said it was ‘all about speed nowadays’ and made the point that access to fast internet can help ‘make companies perform better’. James Fowler (Uptech) agreed, adding that ‘There’s a need to build in the infrastructure into a business’ otherwise ‘You lose productivity, which ultimately means you lose money, by people having to wait for things’. Andy Skinner (Norfolk County Council) touched on another key point, saying ‘Education is critical’ for businesses and that they need to ask their customers ‘What do they want?’ in order to avoid a disconnect between their business practices and customer demand. As our work becomes more and more technologically focused, it is also important, said Darren Chapman (CyberScale), as ‘the risks and threats evolve constantly’ and although ‘there’s an awareness of the risk and that something needs to be done’ many businesses ‘don’t always know exactly what that is’. By increasing knowledge about cyber security, businesses can ensure that they keep pace with technology in a way that remains safe and reassures their customers. After a break for lunch, we returned to the main auditorium for our third and final panel on Innovation Tech. As a sector that is constantly pushing for the next advancement, innovation is key to success. We were pleased to welcome Imogen Shipperlee (Hethel Innovation) who questioned whether the focus is too often on ‘coming up with a fancy looking product’ when asked to innovate. James Adams (Tech Educators) added that we need to ask ‘how are we making something that’s solving the needs of tomorrow’ in order to take advantage of the market available. Dominic Mitchell (UEA) expanded on a question raised earlier, that of recruitment; ‘we want to deliver graduates that you want to employ… Big challenges we have are attracting people into the engineering sector’. Hayley Johnson (Artlist) offered one possible explanation by adding ‘the demands of the next generation has jumped hugely’ particularly in the creative industry. Mark Stringer (Lotus) summed the mood of the panel by saying ‘By collaborating we can take innovation in different directions’ A big thank you to our event partner Tech East and our sponsor BT Local Business; without their support events like Talking Tech would not be possible. Thank you also to those businesses who exhibited at the event; Orange Heating Supplies, BT Local Business Norfolk & Suffolk, Upp, Beacon IT, Uptech, Eastern Voice & Data and 101 Websites, Apps & Email Marketing. We would also like to thank everyone who attended; we look forward to seeing you again at Talking Tech in 2023!
We’re delighted to announce that two of our members have won a British Chambers of Commerce regional award. Solinatra is the winner of The Rapid Riser award. Thomas Paine Hotel is the winner of The Community Champion award. The Chamber Business Awards is one of the showpiece events in the business calendar, recognising and promoting the best of British business through a series of regional heats, culminating in a campaign to showcase winning businesses on an international stage. The Chamber Business Awards provide a brilliant opportunity to recognise and celebrate the achievements of the Chamber of Commerce Network. The Norfolk Chambers are invited to nominate members for the awards in any of the following categories. For 2022, there are three new exciting categories to allow members to showcase their talents and business acumen. The Workforce Developer – Commitment to People Award – A business that has shown how their approach to the learning and development of their team has enhanced their business performance. The Rapid Riser – Scale up Business of the Year – An organisation that can demonstrate exceptional levels of growth with a strong plan for sustainable financial performance. The Community Champion – Community Business of the Year – An organisation that facilitates, participates, and enables community engagement, demonstrating the power of giving back. After the regional heats, the British Chamber of Commerce will announce the winners from mid-October onwards. National winners will be announced, and presented with their award at a high-profile event already being hosted by their nominating Chamber.