Chamber News

Recently we announced that our CEO Chris Sargisson will be completing his five-year term in July. From the 1st August, our COO Nova Fairbank will be stepping up to the CEO role. We asked some of our board members for questions they’d like to ask Chris and Nova. Chris: What is your proudest achievement in your time as CEO? Without a doubt, it’s been the positive results from the change/disruption piece which has been the theme of my five-year term. Positive is good given it was the task I was set and the reason I was recruited. The challenge when changing an organisation at its DNA level is it takes time, deliberately no ‘big bang wins’ and it’s a full-time job. You start with understanding the purpose and relevancy of your organisation both now and into the future, then you articulate this as a vision, mission, and goal, and then you breakdown every element; culture, brand, processes, pricing, offering, services and then rebuild to fulfil the new vision. This work has to run alongside the serious and privileged role of being the CEO to one of the region’s oldest and largest business groups which, guess what is also a full-time job. Nova: As the incoming CEO, what goals do you have for the Chamber?  My goals are all based on continuing with the 10-year plan that Chris and I developed together. It will involve lots and lots of continued business engagement – leading to a better understanding of the business community, continued relevancy and visibility, supporting member-led demand and further digital innovation, and ultimately all of that will deliver greater growth for the Chambers. Nova: What advice would you give to the person who is taking over from you as COO? Run! No seriously, your team is everything and we are so lucky to have an awesome team. The team never ceases to amaze me with their passion, enthusiasm, skill sets, and their ability to adapt and multi-task to get the job done successfully. Chris: If you could give Norfolk Businesses any pieces of advice, what would it be (could be different for start-ups, SME’s, and larger businesses) Three words. Engage, engage, engage. Meet people who you don’t know, and seek and apply the knowledge you don’t have. Seek those in same roles in different sectors. Work is hard and if you’re not careful in occupying all your time, then you’re in danger of only knowing what you know. Nova: If you could give Norfolk Businesses wanting to grow in the next 5 years advice, what would it be? Know your market, know your team and understand what success looks like for your business. You can then reverse engineer the steps you need to take to achieve your goals. You also need to build in contingency and be prepared to adapt – the best-laid plans and all that! Chris: What has been the very best moment from the last 5 years in the business? This has been an amazing job, which of course at times has also been my most challenging job, (so far…worth pointing out that I’m not retiring!). There have been so many amazing moments which always have been due to amazing people I’ve met. So, on that bases, the very best moment would be our B2B event in 2021. The biggest event on our calendar which normally takes 9 months to plan. Covid restrictions only gave us 4 months and with real doubts that ‘if we build it, will they come ?’. The team pulled out every stop and burned all the midnight oil and pulled it off in spectacular, colourful style. For me, my role on the day was to visit every stand, 120 plus and (this still gives me goose bumps thinking about it) the feedback, the smiles, the laughter, and the business being done was just mind-blowing. The Chamber was back. Nova: What are you most looking forward to stepping into the new role? It is an honour and a privilege to be the CEO of Norfolk Chambers and I am proud to be entrusted with the care of the organisation. Our mission is to connect, support and give voice to every business in Norfolk, so I am most looking forward to continuing to deliver the mission. This will involve more engagement to help businesses to connect to each other and to help us to understand how we can best support them; the launching of our focus engagement groups to deliver a much louder and broader voice of business, which will inform everything we do, from events to lobbying. These focus groups will be spread across the whole of Norfolk, from the city to large towns, market towns and villages. They will be open to any business, from any sector, members and non members – we want to hear from everyone.  We will be commencing these focus groups in late summer – so watch our website and newsletters for details of where the nearest focus group to you will be. Nova: You’ve already played such a huge part of the Chambers for the past (many, many years) what do you think the most crucial changes were in during Chris’ CEO ship and how are you hoping to continue that? That makes me sound ancient! But on the plus side it does give me a unique insight of how we used to do things, what works well, what is most important to the business community in Norfolk, and how we, as an organisation, need to behave and operate to ensure our continued success. I think the most crucial change Chris made was to put the customer at the heart of everything we do. The most critical question we now ask when considering any new concept or a potential contract is ‘how does this benefit the members?’  Another crucial change was the culture and ethos of the team – everyone has a positive ‘can-do’ attitude – all of which is designed to support the customer. Finally, we have also made great strides to ensure we are truly the Norfolk Chambers and that we are visible across the whole county. Find out more about the passing of the torch here Photo credit Norfolk Chambers

Commenting on the latest ONS Labour Market statistics released today, Chief Operating Officer, Nova Fairbank, said:  “The labour market remains incredibly tight, in many cases affecting firms’ ability to maintain normal operations.  Although these figures show the employment rate has risen it is having no noticeable impact on the overall number of job vacancies. “The problems in the labour market are restricting growth and choking off any hope of a recovery for many firms; as inflation, supply chain disruption and energy costs also add to their headaches. “But there are several avenues open to businesses and the government to shift this data in the right direction. “We need to bring more economically inactive people back into the UK labour market by offering flexible working practices, rapid re-training opportunities and a focus on workplace healthcare and support. “The Government must also reform the Shortage Occupations List criteria to include more jobs at more skill levels to give firms breathing space to train and upskill their workforce. “The huge number of vacancies is holding back productivity and growth, and employers are at their wits’ end.” Photo credit: Norfolk Chambers

Co.ngraulations to our International Trade Apprentice Ethan Saunders-Johnson for successfully completing his training as an authorised signatory for ATA Carnets. What are ATA Carnets?

• Do you have to take samples with you on your overseas sales trips?
• Do you participate in Overseas Trade Fairs or Exhibitions?
• Do you ever need to take Professional Equipment overseas?

If you can answer yes to any of these questions, you may find that using an ATA Carnet will make the trip so much easier. The ATA Carnet is an international customs document that permits duty/tax free TEMPORARY import of goods for up to one year. Using an ATA Carnet cuts out the red tape for you at border points avoiding cash deposits and the like in the country of temporary importation. Find out more here Photo credit: Norfolk Chambers

The King’s Lynn Climate Change Expo was held at the Corn Exchange on Tuesday 21^st June 2022 from 10am – 4pm. The purpose of the event was to showcase the best Norfolk businesses who are able to support businesses and individuals on their net-zero journey, to inform on decarbonisation measures available to local businesses, and provide advice on how to progress decarbonisation works, to reach the 2050 net-zero target. The event was free to attend, and we saw many organisations send multiple employees.  They were representing a total of 75 organisations across Norfolk, from micro to large corporates, including, Aviva, the US Airforce, the MOD and Konectbus.   The indoor space ranged from a full shell scheme to stand-alone tables, and outside exhibitor space was on the Tuesday Marketplace. The outdoor Exhibitors were Beryl Bikes, BMW Listers Group, Anglia Car Charging and Grid Serve AV Charging Port The indoor Exhibitors featured Norfolk businesses including The Norfolk Chambers of Commerce and event Co.llaborators, The Borough Council of King’s Lynn & West Norfolk.  Westcotec Indigo Swan New U Enterprises Hudson’s Architects Scoop My Bin Grid Serve AV Charging Port The New Anglia Growth Hub Uptech, Strategic Partners Kings Lynn BID (Discover Kings Lynn) Auditel Ride Tandem Anglia Car Charging Ceraphi Renewables Wild Oak Workshops Sizewell C Supply Chain Solar Shed Inspired Renewables Saxon Air Solinatra   Workshops Throughout the day we held four workshops in the upstairs Cinema area, these covered a range of useful and informative areas, and the speakers were 10.30am                  Introduction to Net Zero Delivered by:             Josh Abbot, Climate Adviser at The New Anglia Growth Hub   11am                         Big Ambitions, The Rise of Renewables Delivered by:            Kevin Holland, Managing Director at Solar Shed   12 Noon                   The Benefits of Renewable Energy Sources Delivered by:            Oliver Denison, New Business and Sales Manager at Indigo Swan   2.00pm                   Practical solutions to Achieve Net Zero Emissions Delivered by:            Alasdair Wilcock, Director of Maple Cone & Fran Ellington, Business Development Director and ESG lead at Triple Bottom Line Accounting With special thanks to our Sponsors, Westcotec and to all of our exhibitors, workshop speakers, and attendees. Special thanks also to Paul Kunes B.A. (Hons), Cabinet Member for Environment, Climate change and CO2 reduction, and the team at The Borough Council of King’s Lynn & West Norfolk. You can view the event photos on our Facebook page here Photography ©Chris Ball                

On Thursday our Events Manager, Amy Wright, and Digital Marketing Apprentice Emma Jermany attended the Royal Norfolk Show. The annual event returned for 2022 after a 3-year hiatus for its 175^th year and it attracted an estimated over 90k visitors and 700 businesses. Amy and Emma spent the morning visiting some of our Chamber member’s stands including UPP, EACH, Norwich High School for Girls, Norwich City FC, Buy Local, Plant Grow, Barnham Broom, Anglian Car Charging, and not forgetting the Big C who had a great interactive stand. They also visited the Beryl Bikes stand where they were offering prizes to win 100 free minutes by spinning a prize wheel. After enjoying the RAF Falcons parachute display, it was time for our networking session at the Hospitality Tent. Our COO Nova Fairbank and Amy Wright presented on the growth and Co.nnections for The Norfolk Chamber of Commerce followed by drinks and networking. It was wonderful to see and network with so many Norfolk businesses, we’re already looking forward to the show next year.

• Measures for inflation are at the highest levels on record with over 4 in 5 (85%) firms expecting to raise prices and no sign this is levelling off   

• More than 4 in 5 (85%) cite inflation as a growing concern for their business, also an historical high  

• Three quarters (75%) of firms report no increase to investment in plant/equipment 

The BCC’s Quarterly Economic Survey (QES) for Q2 2022 – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – shows key economic indicators flashing red.   The survey of over 5,700 firms, including those in Norfolk revealed a weakening in the proportion of firms reporting increased domestic sales, investment intentions, and longer-term turnover confidence. Measures for investment and longer-term business confidence have slipped back   Indicators for turnover and profitability confidence, as well as investment, all worsened from their Q1 positions. Firms expecting an increase in turnover over the next twelve months dropped from 65% to 42%, this is the lowest figure since Q4 2020 when much of the UK was under some form of lockdown. Confidence in profitability also took a significant knock with 30% predicting an increase, down from 50% in Q1. Nearly a fifth (19%) are now predicting a decrease in profits. Unsurprisingly, this declining confidence in business performance has affected firms’ plans to increase investment, with 3 in 4 (75%) saying they have no plans to do so (up from 73% in Q1). This metric has remained largely unchanged since Q2 2021. Inflationary pressures continue to exceed record highs  71% of firms now expect their prices to rise in the next three months, this is marginally up from 70% in Q1.  None of the respondents expected to decrease their prices. Expected price rises are being felt most acutely in the retail and wholesale sector, and construction and engineering sector, both at 78%, with production and manufacturing only slightly behind at 77%. When measured as a net balance (the percentage of respondents reporting an increase minus those reporting a decrease), price expectations are now the highest since records began for this indicator in 1997 for both the manufacturing (+76%) and services sectors (+56%). When firms were asked which factors were driving price rises, 76% cited utility bills, 74% labour costs, 65% fuel and 55% raw materials. In the three sectors worse affected (Retail & Wholesale, Construction & Engineering, Manufacturing & Production) all three cited raw materials as the biggest factor. When asked what external factors were more of a concern to their business than three months ago, 88% of firms cited inflation. The percentage citing interest rates as a concern also rose for the third quarter running; nearly 1 in 3 (27%) reported interest rates as a concern, down slightly from 30% in Q1.   Business activity remains buoyant but on downward trend   38% of respondents overall reported increased domestic sales in Q2, down from 45% in Q1. In the services sector, the balance of firms reporting increased domestic sales stood at +35%, compared to +49% in Q1. In the manufacturing sector, the balance of firms reporting increased domestic sales fell to +34% in Q2, the lowest level since Q1 2021. Nova Fairbank, Chief Operating Officer for Norfolk Chambers, said:   “This quarter’s survey results clearly point to a weakening economic outlook amid unprecedented cost pressures and falling business confidence. “Domestic demand continues to show buoyancy, with almost half of respondents reporting increased domestic sales in the quarter. “However, indicators for structural business conditions such as investment, and cash flow, are showing no sign of improvement for most firms. “Inflation remains by far and away the top concern, with our survey measures going beyond anything we’ve seen before in the history of the data. “Norfolk businesses face an unprecedented convergence of cost pressures, with the main drivers coming from raw materials, fuel, utilities, taxes, and labour. The continuing supply chain crisis, exacerbated by conflict in Ukraine and lockdowns in China, has further compounded this. “Some sectors are far more impacted than others. Manufacturers, retailers, and hospitality firms have been sounding the alarm on inflation for 18 months. “Against this backdrop, it is no surprise that business confidence for the months ahead is waning as we enter a period of heightened economic uncertainty.” Responding to the findings, Director General of the British Chambers of Commerce, Shevaun Haviland, said:      “The red lights on our economic dashboard are starting to flash. Nearly every single indicator has seen a deterioration since our last survey in March. “Business confidence has taken a significant hit and fears over inflation and cost pressures are at new record highs. “But it is not too late for the Government to take action to help businesses through these challenging times and put the economy on a more stable footing. “A cut in VAT on energy bills to 5%, and other steps to relieve the tax burden on firms to encourage investment are crucial. “Better infrastructure, a plan to address labour shortages and a unified long-term economic strategy to give businesses more certainty are also needed. “The Government must swiftly demonstrate that it is on the side of business if confidence to invest is to be restored. “Only then will we be able to return some momentum to the economy and find a pathway through the current difficulties.”

On the 28^th June the Norfolk Chambers of Commerce team spent the evening paddleboarding with Go Paddle and Mark Keeler on the Norfolk Broads. The evening session provided opportunities for some team building, a chance to relax, and most importantly time to have fun. The session started with a demonstration of how to get on the board, how to stand and how to steer from Katie Baxter at Go Paddle. Once everyone had (not so) gracefully got on their boards we paddled out of the marina and started our journey towards the Ferry Inn, with a couple of team members testing the water temperature before we had left the marina! Once we had reached the Ferry Inn, after a quick rest and photo opportunity, we made our way back to the marina. It was then time for a bit of Simon Says which included kissing the water, press-ups, jumping, and mountain climbers all on the boards which resulted in more falls in the water! We have several paddleboarding events this summer including team sessions, individual sessions, and a Co.next session. Part of the proceeds from the session will be donated to East Anglia’s Children’s Hospices. Book your paddleboarding place here. About EACH – East Anglia Children’s Hospices We support families and care for children and young people with life-threatening conditions across Cambridgeshire, Essex, Norfolk and Suffolk. Our care and support is tailored for the needs of all family members and delivered where the families wish – in their own home, at hospital, in the community or at one of three hospices in Ipswich, Milton and Framingham Earl.   Photo credit: Go Paddle

eBay has launched a new program to help small businesses in the UK by offering training and support. Visiting 12 cities over 12 months, the eBay Business Roadshow has already reached hundreds of small businesses across cities like Glasgow and Newcastle. The next stop? Norwich! eBay will spend over £1m to train small businesses and is offering the program in partnership with Small Business Britain and the British Chambers of Commerce. Small businesses attending each of the 12 regional Roadshows will be exclusively invited to apply for grants and support packages from eBay, the total value of which amounts to £1 million. This will be made up of two parts, with up to £250,000 available as grants, and up to £750,000 available as ‘Start and Scale Packages’ to support small businesses to set up and grow through eBay. Each winner will also get 1-2-1 mentoring with an eBay ambassador, over the course of one year, to help them accelerate growth. It’s only a few days before the eBay Business Roadshow comes to Norwich. With a jam-packed day of tailored content, expert panels, community networking and more – make sure to register today to claim your place. Register at Norwich.ebaybusinessroadshow.com   What to expect Grant opportunities

• • As part of the eBay commitment to small businesses like yours, eBay will be giving £1,000 grants to sellers in each of the 12 cities they are visiting.

Networking opportunities and business inspiration 

• • There are several sessions where you will be able to network with other businesses from the region. Snacks, lunch, nibbles, and free drinks will be provided during the event.
  • There will be a great seller panel, where you will be able to hear from local small business owners about how they’ve started and scaled their businesses, as well as hear from senior representatives from Norfolk Chambers of Commerce and eBay.

Expert-led sessions  Whether you are just starting out or advancing your business online – get tips and tricks from our pool of eBay experts and special guests. Here is a taster of some of our sessions:

• Starting and scaling on eBay: Hear from experts at eBay about top tips and guidance on how to grow your eBay business. These sessions will cover everything from starting on eBay, to using advanced tools like coded coupons to grow your business, to how you can use eBay programs like eBay Fulfilment to scale your business.
• Building a sustainable business: Cian Armstrong from Sustainable Pathways, and Adam Bastock from Small99 will take you on a masterclass in everything you need to start and supercharge your business on its sustainability journey.
•  Small Business Seller Panel – How We Did It: Expect stories, insight, and tips from some our inspiring business-owners who have established and grown their businesses. Regardless of where you are on your journey, this is one session where everyone will take something away from.

You will be able to book a slot with one of eBay’s marketplace advisors on the day to answer any questions or get personalised advice on boosting your online business. Image courtesy of eBay

The Norfolk Chambers of Commerce is readying itself for a succession in leadership, as it announces the appointment of Nova Fairbank to the position of Chief Executive from August 2022. The Chambers’ current Chief Operating Officer, Nova will succeed Chris Sargisson who completes his five-year term in July. Chris, who was appointed to the role in 2017, was integral to disrupting the business community scene by stripping the Norfolk Chambers of Commerce back to its core and revamping the membership organisation and laying the foundation for a Chambers of Commerce with a vision to connect, support, and give voice to every business in Norfolk. Now is the time, says Chris, for colleague and his number two, Nova, to take the reins for the next important stage in the business’ ambitious modernisation journey. “I can’t believe five years have passed since I first sat in the ‘Big Chair’ with a mission to build on the Chambers’ 126-year history and reputation,” said Chris. “From the start, Nova and I have worked side by side. We connected immediately and have together crafted and shared a long-term vision for how we would like the Chambers to modernise and evolve.” And it’s no mean feat, says Chris: “It’s a long journey, split into two 5-year terms, requiring a different set of skills for each leg. The first, to complete the big-ticket disruption and shift towards a customer-centric culture, complete with the creation of new, bespoke digital programmes, is now complete.” “The next phase looks to build on this strong foundation, creating business-led, customer-centric innovation to achieve the long-term vision to connect with every business in Norfolk, and there is no doubt that Nova is absolutely the right person to lead the Chambers in this next important stage.” Nova is keen to continue the story she and Chris began back in 2017: “A succession of leadership does not mean a change of direction. I’m looking forward to carrying the torch for the Norfolk Chambers of Commerce, continuing the current journey backed up by the new, sturdy foundation and building blocks Chris’ leadership has laid for its future development over the last five years.” “We now have a highly-skilled, incredible team with the digital infrastructure to support our future ambitions and growth. We will continue to deliver excellent customer service, relevancy, and innovation to ensure we are meeting the ongoing needs of our vibrant business community,” she continued. The future is bright for the Norfolk Chambers of Commerce, says Nova, and she has no plans to slow down or shift gear: “We look forward to delivering even more digital innovation, alongside demand-led events and even greater engagement with a wide range of businesses, ensuring that we can connect, support, and give voice to every business in Norfolk.” Photo credit: Norfolk Chambers

Significant progress towards implementing a new funding model which will give nuclear projects the financial support they need and attract private investment.

• Progress made towards securing finance for proposed Sizewell C nuclear power station in Suffolk
• government publishes case for company operating Sizewell C to receive funding under Regulated Asset Base (RAB) model, bringing new nuclear plant closer to becoming reality
• further consultation published on details of how projects would receive RAB financing, which could potentially fund many more next generation nuclear power plants

Today (14 June) the government has published documents which show significant progress towards implementing a new funding model which will give nuclear projects the financial support they need and attract private investment. The new Regulated Asset Base (RAB) model will see projects receive a regulated payment from electricity suppliers, helping these large infrastructure projects come to fruition. The Sizewell C project in Suffolk could be the first nuclear project to use this model, subject to the outcome of current negotiations. Under the previous mechanism to support new nuclear projects – the Contracts for Difference (CfD) scheme – developers had to finance the entire construction cost of a nuclear project up front, and only began receiving revenue when the station starts generating electricity. This model led to the cancellation of recent potential projects, such as Hitachi’s project at Wylfa Newydd in Wales and Toshiba’s at Moorside in Cumbria. Under the new RAB scheme, private investors receive greater certainty through a lower and more reliable rate of return in the early stages of a project, lowering the cost of financing it, and ultimately helping reduce consumer electricity bills. Overall consumers are expected to save more than £30 billion over the project’s lifetime on each new large-scale nuclear power station compared with existing funding mechanisms. This new method of funding nuclear projects will help the government realise its ambitions for a British nuclear renaissance, with plans to approve up to 8 new nuclear reactors by 2030, boosting UK nuclear power capacity up to 24 GW by 2050. Draft reasons for designation of NNB Generation Company (SZC) Limited Sizewell C in Suffolk is a proposed new nuclear power plant which, if built after obtaining all necessary approvals, could power 6 million UK homes, boosting the country’s energy security and potentially reducing bills for households by providing clean, homegrown electricity. Draft reasons for designating the company operating Sizewell C, NNB Generation Company (SZC) Limited, to receive money through the RAB have been published today. They set out the case for the Sizewell C project meeting the criteria of Nuclear Energy (Financing) Act, introduced earlier this year. Their publication brings the government a step closer to deciding on its commercial negotiations with the project developer. As required by the Act, the document is currently being consulted on with the Environment Agency, Office for Nuclear Regulation, Ofgem and the NNB Generation Company (SZC) Limited. The consultation will close on 4 July 2022 and is the first step in potentially allowing the nuclear company to receive funding under the RAB model. Sizewell C is also subject to an ongoing application for development consent, which is entirely separate to commercial negotiations on the project. Consultation on revenue regulations The government is today also consulting on the detail of how nuclear projects would receive their funding under the new RAB model. The consultation launched today seeks views on the proposals to inform the policy behind the regulations, ahead of laying them in draft before Parliament. The revenue regulations will shape how large nuclear projects like Sizewell C receive funding in the future. It is expected the consultation will be of particular interest to the statutory consultees named in section 25 of the Act, which includes energy companies, the National System Operator and Scottish and Welsh government ministers. Other interested groups include nuclear developers and those directly impacted by the proposals. The documents are an important step in implementing a RAB model, bringing private investment into new nuclear and cutting the cost of financing new projects. A large-scale project funded under the RAB model will add at most a few pounds a year to typical household energy bills during the early stages of construction and on average approximately £1 per month during the full construction phase of the project. However, overall, the lower cost of financing the project is expected to lead to savings for consumers of at least £30 billion on each project over its lifetime. This translates to a saving of more than £10 per year for an average domestic dual fuel bill throughout the life of the nuclear power station – which can operate for 60 years – compared to the existing CfD scheme. Additional information

• If built, Sizewell C would produce 3.2 GW of electricity, powering the equivalent of around 6 million homes, and providing greater UK energy security
• in January, the Business and Energy Secretary announced £100 million to advance the Sizewell C project to the next stage of negotiations, and help it attract further private investment
• the deadline for a decision on Sizewell C’s separate application for a development consent order has been set as 8 July 2022
• a RAB model is a tried and tested method, typically used in the UK to finance large scale infrastructure assets such as water, gas and electricity networks. The model enables investors to share some of the project’s construction and operating risks with consumers. This entails consumers paying a charge on their bills, but, by cutting the cost of project finance (which is the main driver of nuclear project costs), it is estimated that the RAB model would mean consumers pay less than for a project using the Contract for Difference model
• a large-scale project funded by RAB would at most add a few pounds a year to typical household energy bills during the early stages of construction, and on average around £1 per month during the full construction phase of the project. Over the 60-year lifetime of a generic new large-scale nuclear power station, our funding model could reduce the project cost by more than £30 billion
• the regulated revenue for a nuclear company will be set by the independent regulator in accordance with the nuclear company’s licence, who will ensure that any money spent is in the interest of users. Under the nuclear RAB model, electricity suppliers will be charged as the users of the electricity system to contribute towards the cost of the construction and operation of the relevant nuclear project, and the economic regulator will be Ofgem
• the government published a statement on the procedure and criteria for designating projects to benefit from the RAB model on April 11 2022, setting out some of the factors the Secretary of State is likely to take into account when assessing the maturity of the projects of prospective nuclear companies, and whether designating a company for the purposes of the RAB model is likely to result in value for money for consumers and taxpayers
• further progress was made in relation to the implementation of the revenue stream for the nuclear RAB model last week (9 June), with the designation of Low Carbon Contracts Company Ltd as a counterparty for revenue collection contracts, in accordance with section 16 of the Act
• the Act gives the Secretary of State powers to make Revenue Regulations to set out the mechanics of the revenue stream through which nuclear companies benefitting from the RAB model would receive regulated revenues for the duration of their project’s regulatory period
• by publishing the draft reasons for designating Sizewell C under the RAB model, the government is going beyond the transparency requirements set out in legislation

https://www.gov.uk/government/news/kwarteng-advances-plans-for-funding-new-nuclear-projects-including-sizewell-c  Photo credit: Getty Images/ Chamber Canva Pro 2022

CHIEF (Customs Handling of Import & Export Freight) System is being replaced by CDS (Customs Declaration Service) which is the new system that supports making import and export customs declarations. From 30th September 2022, CDS will be the only system used for import declarations, and from 31^st March 2023, export declarations will be transferred over also with CHIEF no longer in service. What do you need to do? 1. Register on the Government Gateway Most businesses will already have an account to access for tax purposes and this account can be used to access CDS. If you don’t have one you can register here. 2. Register for the Customs Declaration Service HMRC has now automatically registered all EORIs on CDS. 3. Decide how you’re going to pay duty and VAT Postponed VAT Accounting If you’re currently using this method to pay for VAT you can continue to do so but you will need to register for statements from CDS here. Deferment Account If you have your own deferment account you will need to set up a new direct debit for CDS and will also need to authorise your agent to use this on your behalf via the online service. Cash Account This will replace the current Flexible Accounting System when paying for duties. The Cash Account is your own top up account allowing you to pay your import duty and/or VAT. You should automatically get this when registering for CDS and can access it here. You will be able to make a payment in your cash account and authorise your agent to use your account (you can do this via your Government Gateway).  Other methods of payment You can also pay by other methods which can be found here. Our ChamberCustoms Team are on hand to process export and import clearances and help you to get ready for CDS. You can get in touch with the team  either by email on customercustoms@norfolkchamber.co.uk or on 01603 729716. Photo credit: Pixabay/ Chamber Canva Pro 2022

It has been reported that school holidays leave a third of parents feeling stressed!* With that in mind, we’re running a social media takeover throughout the summer holidays purely focused on wellbeing. Every Wednesday we’ll be sharing tips, activities, news, case studies, facts, or services to help you get through the summer holidays. Your wellbeing is important every single day, not just during the summer holidays, so we want to showcase local businesses who are doing amazing things within their firm to support their employee’s wellbeing as well as services that are being provided locally. We’d love to hear from you if your company provides wellbeing services, if you have a fantastic wellbeing programme within your company or if you can provide hints and tips for managing and improving wellbeing. If you would like to be involved, please get in touch by emailing emma.jermany@norfolkchambers.co.uk by 4^th July 2022. *https://www.walesonline.co.uk/news/uk-news/school-holidays-leave-third-parents-16540000