Chamber News

• Significantly more Norfolk firms reporting improvements in key indicators, such as domestic sales and business confidence with some measures returning to pre-pandemic levels

• However, these rises come from the lowest base in the 31-year history of the QES, and business conditions remain fragile

• The balance of manufacturers expecting to increase their prices hits the highest level in the history of the QES dataset, while the proportion of businesses citing inflation as a concern (50%) rises to highest level in nearly a decade

The British Chambers of Commerce’s Quarterly Economic Survey (QES) – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – has found a marked improvement in business conditions in Q2 as Covid restrictions eased.

The survey of over 5,800 firms, including those in Norfolk, showed that some key indicators, such as domestic sales and business confidence, displayed significant rises, as more firms reported improved conditions, with some indicators returning to pre-pandemic levels as Covid restrictions have eased. However, it also showed steep rises in the number of firms, particularly manufacturers, expecting to raise prices, and in businesses citing inflation as a cause of concern.  

Key Norfolk findings:

• Balance of firms saw an increase in export sales
• Balance of firms are expecting their turnover to increase
• Confidence in profitability rose
• Balance of manufacturers expecting to increase their prices at highest level in the history of the QES dataset starting in 1989  

Business activity  

Overall, indicators of immediate business conditions show improvements in Q2, with clear rises in activity from Q1 and multiple indicators reaching pre-pandemic levels.   

43% of firms overall reported an increase in domestic sales in Q2, rising from 29% in Q1 and indicating the first significant rise in this metric since the initial rebound from the first lockdown in Q2 2020.  10% reported a decrease, compared to 38% in Q1, while 47% reported no change. 

Within the service sector, firms who have continued their operations more steadily through the pandemic, saw further improvement. Marketing and media, at 52%, had the highest proportion of firms reporting increased domestic sales in Q2, followed by professional services (46%), up for both from 35% in Q1. The proportion reporting decreases in Q2 was 16%, down from 33% and 29% respectively in the last quarter. 

Consumer services (35%) had the smallest proportion of firms reporting increased domestic sales in Q2 (up from 19% in Q1), followed by hotels and catering at 38% (up significantly from 7% in Q1).  

In the services sector generally, the balance of firms reporting increased domestic sales increased to +39% in Q2, up from -27% in Q1. 

In the manufacturing sector, the balance of firms reporting increased domestic sales decreased to +20% in Q2, down slightly  from +22% in Q1.

Cash flow   

The indicator for cash flow within Norfolk’s manufacturing sector continued to show signs of downturn with only 5% of firms overall reporting an improvement in cash flow, a 3-point fall from Q1. 74% reported no change and 24% reported a decrease, up from 16% in the previous quarter. 

 Hotels & catering firms saw an improvement in cash flow after three quarters of worsening indicators. 47% reported a decrease in cashflow in Q2, down from 81% the previous quarter, with nearly a third (30%) reporting an increase, up from only 7% in Q1.  

In the services sector, the balance of firms reporting improved cashflow increased to -5% from a very low figure of -41% in Q1. Whilst still in negative territory, this still a huge improvement.

In the manufacturing sector, the balance of firms reporting improved cashflow decreased to +0% from -16% in Q1.  Clearly there are still some challenges being faced by our manufacturers.

Confidence & Investment

68% of Norfolk firms overall said they expected their turnover to increase over the next 12 months, an increase from 62% in Q1. 13% expected it to decrease, compared to 23% reporting a decrease in Q1. 

All sectors have seen a rise in the level expecting turnover to increase when compared with the previous quarter. Marketing & media firms and professional service firms and are most likely to expect an increase in turnover with 70% and 66% respectively expecting turnover to increase. Public or voluntary services firms (54%) are least likely to expect an increase in turnover, followed by consumer services firms (57%). 

In the services sector, the balance of firms reporting expecting turnover to increase over the next twelve months rose to +67% in Q2, up from +63% in Q1.

In the manufacturing sector, the balance of firms expecting turnover to increase over the next twelve months increased to +68% in Q2, up from +58% in Q1. 

The percentage of firms reporting increased investment in plant & machinery returned to pre-pandemic levels. 29% overall reported an increase, up from 14% in previous quarter, with 14% reporting a decrease, down from 30%. 

Prices & Inflation

In the services sector, the balance of firms reporting expecting to increase their prices dipped to +38% in Q2, down from +43% in Q1. 

In the manufacturing sector, the balance of firms expecting to increase their prices remained at +74% in Q2. This is the highest level in the history of the QES dataset starting in 1989. 

Raw materials costs are cited as the key driver of rising prices, with 100% of manufacturers citing this, while the upward pressure from pay settlements was little changed, cited by only 6% of manufacturers. 

46% of respondents cited inflation as an external factor of concern to their business, the highest percentage since Q4 2011, and up significantly from 36% in Q1. 

Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

“Our latest survey points to a striking rebound in underlying economic conditions in the second quarter.  

“The UK economy is in a sweet spot right now with the rapid vaccine rollout, the release of pent-up demand as restrictions eased and ongoing government support driving a strong revival in indicators of activity in the quarter. 

“The rebound in services activity was distinctly two-paced, with business services providers recording the biggest gains in the quarter while consumer-focused services firms, where the remaining restrictions most limit activity, saw the smallest improvements. Manufacturers enjoyed a notably strong three months, despite ongoing supply chain disruption. 

“The historic uptick in price expectations suggests that inflation will drift markedly higher over the near term. However, with our results also showing little evidence that higher inflation is becoming embedded in higher pay settlements, the MPC should have sufficient scope to tolerate a marked period of above target inflation. 

“The upturn in forward-looking indicators points to a summer economic rebound. However, the second quarter may be the high point for the UK economy with momentum likely to fade somewhat later this year when government support ends and the transient boost from the economy reopening dissipates.”  

Responding to the findings, Nova Fairbank, Chief Operating Officer for Norfolk Chambers, said:      

 ”This latest set of results show that an economic recovery is beginning to take shape, but our members are also telling us that many Norfolk businesses are far from being out of the woods yet. Whilst firms may be beginning to finally see cash coming in, most have a long way to go before they are trading at pre-pandemic levels. 

“We must also not forget that while some sectors are now able to operate relatively freely, many such as travel remain heavily restricted, and some are still forced to stay closed altogether. These businesses still have their ability to trade limited by law yet are now seeing government support removed just as they can see light at the end of the tunnel.

“These firms have fought incredibly hard to get to this point and they deserve the chance to contribute to the recovery, and it is not too late for government to give them that. The taper of government payments into the furlough scheme should be immediately deferred until we take the final step in the roadmap, and further grant support should be extended to the worst affected businesses. 

“Government should not see the signs of recovery demonstrated in our results as job done, they should see it as game on. Now is the time for government to work with the Chamber Network to rebuild our country into a better place to do business than it has ever been before.” 

As Coronavirus continues to impact the day-to-day operations of businesses across the UK, your Norfolk Chambers of Commerce and the wider Chambers’ network stands ready to support you. 

Since March 2020, thousands of businesses across the UK have contributed to the British Chamber networks’ business surveys. The data we collect from our surveys have been the leading sources on business conditions and have been used directly to support the decision to extend Covid-19 business support schemes. Your views have been absolutely essential to this. In this 7 minute survey, feel free to give us your views on the process of reopening and returning to work, upcoming changes related to Covid-19 support, the measures your business may be taking to become net zero, and the support you may need. Your input will be shared widely across UK government to create better business policy. Our research receives widespread national media coverage, and with your consent, we may also ask you to share your views with media outlets. As a business leader, your views have never been more important. To share you thoughts to help us lobby on your behalf, please take the short survey here.

Norfolk County Council has awarded the contract to design and build the Norwich Western Link to Ferrovial Construction, a leading construction and engineering company.

Ferrovial Construction will start work immediately alongside the council’s existing project team to further develop the design of the Norwich Western Link, including the new 3.8 mile dual carriageway road between the A47 and Broadland Northway and many of its associated measures.

This work will feed into the pre-planning application public consultation which is scheduled for the autumn, which in turn will inform the planning application for the project, due to be submitted in early 2022.

Cllr Martin Wilby, Norfolk County Council’s Cabinet Member for Highways, Transport and Infrastructure, said: “Ferrovial Construction have a great track record in designing and building large-scale infrastructure projects and will bring specialist expertise to the project, including in relation to the design of the viaduct across the River Wensum.

“Creating the Norwich Western Link is a priority for this council and it’s vital to ensuring we have the right infrastructure in place to not only tackle existing congestion and delays but to accommodate future population and job growth. We’re looking forward to working with Ferrovial Construction to deliver such an important project for Norfolk.” 

Karl Goose, UK Managing Director, Ferrovial Construction, said: “We are delighted to have been selected to deliver the Norwich Western Link. We will be bringing our expertise and experience at delivering highways projects in the UK, Ireland and around the world to provide Norfolk County Council and the region with a world-class piece of infrastructure.

“We will be delivering this project with local teams, opening new opportunities for people in Norfolk and a gateway to careers in the industry and sustainable career development paths.”

Ferrovial Construction were the highest scoring bidder from a competitive procurement process for the project which began in summer 2020 and during which they began developing their proposals for the project. Their appointment today followed a decision by the county council’s cabinet earlier this month to award the contract.

At the same meeting cabinet members also agreed to approve the outline business case for the Norwich Western Link, and this has now been submitted to the Department for Transport. The business case demonstrated that the project would provide high value for money, significantly reduce many journey times to the west of Norwich, improve road safety and reduce carbon emissions from vehicles. If the outline business case is approved, this would provide a funding commitment from government which is expected to cover 85% of the £198 million total project costs.

For more information about the Norwich Western Link, please visit www.norfolk.gov.uk/nwl.

Norfolk Chambers of Commerce mission is to connect, support and give voice to ALL businesses in Norfolk, and as we move to our new home in Norwich city centre we aim to make it easier for businesses to access business support, networking and collaboration opportunities – and there are more Norfolk Chambers hubs across Norfolk to come! 

What you need is business support that is easily accessible wherever you are in Norfolk – including meeting face-to-face. 

What we do is move your Norfolk Chambers to key locations starting in Norwich and we are setting about building vibrant hubs throughout Norfolk for all to use. 

What You Need Is What We Do. 

And this is just the start. We are currently busily settling into our new home in Hardwick House on Agricultural Hall Plain, the old Savills building, or Anglia TV, or post office building, depending on your age! Eventually this will become a busy business hub, sporting a business cafe and space to hold events and networking sessions. We are also planning to open up business hubs in all corners of Norfolk, so that wherever you are there will be ways that you can connect, get support and talk to us about what you need to make your business great. 

Chris Sargisson, CEO of Norfolk Chambers said: “Another piece of the ‘modernise the Chambers’ jigsaw slots into place. To truly represent the business community we needed to be better imbedded in the business community and this new space (and hopefully future locations) will do just that.” 

The new Director General of the British Chambers of Commerce, Shevaun Haviland, last week set out the action needed to help firms and communities rebuild.  

In her first speech at the BCC’s Global Annual Conference, she stated that key steps are needed to boost UK trade, unlock the blockages in the skills training system and build a greener and more sustainable economy that achieves the aim of net zero by 2050.

Putting trade and export at the heart of her future vision for the country, she said:    

“Imagine what a difference it would make to our economy if we could increase the number of businesses that export from 10 to 20 per cent? We know from our survey data that internationally active firms are more likely to be innovating and introducing new products, services, and processes than those not working globally. 

“If we are going to truly succeed in our new trading conditions, the government and business must work together shoulder to shoulder. The Government must bring together all organisations working in this area, both public and private sector, behind a shared UK trade and investment strategy.” 

Following last Monday’s news of the delay on full reopening for England, Ms Haviland also warned against the government removing support for businesses too early and of the risks of an uneven recovery saying;

“Despite the challenges firms have faced – the rising burden of debt and depleted cashflow – there are signs that firms are beginning to feel more positive about the future,”….  “While it may be slow, they can see a route back to full operation, where they can start to invest and power the economic recovery.”

“That’s why today I am setting out the BCC’s recommendations to rapidly Rebuild the economy, to not just take this country back to where we started, but to go beyond that to a better, reener, more productive future. 

“We know the financial support put in place during the darkest hours of the pandemic cannot, and should not, last forever. But we must ensure this scaffolding is not taken away too early.  

“With many firms struggling with the damage done to their cashflow and revenue by COVID, the risk of a marked rise in insolvencies and redundancies as government support winds down remains high.   

“And the recovery will be dramatically uneven across different sectors, locations and demographics. So just as the Government supported firms to survive through the crisis, they must also act now to enable them to thrive in the recovery.” 

Tributes were made to the role that accredited Chambers of Commerce have made to keeping businesses afloat throughout the pandemic adding; “As Chambers of Commerce, our business is all about helping other businesses to succeed. And this crisis has allowed our Chambers to do what they do best. 

“Firstly, our 53 Chambers across the United Kingdom have incredible local knowledge and networks, and they have provided unparalleled support to businesses in their places, to help carry them through the crisis…”

 ”…Secondly, by working together through the British Chambers of Commerce we have been able to help shape the policies that have kept us all in business.”

“And lastly our growing network of 73 International Chambers around the world, puts us in a unique position of strength to grasp global opportunities as we open up again.”  

The BCC is also publishing it’s Rebuild report – which sets out the detail of what the organisation believes is needed for UK businesses and communities to prosper in 2021 and beyond.

Last week the UK and Australia Government reached an historic Agreement in Principle to sign a Free Trade Agreement, which is projected to significantly boost trade with Australia (https://www.gov.uk/government/news/uk-agrees-historic-trade-deal-with-australia).

International trade, the investment it brings, and the deals we’re negotiating will deliver growth, jobs, higher wages and a better standard of living to all parts of the UK.  Attached is a useful 1 page summary capturing some of the key benefits. 

Over the coming months DIT will be running a series of events and webinars (which you can find on www.events.great.gov.uk)  and training collaborations (for example through the Export Academy that we have just starting rolling out) about trading with Australia so that businesses are ready to take advantage of the easier trading arrangements once the deal is signed and then ratified by Parliament. We hope you will join us in promoting this great milestone, which will create great opportunities for local exporters and investors alike .

Driven by a modern and ambitious trade agenda, we are continuing to work with our closest trading partners spanning the Americas and the Pacific to unlock some of the most competitive and favourable trading conditions. This includes:

• Signing the historic UK-Japan deal (key information)
• Completing four rounds of negotiations with New Zealand
• Kicking off preparations for a trade deal with India by launching a 14-week consultation
• Beginning our accession process to the Comprehensive and Progressive Agreement for Trans Pacific Partnership
• Announced the new trade deal with Norway, Iceland and Liechtenstein

All of this work further secures the UK’s position as an independent trading nation and will bring benefits to the UK as a whole.

  William Bain, Head of Trade Policy at the British Chambers of Commerce Statement    “Businesses will welcome this Agreement in Principle as a step forward. However, there is a long way to go before the signing and implementation of a free trade deal. It should also be pointed out that trade with Australia represents only around 1.2% of the UK’s total, so whilst a deal will have welcome benefits it will not offset the ongoing issues with trade to the European Union.     “Today’s agreement opens the door to a free trade agreement in force next year with lower tariffs, modern rules of origin for certain manufactured goods, customs facilitation measures, mutual recognition of qualifications, a labour mobility scheme, and stronger market access for services between the UK and Australia.    “Businesses remained concerned about the lack of opportunities to properly scrutinise trade deals including this one. There needs to be more in-depth industry consultation, particularly in sectors considered sensitive, to better analyse UK’s offensive and defensive strategic interests and the impact on other agreements.    “Ultimately it is businesses not governments that trade, and this deal with Australia needs to be complemented by providing practical, on the ground, support to help firms maximise the new opportunities the agreement will bring.    “We urge the government to engage closely with businesses over the coming months on how to get the most value out of the final agreement. Chambers of Commerce stand ready to work with government to ensure that the benefits of this agreement are felt by firms as widely as possible.”    Find attached the Top ten benefits of the Australia Trade deal

Do you have anything to declare?

Importers and exporters, you have until 1 July 2021 to make a full declaration on your EU imports that have arrived in the UK after 31 December 2020 – but don’t worry we can help.

Our International Team work with Chamber Customs to provide you with all the documentation you need to avoid falling into arrears with any duty or VAT payments due on your imports.

What You Need Is What We Do.

Contact us on 01603 625977 or email us at: chambercustoms@norfolkchambers.co.uk

There are now 4 more trading cards to co.nnect with, as the remaining members of Team Norfolk Chambers joins our mission to connect, support and give voice to every business in Norfolk. 

Team Norfolk Chambers is here and ready to help support you and your business with a range of skills such as making business connections, promoting what you do and how you do it, giving you access to exclusive discounts, helping you make change, and crafting bespoke business support specifically for you.

Now there are 4 more members of the Team to get to know. Introducing Charlotte Upcraft, Paul Vincent, Nova Fairbank and Chris Sargisson. As with the other members of Team Norfolk Chambers, each have their own trading card with a moniker that highlights the key skills they can offer Norfolk businesses.

Charlotte, AKA The Fixer is the project coordinator queen, helping support businesses with projects that can enable them to do better business.  Paul, AKA Mr. Finance helps businesses navigate the challenging world of finance and accounting, he has non-stop energy and can help businesses get the financial support they need. Nova, AKA The Guru is the ‘holder of the knowledge’ and can help businesses get the know-how they need to help their business grow. Finally, Chris, AKA The Disruptor enables those businesses whose results need a boost to develop strategy that refocuses on customer experience, digital transformation and developing a workforce with a renewed mindset to help the business gain a bigger part of the market it seeks.

The four join the Membership and International teams, and together Team Norfolk Chambers can help make things happen for businesses like yours. If you need bespoke support for your business – we can provide membership that can be as individual as you are. If you need to increase your customer base – we can connect you to like-minded businesses. If you need to shout about a project/product you have launched – we can amplify your message. If you need exporting advice – we can help you trade globally. If you know what you want to do but don’t know where to start – we can support you by making collaborations.

Each of us have difference skills, but when we co.llaborate we are a unique force for your business.

What you need, is what we do.

Can you Co.nnect With ‘Em All?

Find out more here.

Norfolk Chambers of Commerce is proud to announce that Spire Solicitors will be the sponsors of the Co.mmunicate Hub at B2B this October.

Norfolk’s leading business to business showcase returns on Thursday 14 October 2021 at Norfolk Showground* and Norfolk Chambers are delighted to confirm that Spire Solicitors will be the official sponsors of the Co.mmunicate hub at the show.

The B2B Exhibition is Norfolk’s largest business-to-business exhibition. Free to attend and attracting hundreds of businesses on the day, B2B is a highlight on the Norfolk events calendar. 

The Co.mmunicate hub is the place where businesses can talk one-to-one with business specialists to help grow their business. Experts from a range of specialisms will be available for 15-minute slots throughout the day (more information on who and how to book coming soon). The hub is part of Norfolk Chambers of Commerce’s Knowledge Hour, which encourages businesses to allow employees to take 1 hour a week for learning and development.  

Matthew Downing, Partner and Head of Corporate and Commercial at Spire Solicitors LLP, said: “Norfolk Chambers does a great job of supporting local businesses throughout the year and this event will be an excellent opportunity for the local business community to finally see each other again after such a long time apart. We are proud to be sponsors of the Co.mmunicate Hub, which incorporates Knowledge Hour and Norfolk Knowledge Hub, and we look forward to seeing you all at our stand on the day.”   

For exhibitors and visitors, the event gives the opportunity to meet new potential clients, catch up with existing contacts and have a presence at this prestigious event.

Alongside the Co.mmunicate hub, you can also meet a plethora of businesses in the exhibition, take part in speed networking sessions throughout the day, go to a free workshop or seminar, relax in the Proudly Norfolk food hub and join us for the B2B after party (ticketed event).

Free tickets to the exhibition are now available so that you can gain fast-track entry on the day. Register here

*We are doing everything we can to bring you this event in October by following government COVID guidelines. However, due to the unpredictable nature of the pandemic we may have to postpone this event at short notice if circumstances arise that are out of our control.

Town Deal Board members were delighted to hear today’s Government announcements, that King’s Lynn’s Town Deal Board had been allocated the maximum amount of £25 million to press ahead with a range of projects. Graham Purkins, Chief Technical Officer of Merxin, and Chair of the Town Deal Board, said: “We are delighted to receive notification that our King’s Lynn’s Town Investment Plan submission has been successful. “The collaborative working between the Town Deal Board and borough council in conjunction with valuable and constructive engagement with the local community enabled us to submit a strong proposal through which we have secured the maximum possible amount of funding. This is a significant achievement, and I would like to thank everyone involved for their hard work and commitment that has made it possible. “Last year we received a smaller amount through the Accelerated Towns Deal Funding which has enabled us to start improvements to our town centre and the initiation of a new School of Nursing in partnership with the QE hospital and the College of West Anglia. We are already making a difference. “Receiving the Towns Fund money will now enable us to start the process of delivering the broader range of projects identified in our plan and help us all work towards a brighter and more prosperous future for King’s Lynn.” The projects are split into four general themes: – economic productivity through urban regeneration, planning and land use; skills and enterprise; and infrastructure and connectivity.     

Michael Baldwin, President of West Norfolk Chamber Council and member of the  Town Deal Board said: “This is very welcome news for King’s Lynn, we are looking forward to working with the Town Deal Board and the wider business community to deliver some fantastic improvements to King’s Lynn that will help boost the local economy.”

Cllr Stuart Dark MBE, Leader of the Borough Council of King’s Lynn & West Norfolk and borough’s lead representative on the Town Deal Board, added: “This announcement is really great news for the town, as it brings significant external investment to a range of priority projects that combine to deliver major improvement. All the projects submitted in the bid were developed through consultation with the public and engagement with stakeholders and local businesses through the Town Deal Board we established as part of the required process. “I am delighted that central government has recognised the need for this funding in King’s Lynn and can see, through the strength of our bid and board, the clear benefit that can be realised here. “We are awaiting the exact details of the next steps but are so pleased the exciting work of bringing the projects to fruition with partners, in consultation with stakeholders and the wider community, can now begin to start in earnest. Commenting on today’s announcement from the government’s Towns Fund, James Wild MP, said: “I’m delighted to have helped secure this major investment to boost skills, improve the town centre, promote our strong Shakespeare links and heritage, and support new and growing businesses.  “With funding already secured for a new School of Nursing Studies, North West Norfolk is really benefitting from the government’s commitment to spread opportunity and level up. “I now look forward to helping deliver these ambitious plans as part of the Towns Fund board and making Lynn an even better place to live, work, and visit.” Further details about the Town Investment Plan and Town Deal Fund projects can be viewed at www.visionkingslynn.co.uk

• Growth: 63% of firms surveyed confident in their growth prospects over next 12 months

• Restarting: 53% already operating at pre-pandemic capacity; 80% expect to be by October

• Barriers: 38% cited further lockdowns as a barrier to re-opening, while 37% cited ongoing social distancing measures

• Finance: 44% believe access to finance will help overcome the remaining barriers to fully restarting operations

UK small businesses are increasingly confident in their ability to grow and power the economic recovery, although many still have fears about the ongoing impact of Covid restrictions. This comes according to new data published today by the British Chambers of Commerce in partnership with Funding Circle, the UK’s largest small business loan platform.

The survey of more than 1,000 firms, almost all SMEs, reveals the majority (63%) are emerging from lockdown with either concrete plans or intentions to grow their business over the next 12 months. The manufacturing sector (68%) is particularly optimistic, while nearly six-in-ten (58%) of the hardest hit business-to-consumer (B2C) firms such as hospitality, catering and retail still anticipate growth.

Although the UK economy is yet to fully reopen, many businesses have demonstrated their resilience and are already carrying out their vital role as engines of economic growth. More than half (53%) said they had already restarted or returned to pre-pandemic levels in April, with a further 27% expecting to reach this milestone by October. By the end of the year, 91% of businesses expect to have fully restarted, with only 1% not expecting to restart for the foreseeable future.

For many, the biggest barriers to reopening are Covid-related, such as the risk of further lockdowns (cited by 38% of respondents) or social distancing requirements (cited by 37%). Concerns around reduced customer demand (33%), inflation pressure (18%) and recruitment difficulties (14%) are also weighing on UK businesses.

Access to finance will be key in helping SMEs to unlock their full growth potential, with nearly half (44%) believing it will help overcome the remaining barriers they face.

Commenting on the findings, Claire Walker, Co-executive Director of the BCC, said: “The ability of businesses to bounce back from the devastation caused by Covid is a huge testament to their resilience. Although, the financial support put in place by the government to help many through the last 12 months will have played a crucial role.

“The government must now clarify the future of safety measures, such as social distancing, and set out a clear package of support that would be available should further restrictions be imposed on businesses this year, or in the years to come.

“Firms will feel more confident and will be more willing to invest in jobs and in developing their business, if government can give assurances that a safety net of financial support will be provided should there be a need for restrictions which reduce or stop commercial activity in order to protect public health.

“There is cautious optimism growing among firms that as the economy now gradually unlocks, they will be able to push on and return to growth. But the shadow of Covid is very long; many firms still feel uncertain about what the future holds. Having access to finance to help them weather this continuing uncertainty may well prove vital.”

Lisa Jacobs, Europe Managing Director at Funding Circle, added: “While the road to recovery won’t be straightforward, it is great to see SMEs are looking towards the future with such optimism. From our conversations with customers, it’s clear their appetite to invest in their businesses is as high as ever. We’re ready to continue helping them access the finance they need to overcome the remaining hurdles they face, and achieve their growth ambitions.”

Would you like to find out how your business can play a part in the delivery of Sizewell C?

Businesses from across Norfolk and the East of England will play a vital role in delivering Sizewell C, a multi-billion-pound new nuclear power station planned for the Suffolk Coast.

Companies from across the region are being sought to join the supply chain to deliver the project.

Sizewell C have a host of opportunities for local and regional businesses, across a huge breadth of capabilities, to win contracts.

The Sizewell C Supply Chain Team can help you understand these opportunities and introduce you to companies needing support in delivering a specific work package, or suggest compatible companies with whom you could form Joint Ventures to win specific contracts.

If you feel your company could have a role to play, register your business on the Sizewell C Supply Chain website.  You will also find the latest news on the project and why it is crucial to helping achieve Net Zero 2050, help with training and funding, case studies and business support.

To register visit www.sizewellcsupplychain.co.uk