Chamber News

We invite you to join this fascinating webinar which will bring together industry figures, government representatives and BCC partners exploring the key opportunities, common issues and best advice for UK food and drink exporters to the USA. Did you know that last year, $64 billion worth of goods and services were exported into the USA, and $1 trillion were invested by the USA into the UK? Given the vast array of opportunities, it’s no surprise that the USA stands out as one of the UK’s most robust trading allies. This is especially evident in the realm of food and beverage exports to the US. This webinar will give your business an insight into why this market can be so lucrative and what your business can be doing to begin trading or expand your activity in the USA. We are proud to deliver this event alongside British American Business, who are the leading transatlantic trade group. The BCC is also delighted to welcome our corporate partner WTA Group, trusted logistics experts, who are well versed at helping businesses trade between the UK and USA. Book your place today here.

BCC Brings Politicians Together In Push For Export Growth The BCC has brought together an extraordinary group of politicians, diplomats, civil servants, businesses and Chambers to push for export growth. They met at the House of Lords this morning to discuss the BCC’s Trade Manifesto, which is supported by logistics company WTA. It sets out a comprehensive list of steps to get more UK businesses, currently just 10%, involved in international trade. Among those to contribute to the debate were the Minister of State for International Trade, Nigel Huddleston MP, and Shadow Minister for Exports, Afzal Khan MP. They heard about recent survey data from the BCC that found:

• The UK’s picture on exports has been broadly static since the pandemic.
• In Q3 of 2023, half of all SME exporters (49%) saw no change in overseas sales, and a quarter (25%) reported a decrease.
• A larger proportion of SMEs are now regularly reporting decreased sales – with an average 10 percentage point rise since 2018.
• It is almost five years (Q4 2018) since the proportion of firms reporting increased sales was higher than 30% – it was 26% in Q3 2023.

Shevaun Haviland, Director General of the BCC, said: “If our economy is to grow then we must export more, it’s as simple as that. But the pandemic, supply chain disruption, Brexit, non-tariff trade barriers and global headwinds have all made this more difficult over the past few years. “Yet firms that trade overseas, grow faster, pay better, and are more resilient. If the UK wants to remain one of the world’s largest economies, then we need more firms selling goods and services internationally. “Our Manifesto sets out a long-term strategy on the key areas where the Government must focus if it wants to hit its target of £1tn of exports. “Trade is constantly developing and there are real opportunities for a global Britain to exploit new markets as technology advances, Net Zero takes hold and the geopolitical landscape shifts. “We are already a world-leader when it comes to digital trade, and we must lean more heavily into the opportunities that will provide. “We also need to build a strategy to protect the UK’s supply chains – the US, the EU and China are all investing £100bns in sustainable and low-carbon technology. “We don’t have that kind of money, but we do have great strengths – services, renewable energy, green finance, engineering, professional services, cutting edge manufacturing, food and drink exports, and R&D. “We need to work with politicians, diplomats and businesses to put in place a framework that makes use of all the advantages the UK has, to keep us at the top table. The BCC is forecasting economic growth of just 0.4% in 2023, more international trade is the key to boosting that.” International Trade Minister Nigel Huddleston said: “When businesses export, they’re more likely to succeed. “UK exports are already on the rise – they were worth over £880 billion in the year to August 2023, up 15% in current prices on the previous year. We are the second largest exporter of services in the world and the fifth largest exporter of goods and services overall, up from sixth in 2021. “It’s fantastic to see British businesses being recognised for their world-class goods and services – we want them to be as ambitious as possible in their exporting strategies and will give them the tools they need to do it. “I’m proud of the work we’re doing to secure free trade agreements and remove trade barriers facing businesses, working closely with the BCC, and look forward to doing all we can to help British businesses export around the globe.” Shadow Minister for Exports, Afzal Khan, MP, said:  “After a difficult few years, with the pandemic, soaring inflation and high interest rates, businesses are desperate to turn things around, boost exports and improve the UK’s reputation as a great trading nation. “Labour is committed to taking a leading role in driving exports, negotiating free trade agreements and making sure British businesses in every corner of the UK are seeing the economic benefits of better trading relationships.” Rochelle Sommer, CO-CEO of WTA, said: “It is an exciting time for UK companies to enhance their international trade. Exporting is a great strategic tool for growth and can provide robustness to profit and loss, as it can minimise seasonal peaks and troughs and protect your growth strategy from pockets of economic downturn. “As well as encouraging and supporting the £1tn export target, this manifesto is committed to the digitisation of supply chains, something we feel passionately about at WTA. “This digitisation was one of the key drivers for our partnership with the BCC, as we feel digitisation is what turns supply chains from transactional parts of a business to strategic, and it’s where WTA can add the most value for our customers”.

Each week going forward, I will ask the team for their highlights of the week. Since joining the Chambers, I’ve realised just how much this team of Superheroes do behind the scenes, and my role here is not just showcasing what our members do and the benefits of being a member but what our team do!   Here are this week’s highlights from the team:   Nova Our brilliant, awesome team, the passion with which they have delivered a great mix of events this week, and how fantastic they have been engaging with our members. Jack

A couple of highlights for me this week.

On Tuesday, I visited The Hamlet Charity on Marion Road in Norwich for the opening of their new centre. A newer member who has recently rebranded AND completed a refit of a new facility for children and adults living with complex disabilities. It’s amazing to see the work our members do first-hand, whichever sector they come from.

Then I had pleasure of helping Caroline and Katie host our final business breakfast of 2023 at Roar Dinosaur Adventure. We heard from the park Director Adam Goymour and Zoe Bunter from Caring Together, a charity dedicated to supporting those doing unpaid care work for a family members and friends. Zoe told us about a change in the law from April 2024 that means employees are entitled to 5 days unpaid leave to help with their caring responsibilities and a great discussion followed on how this could benefit employers by reducing staff turnover and improving the wellbeing of team members.

Rick (Me) It’s been exciting week talking about future plans, and putting the job spec together for the new marketing coordinator that will be working with me (see more info here) – Keep your eyes out for some new things coming soon including a members-only newsletter which will have additional opportunities for members to communicate what they do, including promotions and offers for one and another. Oh and following the small win last week of getting a photo of Julie on social media, getting Jack to work with me on a small promo video for the Bank of England Lunch was a win, more of these to come in the future! Shelley Two weeks into my new role, it’s been a whirlwind of excitement, challenges, and enjoyment. Right from the outset, it’s been a rapid-paced journey. I thrive on challenges and seize every opportunity to make a positive impact. However, what has truly elevated this journey is the exceptional team I’ve joined. They’re not merely supportive; they’re the kind of amazing that transforms work into an exhilarating adventure. I also want to express my gratitude to everyone who has taken the time to send messages on LinkedIn. Your overwhelming support and kind words have truly touched me. I cannot thank you enough for being an incredible source of encouragement. Andrea I have had a busy week this week ahead of some annual leave.  So, as well as trying to make sure that I’ve left things in order, I’ve had 3 great external meetings. The first with David from Hansells Solicitors on Tuesday, discussing how we can support them and their teams across our region. I also had meetings with 2 potential new members so hopefully we can welcome those very soon. I’m also in discussions with 3 fantastic member organisations about having regular networking sessions in North Norfolk which we can hopefully kick off in the New Year. Caroline Follow some great Mentor Monday sessions to finish up this year, here’s some great feedback we’ve received. From the Nicolle Matthews sessions “Nicolle was really friendly and open to discussing anything I had in mind. She listened carefully and gave excellent advice. I felt really comfortable discussing topics with Nicolle and could tell she really cared and had an interest in giving me advice.” From the Stephen Balmer-Walters session “I did not expect this session to be as much about me as an individual and that has been very valuable as I have all the tools it’s just how I apply them.” Katie It has been a busy week. I had a great day in Kings Lynn on Wednesday with a meeting with Vicky from Discover Kings Lynn, and we are planning to reinvigorate Kings Lynn events by working together with the BID.  The other big news is today was the first Co.Solo event, with new faces and connections made. Sam & Ethan (International) We are following on from the webinars last week with Chamber Customs. The deadline for the switchover from CHIEF to CDS export customs declarations is 30th November 2023. From here, all customs declarations will be submitted through the new and improved CDS system, including those used by the Norfolk Chambers of Commerce. All our clients are now up and running on the CDS systems and have had declarations submitted over the past months, which have been used successfully throughout.   Following a great event at ROARR dinosaur park, my picture of the week has to be the photo featuring three of our team, all smiles, well done Caroline, Katie and Jack. Thanks for reading. I will have more highlights next week! Rick Notley Marketing & Communications Manager

The British Chambers of Commerce, together with the majority of the Chamber networks CEOs, including our own, Nova Fairbank, have written an open letter to the Chancellor of the Exchequer calling for improvements to our planning system, upgrading of our power infrastructure and the continuation of the full expensing tax policy. All three policies will clearly demonstrate that the United Kingdom is truly open for business.   Dear Chancellor, We welcome your recent engagement with the British Chambers of Commerce (BCC) on the priorities for businesses ahead of the Autumn Statement next week. For local communities to thrive, they need business investment, but this has been too low for too long. We are writing today to reiterate our call for you to offer much-needed solutions to Britain’s investment problem, and use the upcoming Statement to tackle the fundamental issues inhibiting growth in the UK: overhaul the planning system, upgrade the electricity grid, and make the full expensing policy permanent. The Autumn Statement provides one of the last chances before the next election for this Government to show businesses, of all sizes, that you are taking the steps necessary to provide the long-term certainty and security they need to make investment decisions. The current economic climate businesses face is, to say the least, challenging. Our latest Quarterly Economic Survey — a poll of over 5,000 businesses – found that investment is flatlining as interest rate concerns continue to grow. For Q3 2023, the percentage of respondents reporting an increase to investment remains stuck at just 23%, while 45% are concerned about interest rates. To drive growth in local economies across the country, the BCC’s submission to HM Treasury – supported by our Chambers network – has focused on three key policy issues. First, planning. The planning system represents one of the biggest strangleholds on business investment, and it’s no secret that it needs urgent reform. It is vital that more resources are provided to planning departments, processes are streamlined, and the system incentivises, rather than disincentivises, economic growth. It is also essential that local plans and government targets for development include designated areas where businesses can establish themselves — be that space for life sciences, factories, or retail. We need to build not only streets, but high streets and communities, and we’re calling on the Government to properly recognise this. Second, the grid. Thousands of businesses trying to invest in a low-carbon future are being told they will have to wait up to 15 years to connect to the electricity network. Energy investors have been clear that they will turn their back on the UK, with more attractive environments abroad luring them in. Businesses need cheap energy to be competitive, and they can’t get that energy without our grid being able to carry it to them. We welcome changes to the connections process announced by Ofgem this week, which will impose tougher delivery milestones on existing projects in the queue. However, Ministers must tackle this huge infrastructure problem head-on and upgrade the grid so it is fit for a net zero future. Third, full expensing. This temporary policy allows businesses to write off the cost of investment on qualifying plant and machinery in one go. For every pound a company invests, taxes are cut by up to 25p. The BCC and our Chambers network warmly welcomed this innovative policy when announced in the Spring Budget earlier this year. But currently, it only runs to 2026. As the OBR has recognised, this risks bringing forward investment plans already in the pipeline, without incentivising businesses to draw up new ones. It is new and increased investment that is urgently needed to boost GDP in the UK and to make the types of investment – like big infrastructure projects – that drive long-term and sustainable growth. While there are upfront costs, by boosting investment, jobs, and revenues, we expect that making full expensing permanent will have an overall net positive impact on the Government’s balance sheet. Through making these policy changes, we believe it will send a strong signal that Britain is open for business, drawing-in much-needed investment for communities up and down the country, enabling them to thrive. Business investment is the lifeblood of our local economies, creating jobs and supporting our public services. The potential to unlock opportunities across the UK is enormous and now is the time for the Government to act.   Yours sincerely, Shevaun Haviland, Director General, British Chambers of Commerce Russell Borthwick, CEO, Aberdeen and Grampian Chamber of Commerce Carrie Sudbury, CEO, Barnsley and Rotherham Chamber of Commerce Sarah Moorhouse, CEO, Black Country Chamber of Commerce Suzanne Caldwell, Managing Director, Cumbria Chamber of Commerce Stuart Elford, CEO, Devon and Plymouth Chamber of Commerce Daniel Fell, CEO, Doncaster Chamber Miranda Barker OBE, CEO, East Lancashire Chamber of Commerce Scott Knowles, CEO, East Midlands Chamber Denise Rossiter, CEO, Essex Chamber of Commerce Stuart Patrick, CEO, Glasgow Chamber of Commerce Henrietta Brealey, CEO, Greater Birmingham Chambers of Commerce Ross McNally, Executive Chair/CEO, Hampshire Chamber of Commerce Sharon Smith, CEO, Herefordshire and Worcestershire Chamber of Commerce Dr Ian Kelly, CEO, Hull and Humber Chamber of Commerce Colin Marr, CEO, Inverness Chamber Jo James OBE, CEO, Kent Invicta Chamber of Commerce Karim Fatehi MBE, Interim CEO, London Chamber of Commerce Nova Fairbank, CEO, Norfolk Chambers of Commerce Babs Murphy, CEO, North and Western Lancashire Chamber of Commerce John McCabe, CEO, North East Chamber of Commerce Louise Wall, CEO, Northamptonshire Chamber of Commerce Bob Grant, CEO, Renfrewshire Chamber of Commerce Louisa Harrison-Walker, CEO, Sheffield Chamber of Commerce Paul Colman, CEO, South Cheshire Chamber of Commerce Tracey Mawson, CEO, St Helens Chamber Sara Williams OBE, CEO, Staffordshire Chambers of Commerce John Dugmore, CEO, Suffolk Chamber of Commerce Louise Punter, CEO, Surrey Chamber of Commerce Ana Christie, CEO, Sussex Chamber of Commerce Paul Britton, CEO, Thames Valley Chamber of Commerce Group James Mason, CEO, West & North Yorkshire Chamber of Commerce Debbie Bryce, CEO, West Cheshire and North Wales Chamber Paula Basnett, Chair, Wirral Chamber of Commerce

Responding to today’s King’s Speech, Alex Veitch, Director of Policy and Insight at the British Chambers of Commerce said: “The King’s Speech opened with an aspiration to increase economic growth – but it failed to outline how that will happen. The businesses we represent need help in dealing with inflation, interest rates and a challenging labour market. “The Government could, and should have gone further, to help companies in challenging times. We hope the Autumn Statement later in the month will provide more certainty for businesses. “It is disappointing that the King’s Speech didn’t include further planning reform in England. We continue to call for a faster and more efficient system that enables business to grow. “Latest data from the BCC’s Insight Unit shows investment flatlining. Our Quarterly Economic Survey for Q3, showed only 23% of respondents were increasing investment whilst concern over the impact of high interest rates is growing, reaching 45%. “We welcome positive signs that the Government is listening to our calls for a modernised energy grid system. Building on the recent Energy Act, we’ll be looking closely at the detail to see if connections will be improved for businesses. “The Offshore Petroleum Licensing Bill rightly recognises we will need to continue using the UK’s oil and gas reserves during the transition to a net-zero future. However, we need to hear much more about the Government’s proposals for renewables. Reopening the political dividing lines on Net-Zero damages business confidence and investment plans. “We are encouraged by mention of increasing high quality apprenticeships. The skills crisis is one of the main issues impacting business. “Boosting exports is a key ingredient for economic growth and we welcome The Trade Bill. But the government must do more to shift the dial on global trade.”

Responding to the latest GDP data from the ONS, Alex Veitch Director of Policy and Insights at the British Chambers of Commerce, said: 

“Today’s preliminary estimate, showing GDP failed to grow in Q3, provides further evidence of the difficulties the UK economy faces. Weak growth in construction offset a fall in services output, while production remained flat. However, the outlook across all sectors remains uncertain.

“Our research is clear about the issues businesses are up against. After three years of economic shocks, firms are now having to deal with high inflation and interest rates. They also face persistent skills shortages and trade barriers with the European Union. Consequently, most SMEs report no increase in their investment plans.  

“Businesses need to see a clear path ahead for growth from Government. Next week’s Autumn Statement must set out a strategic vision and framework to boost investment. We are calling on the Chancellor to be bold and focus on key issues that impact business, including planning, full expensing, the energy grid, business rates and occupational health.”  

By David Bharier, Head of Insight at the British Chambers of Commerce The digital revolution is advancing at a seemingly exponential rate. Even the last 12 months, we’ve seen leaps taken in the development of AI technology, particularly large language models and deep learning. We can see this with AI generated content that is getting hard to distinguish from the real thing. Programmes such as ChatGPT have quickly entered the wider consciousness and are increasingly being deployed in the workplace. However, despite incredible innovation taking place within some organisations, many SMEs may be missing out on the digital revolution, due to poor infrastructure, a lack of skills, or limited guidance on what technologies are most appropriate. That’s why the King’s Speech should consider how SMEs can benefit from wider technology adoption.   The last decade, and the last three years in particular, have seen multiple waves of economic crises that have stifled the ability of many firms to invest and grow. Our Quarterly Economic Survey, the UK’s largest and longest-running independent business sentiment survey, consistently shows that most firms – around three-quarters – are not seeing increased investment. Artificial intelligence presents businesses with huge challenges and opportunities. The BCC recently published ground-breaking research on AI adoption rates among UK firms. The results were startling. Surveying more than 700 firms, most of them SMEs, we found almost half of respondents (48%) had no plans to use AI, with a further 22% stating that they may look to use AI in future. Only around a third (30%) said they were using some form of AI technology, with the top answer being chatbots such as ChatGPT. The results also highlighted divergences within the business community. For instance, customer facing businesses, such as retail and hospitality, are even less likely to consider using AI. AI technology, if deployed effectively, can produce efficiency gains, improved decision making, better customer experiences, enhanced risk management and game changing innovations. But there are legitimate concerns. This week’s international summit shows the UK government is keen to take a lead on AI, but it’s crucial that the risks cited by businesses including fraud, unreliability, and even digital tyranny, are minimised. The digital revolution should be an enabler for businesses, not another barrier. Broadband is now a vital utility and the foundation for all tech adoption, but coverage is still patchy in many parts of the UK. Every firm should be confident getting fast and reliable connectivity and infrastructure planning should always have that in mind, both locally and nationally. At the Chambers, we’re led by one of Britain’s true digital pioneers. Our President, Martha Lane Fox has been at the heart of digital innovation, both as an entrepreneur and a policy shaper. The BCC’s Digital Revolution Challenge group is meeting regularly now to pull together a set of clear and pragmatic recommendations. Taking full advantage of the opportunities will require a partnership between policy makers and the business community that listens to all sides of the debate and develops a clear ambition for the country.

Reacting to the latest Bank of England interest rate decision, David Bharier, Head of Research at the British Chambers of Commerce, said: “Today’s decision to again hold the interest rate at 5.25% will allay some concerns of the businesses we speak to that are unable to stomach further rises. “Our research has shown that interest rates have grown as a key issue among companies. This is especially true for smaller firms and those in the consumer-facing sectors, who have seen rising borrowing costs and decreased customer demand. “The BCC’s Quarterly Economic Survey for Q3 found that 45% of all firms cited interest rates as a concern. With inflation set to ease further, and GDP and labour market data indicating the economy is cooling, the Chancellor’s Autumn Statement must set out a plan for growth. “SMEs have been operating in an uncertain climate for too long, with policies constantly chopping and changing over the past few years. They need to see clear direction from decision makers, creating a roadmap for business that really boosts confidence and investment.”

The Chancellor must take bold steps to unlock the untapped potential of UK business if the economy is to weather continued global headwinds. 

BCC research shows less than a quarter of firms are investing, as fears over high inflation and interest rates, alongside concerns around trade barriers and skills shortages, continue to bite. 

The BCC Autumn Statement submission has 23 recommendations and includes five major policy calls that could put the economy on the best footing possible to absorb further shocks. They are: 

• Reforming the planning system to speed up infrastructure projects and give businesses much needed room to grow.

• Introducing a rolling five-year guarantee for the continuation of the full expensing tax break, to increase take up.

• Upgrading the energy grid to unlock new business development and investment.

• Extending business rates relief for hospitality and retail businesses, freezing the multiplier, and looking at reforming the system to better reflect firms’ ability to pay. 

·        Introducing tax breaks to encourage firms to offer Occupational Health benefits that keep people in work. 

Shevaun Haviland, Director General of the BCC, said: “Businesses are holding onto their money as inflation remains stubbornly high and fears over further interest rate rises continue. 

“With the ongoing war in Ukraine and the awful new developments in the Middle East there is real concern over oil prices and further turmoil in the wider financial markets. 

“This is likely to further impact the Chancellor’s headroom to provide any fiscal stimulus. But we think there are some options open to him that could make a real difference without breaking the bank. 

“Businesses have told us they have billions of pounds in private investment waiting to be pumped into the UK economy, but our creaking planning system and overloaded grid are holding that back. 

“It’s vital we unlock this money and take steps to put British business in the best place possible to remain competitive in the global marketplace and weather any further shocks. 

“Business confidence is in a much better place than it was a year ago. But the pandemic, the energy costs crisis and higher interest rates all mean firms are less resilient than they were. 

“If we invest more in our energy grid network then private funds will follow and there will be a multiplier effect that will ripple out across the UK’s supply chains.” 

Reacting to the latest ONS inflation data, David Bharier, Head of Research at the British Chambers of Commerce said:  

“Today’s figure, showing the CPI is stuck at 6.7%, shows that inflation for consumers remains stubborn. However, prices in the production sector continue to fall as the PPI rate stands at –2.6%. 

“Our Quarterly Economic Survey has been showing a diminishing percentage of firms expecting their prices to rise for five quarters running, albeit this indicator remains at a high level.  

But this is just part of the picture, as our research finds that most SMEs report no increases in sales, exports, or investment. The rise in interest rates has also emerged as a prime concern for almost half of businesses, with increased borrowing costs another barrier to contend with. 

“Businesses need clarity on interest rates, as well as a longer-term plan for growth in the economy, focusing on infrastructure, skills, and alleviating trade barriers. 

Reacting to the latest ONS data on vacancies and wages, Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce said: “There are some positive signs in this data – as vacancies continue to fall and the total number of jobs in the economy remains near record highs. “But businesses are still finding it tough. Vacancies remain well above pre-pandemic levels and BCC research tells us almost three quarters of firms trying to recruit are struggling to get the people they need. “Wages are outpacing inflation, with candidate’s expectations and workforce pay settlements remaining a major concern for employers. “With recent shifts in government policy, and continued economic uncertainty clouding the picture ahead, it is likely some firms are adopting a wait and see approach on recruitment. “Underneath these headline figures the skills crisis continues and the overall picture remains challenging. Policymakers must do more to help businesses invest in skills and, at the same time, find ways to ease sectoral labour supply pinch points.”

Reacting to the latest Office for National Statistics data on GDP, David Bharier, Head of Research at the BCC, said:  

“With GDP growing by 0.3% in the three months to August, and by 0.2% on a monthly basis, the UK economy is holding up but remains in a precarious state. The production sector in particular has seen worrying data revisions showing stark monthly falls in growth. 

“Our research is clear about the issues UK firms are facing – three years of economic shocks, high inflation and interest rates, skills shortages, and trade barriers with the European Union. Consequently, most SMEs report no increase in their investment plans. 

“Businesses need to see a strategic vision for the long-term framework for investment in the UK. Recent policy announcements around projects, such as HS2, will have generated more uncertainty for businesses searching for stability.”