Chamber News

Last night’s Co.next – Norfolk Chambers of Commerce event at Fuel Studios Norwich was everything we wanted it to be… Chilled, relaxed and a great space to connect together while gaining some insight and knowledge. A massive thank you to Tracie Rhodes from Fuel Studios for hosting us and kindly supporting the event. A fantastic working space for new and developing businesses and the perfect place for our Co.Next event. Big thanks to the incredible trio that is Sam Edwards, Rebecca Headden and Rob Dodsworth for speaking and sharing their insights. Some great discussions around the best practices for LinkedIn, content that makes us cringe, how to make your profile stand out for prospective employers and a lot more. Be sure to sign up to our Co.Next mailing list and keep an eye on our social media for the next events! A big thank you to our guest speakers:

• Sam Edwards – Sam is founder and Managing Director of Yawn Marketing. Sam has a wealth of experience devising strategy and managing marketing campaigns across a wide variety of industries, with a particular focus on stand-out, creative campaigning. His work champions thoughtful and engaging content at every step.
• Bex Headden – Bex is Co-Director of award-winning R13 Recruitment Ltd. Having set up the business 9.5 years ago, it now incorporates a formidable team of 15, a 7-figure turnover, and an instantly recognisable brand synonymous with delivering exceptional service and standards in recruitment in the Norfolk area. Bex is a solution finder, an ideas generator, a collaborator and a supporter of young people in business (having been one back in the day!).
• Rob Dodsworth – Rob is founder of Brand Story Studio. A professional, award-winning, photographer in Norfolk, with over 12 years experience working with B2C and B2B clients.

Fragile Economy Stuck In First Gear  The British Chambers of Commerce (BCC) marginally upgrades its 2023 GDP forecast to 0.4%, but economic activity will remain very weak throughout 2024 and 2025, according to the organisation’s latest Quarterly Economic Forecast.  UK Economic Outlook   The UK economy remains on course to avoid a technical recession, but growth is likely to remain so feeble that it will be hard to spot the difference. A growth rate of 0.4% is expected for the whole of 2023, dropping to 0.3% in 2024, and nudging up only slightly to 0.7% in 2025. Consistently low economic growth of this nature is comparable to previous periods of economic shocks and recessions such as the oil crises of the 1970s and financial crash of 2008. Core inflation is proving sticky. But while BCC research shows inflation is the top concern for UK firms, fewer businesses now expect their prices to rise over the coming months. The forecast for the CPI rate, therefore, remains unchanged at 5.0% in Q4 2023. However, CPI is now forecast to take longer to return to the Bank of England’s 2% target – only reaching this goal in the last quarter of 2025. Slight upwards revision to GDP While the first ONS estimate of GDP growth for Q2 2023 was better than expected, the BCC forecast expects the next two quarters to flatline – leading to overall growth of 0.4% for the year. This is in line with the Bank of England’s forecast. However, with interest rates now predicted to remain higher for longer, the BCC expects the economy to grow by just 0.3% in 2024 and 0.7% in 2025. This downward revision for the next two years, from the BCC’s previous Q2 forecast of 0.6% and 1% respectively, reflects the negative impact of inflation and interest rates on disposable income and household spending, and their dampening effect on overall business investment. Evidence from recent BCC business surveys also showed business confidence levelling off after a brighter start to 2023. Trade is also likely to continue to suffer, with both imports and exports forecast to be down significantly in 2023 (-4.7% and -4.3% respectively) due to weak global demand and the continuing impact of Brexit. Further regulatory changes at both the UK and EU borders are also likely to weigh on trade flows. With a stronger start to 2023, but a number of economic indicators now flashing red and a subdued global outlook, the BCC predicts business investment will contract by 0.1% in 2024, a downward revision of 0.7 percentage points, before rebounding to 1.2% in 2025. Average earnings to perform more strongly Despite the gloomy economic outlook, average earnings are now expected to grow more strongly over the next three years, with 5.5% growth in 2023 and 3.5% in 2024 and 2.5% in 2025, this is marginally above the forecasts for year-end CPI inflation in the next two years. With core inflation remaining stubborn, and fears that wages could continue to put upward pressure on prices, the Bank of England interest rate is now expected to peak at 5.5% in the second half of 2023. It will then fall more slowly than previously forecast – decreasing by just 0.25 percentage points in 2024 to 5.25%, and then 4.5% in 2025. Further growth in unemployment rate While the number of vacancies continues to decline, the slow rate of change means the labour market is expected to remain tight. This is backed up by BCC research showing record numbers of organisations reporting recruitment difficulties – particularly in the hospitality, retail, and manufacturing sectors. However, some modest growth in the unemployment rate is also expected, with upward revisions for all three years – rising to 4.2% in 2023, 4.7% in 2024, and 4.6% in 2025. Commenting on the forecast, Vicky Pryce, Senior Member of the BCC Economic Advisory Council, said: “The BCC’s latest forecast shows the UK economy is continuing to teeter on the edge of a recession. But the fact is, that with growth predicted to hover so close to zero for three years, it will still feel a lot like one for most people and businesses. “The impact this will have on consumer spending, coupled with a poor trade performance, will only generate more uncertainty for firms. “The Bank of England’s own forecasts take a similarly dour view, so firms will be watching closely to see how this feeds into decision-making around interest rates. “There is currently little on the table to provide companies with any crumbs of comfort. As we head towards an election next year, politicians will have to show how they will work with the business community to find solutions.” Jack Weaver, Chief Operating Officer at Norfolk Chambers of Commerce, said: “This latest forecast from BCC reflects how the confidence of many of our SMEs remains low after three years of economic volatility. Stubbornly high inflation, skills shortages, and new trade barriers with the EU have created a climate of little or no growth. As a result, a significant number of Norfolk businesses are still very much in ‘survival mode’ and we see this particularly acutely in sectors like tourism, hospitality, and food & drink. “A rapidly increasing proportion of our members are also now worried about interest rates, which have dramatically raised borrowing costs in many cases. “With further trade barriers looming, leading to higher import costs, and tightness in the labour market persisting, it is difficult to see how large-scale investment will be unlocked. Government and the Opposition need to work with business to develop a clear path for the economy to promote investment and growth.”   ENDS Key points in the forecast:

• 2023 GDP forecast upgraded to 0.4% from 0.3% in previous forecast.
• GDP growth in both 2024 and 2025 downgraded from 0.6% and 1.0% to 0.3% and 0.7% respectively.
• Interest rates are set to peak at 5.5% and ease only slightly in 2024 to 5.25% before dropping to 4.5% in 2025, still well above the average for the past 10 years.
• The inflation rate is still expected to slow to 5.0% in Q4 2023, but take longer to return to the 2% target, only reaching it in Q4 2025.
• Imports, exports, and general government spending are all expected to decline in 2023.
• The BCC run the UK’s largest and longest-running independent business survey programme, collecting data from 10,000s of respondents every year. The data on business conditions helps inform the forecast.

Notes to editors:

• Spokespeople are available for interview
• In February 2023, the BCC’s Quarterly Economic Forecast was the UK’s joint second most accurate forecast by The Sunday Times economic forecast ranking.

About the British Chambers of Commerce - Where Business Belongs The British Chambers of Commerce (BCC) sits at the heart of a powerful network of 53 Chambers of Commerce across the UK, representing thousands of firms. It provides a unified voice for these companies, rooted in their communities, at the national level. We link our UK network with over 75 international member chambers, to promote trade and investment, and work for a better future for businesses around the world. For more information, visit:  www.britishchambers.org.uk About the Norfolk Chambers of Commerce – What You Need Is What We Do We are a business membership organisation, we support start-up businesses, small and medium enterprises, and global brands, the Norfolk Chambers of Commerce embraces and represents the County’s business community.  We provide networking opportunities, share knowledge, offer business services, signpost to business opportunities and inspire innovative thinking to enable companies to do better business. For more information, visit our about membership page here Media contacts: Norfolk Chambers of Commerce Rick Notley – Marketing & Communications Manager Rick.notley@norfolkchambers.co.uk British Chambers of Commerce (BCC)          Steve Partridge – Head of Media and Communications s.partridge@britishchambers.org.uk +44 (0) 7825 746812 David Pearson – Senior Press Manager d.pearson@britishchambers.org.uk +44 (0) 7944 342013

The BCC has called for action to improve the availability of finance for SMEs as accessibility, awareness and a lack of competition continue to hold firms back. In written evidence submitted to the Treasury Select Committee today, the BCC said many smaller firms are no longer seeking finance as they consider it too limited and costly. The committee has launched an inquiry into the challenges faced by small and medium sized firms (fewer than 250 employees) when seeking finance. Using feedback from the thousands of businesses within its unique network of 53 chambers across the UK, the BCC told MPs:

• Current economic conditions are some of the most difficult seen in generations – and rising interest rates have left an increasing number of firms worried about borrowing costs
• Many businesses feel locked into their current financial provider and are fearful of shopping around
• A lack of competition due to poor awareness of options outside the traditional banking route is holding back progress
• Unlocking alternative finance options, increasing the flexibility of funding and a comprehensive drive to increase awareness are all needed to shift the dial.

Jonny Haseldine, Policy Manager at the BCC, said: “Research has highlighted that in 2022 almost half of smaller firms (48%) did not borrow any funds. But among those that are currently using finance, half are using more than pre-pandemic and becoming more concerned about their ability to pay. “This is an especially acute issue after many firms were forced to take on much higher debt burdens during the pandemic in order to survive. “The continuing tough economic conditions also mean many SMEs have a huge amount on their plates and don’t have the time or expertise to find the finance options that work for them. “More needs to be done to help firms find the right solutions. We also need to see the British Business Bank given more resources, greater support for social enterprise lenders, and improved flexibility in funding criteria. “The system desperately needs to change. With investment in the UK economy continuing to toil in the doldrums, we must widen the pool of financial options available to firms to kick-start the growth we need.”

The Department for Business and Trade (DBT) are taking expressions of interest from companies who want to be considered to join our UK trade mission and take advantage of the opportunities offered across the Middle East, Gulf States and beyond. Date: 3rd – 8th December 2023 Location: Dubai, UAE Register your interest here The Department for Business and Trade (DBT) is pleased to announce that we will be taking a delegation of Sustainable Infrastructure companies from the English Regions on a trade mission to the UAE. This mission is planned for the 3rd – 8th December 2023 and is a great opportunity to learn about the developments and opportunities in the wider construction sector in the UAE and across the Middle East region. Both the BIG 5 exhibition and COP28 will be taking place in Dubai during the mission dates. If your business is in the infrastructure sector and you are looking to grow internationally, it’s an opportunity not to be missed. Join our Trade Mission: We are taking expressions of interest from companies who want to be considered to join our UK trade mission and take advantage of the opportunities offered across the Middle East, Gulf States and beyond. Places on this mission are limited, so please use the link below to view further information and to register your interest in joining. Find out more about the programme here

What is it? A critical part of our mission to every business in Norfolk is to give them a voice. And one of the most important tools we have to do that is the Quarterly Economic Survey (QES). The Q3 survey is now live and it takes just 3 minutes to complete. Put the kettle on and give us your view on the economy and how it’s impacting your business. Complete the survey here Why you should love it The QES is the largest independent business survey in the UK. This matters because the results are used by the Chancellor of Exchequer, Treasury, Bank of England, IMF and many others to make decisions that matter to you. They love the data from QES because it helps spot economic trends well before they appear in official statistics. We love it because every 3-months we get to check in with all our businesses and turn that insight into influence. We do this through conversations with local and central government, shaping our events and development of programmes to support you. How can I get involved? All you need to do is follow the link and anonymously tell us what you think. It only takes a few minutes. Less time than you need to drink a cuppa. Complete the survey here The survey runs until Thursday 14^th September, with the results published around 2^nd October.

New report by the BCC and Lloyds Bank finds three key changes needed to help business hit Net Zero:

• Government should review its support and advice to SMEs on moving to Net Zero
• Large businesses and institutions must continue to drive behaviour change in their supply chains
• Government should demonstrate commitment and consistency in its Net Zero plans

The recommendations are the result of a six-month deep dive by the organisations into the reasons holding firms back from reaching Net Zero. It followed an earlier BCC survey of more than 1,000 businesses, 96% SMEs, which found that nine out of 10 don’t fully understand what the Government’s target of making the UK Net Zero by 2050 means for them. There was also a substantial divide between firms with more than 50 employees and those with fewer than 50, in terms of understanding and progress. A total of 56% of the bigger firms had a ‘complete’ or ‘some understanding’ of the Net Zero target, compared to just 35% of the smaller ones. Almost twice as many firms with more than 50 employees (36%) had developed a plan for reaching Net Zero compared to those with fewer than 50 (19%). The research also showed that planning for the future skills needed to help businesses make the transition to greener and more sustainable operations has taken a backseat. Fewer than one in 20 firms (4%) had carried out a written assessment of the green jobs or skills they will need in-house over the next 10 years. One in five businesses (21%) also thought that, on balance, green technology will decrease the productivity of their company, while only 10% thought it would provide a boost.Reasons cited by respondents included the cost of green technology and the lack of available EV charging infrastructure. However, the survey also showed most firms were using new technology or adopting greener policies even if their overall understanding of reaching Net Zero was incomplete. The research showed that: 

• More than two thirds of SMEs (69%) have installed LED lighting  
• More than a third (34%) are investing in greener vehicles 
• Just under a third (30%) are using solar panels 
• Almost half (46%) are using recycling and waste reduction practices
• Over a quarter (28%) use renewable energy providers or tariffs 

In response to the findings, the BCC and Lloyds Bank brought together businesses in Chambers from Liverpool, Glasgow, North–East England, West & North Yorkshire and Birmingham to analyse what needed to change to get Net Zero back on track. It found a lack of consistency in Government actions and messaging is holding many smaller firms back, when cost and fears of betting on the wrong technology are big issues. Shevaun Haviland, Director General of the BCC, said: “All the businesses we spoke to understand the devastating impact climate change is having on our planet, and that sitting this out is not an option. “But many smaller firms feel lost in a fog of conflicting information and are reluctant to invest in new technologies when they fear betting on the wrong horse. “Mixed messages from Government on the importance of Net Zero are only compounding the problem, as well as a ‘stick’ heavy approach to enforcing change. “As other countries and trading blocs pour billions into low-carbon technology there is a real danger we will get left behind. “But in the midst of a cost of doing business crisis, firms are reluctant to sink their money into Net Zero technologies and energy efficiencies when the commercial pay-off appears uncertain. “Yet if we get this right then it will be a huge opportunity for UK Plc. To do that we need a coherent system of free support and advice made available for firms across the country. “Larger corporates also need to help the smaller businesses in their supply chains kickstart their Net Zero journey. “And, most importantly, Government needs to develop a long-term strategy which it can demonstrate it will stick to. That means supporting the development, and investment in, the infrastructure and skills needed to make Net Zero happen.” Paul Gordon, Managing Director, Relationship Management at Lloyds Bank said: “SMEs are the lifeblood of the UK economy and will play a critical role in our sustainable transition. Despite a challenging external environment and cost, time, and resource pressures, our research with the BCC shows that businesses are taking steps towards Net Zero, particularly where the commercial benefits are clearer – for example, reducing energy consumption to lower costs. “This report highlights the need for clarity from Government on the support available and reinforces the need to remove the barriers for investment such as greater EV charging infrastructure, giving SMEs the confidence to invest. “The private sector also has a significant role to play including ourselves as financiers along with business organisations and industry bodies, to continue to support SMEs with our knowledge and best practice to help them choose the right transition investments for them. “At Lloyds Bank, we are here to help, offering practical advice and financial support to firms, both as they develop their Net Zero strategies and for every step along their journeys, as we build a more sustainable future together.” The full report can be found here.

Reacting to the latest ONS labour market figures, Jane Gratton, Deputy Director, Public Policy at the British Chambers of Commerce said: “Today’s figures showing pay growing at a record annual pace highlight the unrelenting workforce pressures businesses are facing. In a tight labour market, employers are struggling to contain wage inflation as the expectations of their staff and job candidates continue to rise. “BCC research published earlier this month, shows only a slight fall in the number of firms facing recruitment difficulties. Businesses tell us that access to skilled workforce remains a major concern. “In the current challenging economic climate, boosting productivity is essential, and investment in skills is crucial to making that happen. We need the government to create the right conditions. For example, by reducing upfront business costs, enabling a more flexible apprenticeship levy and ensuring more access to rapid retraining courses. “Firms who cannot access urgent skills locally are finding themselves locked out of the immigration system because of escalating costs and disproportionate criteria. We need urgent reform of the Shortage Occupation List to include more roles at more skill levels, when there is evidence of a national shortage.” 

Norfolk & Suffolk Local Skills Improvement Plan (LSIP) has been approved by the Secretary of State for Education. The LSIP highlights the fundamental skills needs required in the key sectors of our region and provides a roadmap for us to help address the shortages we have been facing. As the Employer Representative Body (ERB) for Norfolk and Suffolk, Norfolk Chambers, in collaboration with Suffolk Chamber of Commerce will continue to work with businesses, educators and trainers and many other stakeholders in our region to deliver critical actions that will ensure business remains at the heart of the skills agenda. Commenting on the success of a fully approved Norfolk and Suffolk LSIP, Nova Fairbank, CEO of Norfolk Chambers said: “Our LSIP shows the ability of the Chamber network to bring together a wide range of partners and stakeholders to collaborate effectively and deliver what Norfolk and Suffolk need to upskill our workforce and support the growth of jobs and the regional economy.  We will continue to build upon the existing collaborations, strengthening them to help drive forward our Roadmap for Change.” John Dugmore, CEO of Suffolk Chamber of Commerce, when asked about what happens next, said: “A vast amount of work has already been carried out in a short space of time by our project team to deliver employer surveys and consultation events.  The Chambers are at the heart of our local economies, and we have engaged with hundreds of businesses within and beyond our networks to reach every sector and every size of businesses for a truly representative assessment of the challenges businesses face in the current economic climate. “Our journey to improve the skills of local people and increase the productivity of our local economies has successfully begun, and we are excited to move into the next phase where we will develop actions to deliver meaningful change, for greatest impact and value for money.” For further information and to view the approved Norfolk and Suffolk LSIP, click here: Link to Publish PDF of LSIP [currently being moved to front page]

Commenting on the Bank of England’s latest rise in the interest rate to 5.25%, Jack Weaver, Chief Operating Officer at Norfolk Chambers of Commerce, said: “Businesses across Norfolk will be hoping today’s rise in interest rates is the last they will see. “While many will have already factored this increase into their plans, it is clear the economic environment is becoming stacked against smaller firms which make up more than 80% of our membership. They are the ones with less cash reserves and greater exposure to the volatility we’re seeing. There are glimmers of hope however as data from our Quarterly Economic Survey (QES) shows that fewer than half (46%) of Norfolk businesses expect their prices to increase this quarter, down from 61% in the previous 3 months. So whilst there remains significant uncertainty, businesses across our county are feeling modestly more confident about the future. We are also likely to see a further substantial fall in inflation in July as last year’s energy price rises drop out of the data. While inflation remains the top concern for Norfolk firms overall, interest rates have emerged as the second top concern, with 41% citing this as more of a worry than three months ago. Norfolk also remains over-exposed to volatility in sectors experiencing the biggest uncertainty. The tightness of the labour market is most significant in hospitality and tourism, agriculture and health & social care, further fuelling concern about skills, recruitment and talent retention. All of which stymies business growth. Our members and the wider business community in Norfolk will be watching closely for any further indications on the Bank’s plans and hoping this rate rise will have the desired impact on their inflationary pressures.”

• Government must fix people problem to ease inflation and take pressure off interest rate rises

• 79% of businesses surveyed (92% of whom are SMEs) attempting to recruit have faced challenges, with hospitality and construction firms the most likely to report difficulties

• Three in five (60%) businesses attempted to recruit in the quarter 

The latest Quarterly Recruitment Outlook (QRO), a survey of 4,800 UK firms of all sectors and sizes by the British Chambers of Commerce (BCC) reveals there is still no easing in the record high difficulties in finding staff. The second quarter results for 2023 show that the percentage of firms facing recruitment difficulties has fallen just three percentage points from the historical high of 82% in Q4 2022. This has now remained above 75% for the last two years. Attempted recruitment in Q1 was virtually unchanged from the previous quarter, with 60% of those surveyed looking to find staff (59% in Q1 2023). While recruitment difficulties are being experienced across the economy, the construction & engineering, and hospitality sectors were the most likely to report problems with 86% of firms reporting difficulties (up from 81% and 83% respectively in Q1). This is closely followed by manufacturing on 81% (83% Q1) and then professional services on 77% (79% Q1). Of the firms in the construction & engineering sector facing recruitment difficulties, 76% faced difficulties in finding skilled manual/technical workers. However, for hospitality businesses that struggled to recruit, 69% faced difficulties in finding semi/unskilled workers. Investment in training remains stubbornly low with just over a quarter of firms (27%) reporting an increase in their training investment plans over the last three months (the same as Q1), while 14% report a drop (also the same). In terms of cost pressures, the data show that the main factor for increasing prices is now coming from wages rather than utility bills or raw materials. With concern around utility costs dropping, 63% report these as an issue (74% in Q3 2022), the number of firms reporting labour costs as a source of pressure has risen to 68% (67% in Q1) and is now the lead cost pressure.   Although, overall, the percentage of firms expecting their prices to rise fell below 50% for the first time since Q3 in 2021. Responding to the findings, Jack Weaver, Chief Operating Officer at Norfolk Chambers of Commerce said: “The tight labour market continues to push up wage costs, fuelling inflation, and creating huge difficulties for businesses looking to recruit. In Norfolk, our already squeezed businesses also face the issue of a shrinking workforce as the working age population in our county declines in a way not seen in much of the rest of the country. In our focus groups and engagement events with Norfolk businesses, recruitment difficulties are consistently cited by as a major barrier to growth, meaning firms cannot fulfil order books and are turning down new work. Added to this, the national picture shows acute issues in hospitality, construction, health and social care and other sectors heavily reliant on labour from overseas. These are all sectors on which Norfolk’s economy is heavily dependent, so we need to see consistent and pragmatic immigration policy from government and the opposition to give our businesses confidence in the future.

Commenting on the Electronic Trade Documents Act receiving Royal Assent, BCC Head of Trade Policy William Bain said:  “Campaigners have worked for years to have the Electronic Trade Documents Act passed, and its introduction in mid-September will a mark transformational change in digitalising international trade.  “The BCC will work with our colleagues in the International Chambers of Commerce, and with Chambers and businesses across the UK to ensure the full benefits of digitalisation are felt in increased global trade.  “This new era begins in the UK, but it can also act as a beacon, leading towards further digitalisation of trade across the world. We also urge governments to accelerate their work to digitalise border processes. “In our new Trade Manifesto, we called on Government to work with business to ensure 60% of the UK’s exports are carried out digitally by the end of the decade.” About The Act The Electronic Trade Documents Act gives legal status to electronic Bills of Exchange and Bills of Lading and other commercial documents. The new legislation will come into effect in mid-September this year providing opportunities to digitalise international trade documents and reap efficiency benefits. It also covers trade documents such as promissory notes, warehouse receipts, marine insurance policies, and cargo insurance certificates. 

Responding to the launch of a UK Government consultation on negotiations for an upgraded trade agreement with Turkey, BCC Head of Trade Policy William Bain said: “It is good news to see this statement of intent to deepen UK trading terms with Turkey. It is our 18^th largest bilateral trading partner worth £23.5bn in total trade in 2022. “Currently, three quarters of UK exports to Turkey are in goods, so a key aim of these negotiations must be to keep that secure while expanding scope for services exports. “An upgraded free trade agreement must focus on being match-fit for the 21^st Century. This means negotiating new arrangements on services, business and labour mobility, green trade and digital trade. All areas we flagged in our new Trade Manifesto. “Only 6% of UK VAT registered exporters trade goods and services with customers in Turkey – a refreshed agreement needs to work in practice to raise that share.” The UK’s current trade agreement with Turkey was a roll-over deal reached a few days after the Trade and Co-operation Agreement (TCA) between the UK and the EU was made in late December 2020. Turkey has a partial customs union and regulatory relationship with the EU which forms the background to what can be negotiated with the UK. Mr Bain said: “Issues around rules of origin are being consistently raised by UK companies trading in the European neighbourhood. The BCC would like the UK to join the Pan-Euro Mediterranean (PEM) Convention which would offer greater flexibility for traders seeking to sell manufactured goods in the EU, Turkey, and the rest of the European neighbourhood within the Convention. “There will also be an overlap therefore between trade issues we would want to agree bilaterally with Turkey, and the wider review of the operation of the TCA in 2025/6. “As these negotiations look to get underway later this year, securing a future looking, upgraded set of trading terms with Turkey is a key part of achieving closer economic relations for UK businesses across the European neighbourhood in the coming years.” The existing UK-Turkey continuity trade agreement can be found here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/963851/CS_Turkey_1.2021_UK_Turkey_Free_Trade_Agreement.pdf