Our quarterly economic survey feeds into the British Chambers of Commerce (BCC) survey which is the UK’s largest and longest running independent business survey with over 5000 participants.

The QES is acknowledged by Bank of England as being of great help in getting the views of business. Every three months, we ask the local business community to share their views on areas such as sales forecasting, recruitment, cashflow, investment and business confidence. Around 200 Staffordshire businesses complete the survey each quarter.

Headline results from Q2, 2023:

• Less than half (45%) of UK firms expect their prices to increase in the next three months, down from 55% in Q1.

• Labour costs are the biggest driver of price rises, cited by 68% of businesses.

• Domestic sales, cashflow, turnover and profitability indicators all remain largely unchanged from Q1.

• Less than half of firms now plan to raise prices in the next three months as cost pressures ease.

• Main factor for increasing costs is now coming from wages rather than utility bills or raw materials.

• Inflationary pressures continue to ease, but still remain the top concern.

The next QES will launch in August, and we would really value your input to grow the response rate from our county. It takes about two minutes to fill out the survey. You will get notification of the next survey by email and in Daily Focus.

During the meeting, a participant asked about the gender split of applicants for the apprenticeship programs. It was noted that there is still an issue with the perception of manufacturing businesses, which discourages some women from applying.

Another participant inquired about the retention of apprentices, and it was mentioned that approximately 10% of the current workforce consists of apprentices, with around 70% of them staying on after their apprenticeships. Those who leave often do so to pursue different career paths.

The forum discussed the mentoring and buddy system, where mentees meet their buddies monthly, and feedback is collected throughout the apprenticeship to help develop employees. The benefits of embedding this system into the workforce were seen, and around 20-25% of a member’s workforce now consists of former apprentices, which enhances the perception of the apprenticeship program.

The forum also discussed upcoming events, including National Manufacturers’ Day and a site tour at the manufacturing site of Stoke Heath prison in Shropshire, focusing on the challenges of manufacturing in prisons.

Vast, a charity focused on the Voluntary sector in Stoke-on-Trent and parts of South Staffordshire, discussed the benefits of employee volunteering, including improved retention, brand awareness, empowerment, team cohesion, and new skills.

Two pathways were discussed – Group Volunteering and Individual Volunteering. Vast offers a Corporate Social Responsibility program for team volunteering.

Participants shared their experiences with volunteering initiatives in their businesses, including giving back strategies and collaborations with educational institutions.

The forum discussed challenges in finding trustees for charities and the need for more support and training in this area.

Participants debated the value of “free” training and the barriers to its effectiveness, as well as funding sources and training opportunities.

Policy updates were shared, including concerns about childcare and the energy crisis. The increase in the minimum wage and its impact on staffing levels was also discussed.

The importance of working towards the Sustainable Development Goals (SDGs) was emphasized, with examples of gender equality initiatives in some businesses

The meeting began with a member business explaining vocational training services in Lichfield and Stoke-on-Trent, including training for HS2 construction. Several cohorts of trainees have started the training, and they aim to engage with local education institutions.

A presentation was made about the Responsible Business Scheme (RBS) by Staffordshire Chambers of Commerce. The RBS supports SMEs and VCSEs in Staffordshire, helping them enhance their economic, societal, and environmental impact. It aligns with various responsible business practices and aims to streamline procurement requirements.

Future HS2 Forum meetings were discussed, considering the two-year delay in Phase 2A construction. They reported disappointment and lobbying efforts to clarify the situation and protect local interests.

The forum also discussed the United Nations Sustainable Development Goals.

No further HS2 Forum meeting is scheduled until 19.10.23 due to the delay in construction. Ongoing lobbying activities and engaging with local MPs were suggested to address concerns.

The Charity Forum at Staffordshire Chambers of Commerce held a meeting to discuss re-invigorating the forum and its role within existing networks. The attendees explored ways to engage more people and discussed the sector’s offer to businesses, including CSR, volunteering, and trustee opportunities.

Volunteering opportunities and the possibility of a stand-alone event were discussed. They also considered ways to encourage wider participation, such as inviting individuals from businesses to share their expectations of charity partnerships. The future of the forum was considered, and ideas were proposed, including a two-part meeting format with speakers and campaign planning.

The development of a portfolio for the charity sector in Stoke on Trent was also discussed. Work will continue to promote the forum and its offerings to members.

The meeting discussed the launch of the 2023 Let’s Do Business Expo with the theme “AI & Data Revolution.” The event is scheduled for October 12, 2023, at Uttoxeter Racecourse, and the keynote speaker will be Katie King. Other speakers and live panel hosts will be announced later, focusing on AI, Big Data, and Ethics. An interactive area showcasing technologies like Chat GPT and VR will be featured.

The possibility of a hybrid approach for the speaker slots was considered, combining in-person and webinar-style presentations. Practical considerations such as electricity points and SME case studies for AI implementation were discussed. Companies specialising in AR, AI, and Big Data were suggested to encourage stand holders.

The Forum also addressed matters arising from previous meetings, including rural connectivity information signposting, the inclusion of Digital as a cross-cutting theme, and updates on funding bids for the Digital Divide. Focus on United Nations Sustainability Development Goals (SDG) goals were Gender Equality and Clean Water and Sanitation

Working groups were discussed, with members expressing interest in the Digital Skills and Digital Divide groups. Members pledged to join and further expressions of interest were encouraged.

The meeting concluded with plans to coordinate meetings for the working groups’ members.

During the meeting, participants emphasized the importance of sustainability and how all 17 United Nations Sustainable Development Goals (SDGs) are interconnected. The UK Government’s commitment to Net Zero emissions by 2050 and the need for greater efforts to prevent warming above 1.5 degrees C were discussed. The forum shared views on sustainability in rural areas, including challenges faced, costs, and the need for case studies and tools to measure sustainability performance.

Members discussed the need to prioritise areas of focus, promote case studies, and define sustainability goals for the rural community. The importance of considering sustainability as a cultural, social, and economic issue was highlighted. Measures taken by Canalside Farm to improve sustainability credentials were presented.

Participants proposed developing a list of questions or priorities, promoting case studies, and providing information to encourage businesses to embrace sustainability. The idea of hosting events and visits to showcase sustainability efforts was also discussed. Updates on the Local Skills Improvement Plan (LSIP), rural crime, HS2 issues, and Staffordshire County Council’s Rural Economic Strategy were shared.

The meeting concluded with a plan to discuss SDGs at the next forum and circulate a note of SDGs for the upcoming months for further discussion.