News
Anticipation reaches fever pitch ahead of #StaffsBizAwards ceremony tomorrow night
Hundreds of Staffordshire’s leading business owners and leaders will flock to the DoubleTree by Hilton, Festival Park tomorrow night for our 2022 #StaffsBizAwards.
The achievements of businesses in Stoke-on-Trent and Staffordshire during the last 12 months are set to be celebrated with no fewer than 15 category awards, as well as the coveted Business of the Year award, sponsored by HSBC.
It’s been an extremely tough year for our team of judges who have had to whittle down a record number of applications into a shortlist of three finalists for each category – with the winners to be revealed by award hosts, David Bryon and Hannah East.
The ceremony will be streamed live on our website from 7:00pm tomorrow night. Tune in for free, here.
Remember to use the hashtag #StaffsBizAwards whether you’re joining us at the ceremony or watching online!
Good luck to all of the finalists – we look forward to seeing you tomorrow.
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Policy Spotlight with Rhouda: The deteriorating economy and the impact on UK businesses
The ongoing conflict in Ukraine has exhilarated inflationary pressures on businesses across the globe. As prices of essential goods, such as food and energy, have risen sharply both in the UK and internationally, the outlook for economic growth has significantly weakened, leaving businesses in a difficult position with regards to investments in trade and skills.
Inflation is also expected to rise to 11% later this year, with interest rates simultaneously expected to increase to 3%, causing many businesses to remain in economic uncertainty. Alongside the labour shortages and a further rise in the energy price cap, which is yet to come, many firms will be put under a great deal of financial pressure.
The Bank of England’s latest Financial Stability Report, published earlier this month, referenced a number of downside risks that could adversely affect the UK’s economic strength. Undoubtedly, developments related to Ukraine are key factors affecting both the UK and global markets. In addition to this, the report highlighted that stronger or more persistent inflationary pressures than currently expected may tighten global financial conditions further and lead to weaker economic growth, all of which will cause risk-taking in financial markets to reduce significantly.
Sara Williams, CEO of Staffordshire Chambers of Commerce, said: “Rising costs for both households and businesses has caused UK economic indicators to start flashing red. The combination of inflationary pressures, slower economic growth and tightening financial conditions means that the government must act quickly to provide financial support to firms across the UK, enabling them to grow, invest and remain productive.
“Staffordshire Chambers of Commerce echoes the British Chambers of Commerce call to the Government to cut VAT on business energy bills to 5% which would help to reduce the pressure on firms.
“It is essential that the new government produces a unified long-term economic strategy to provide firms with the confidence they need. With these changes, we will be able to return some momentum to the businesses who have struggled the most over the course of the pandemic, Brexit and now the cost of living and cost of doing business crisis.”
If you would like to talk to us regarding any issues in today’s blog, please get in touch by contacting rhouda.elalfy@staffordshirechambers.co.uk. Alternatively, you can call our switchboard on 01782 202222.
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Staffordshire Chambers partner with the Stone Group and the Elm Group to help tackle growing e-waste levels
Staffordshire Chambers of Commerce is proud to launch a new charitable initiative in partnership with the Stone Group and the Elm Group to help tackle growing e-waste levels across the county.
Businesses and individuals can now hand over their old electronic devices such as laptops and tablets – known as e-waste – to be securely wiped using MOD-approved software, before being re-used or recycled for parts.
In return, Stone Group will make a charitable donation to support the work of A Child of Mine, a charity that provides emotional and practical support to bereaved parents and families.
Stafford Chamber of Commerce President, Martin Lennon, said: “I am delighted to see Stafford leading the way with this innovative programme.
“People can be confident that their equipment will be totally secure and reused where possible, with nothing going into landfill – all while supporting a local charity.
“I would encourage everybody to bring their old phones, laptops and computers to one of our drop-off locations listed below.”
Unwanted devices can be handed at the following sites:
TopCashback – Temeraire Court, Nelson House, Dyson Way, Stafford – ST18 0WQ (Monday to Thursday, 9am -3pm)
Shire Hall Business Centre, Market Square, Stafford – ST16 2LD (Monday to Friday, 9am – 3pm, from 18.7.22. onwards).
Stafford Indoor Market Office – Earl Street, Stafford ST18 0WQ (Tuesday, Thursday, Friday and Saturday, 10am – 4pm)
With MOD-approved data removal through Blancco and a Valpak accreditation for Zero to Landfill, you can trust that your equipment will be disposed of responsibly.
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Staffordshire Chambers react as Boris Johnson resigns
Following a wave of Government resignations and a Conservative Cabinet revolt, the Prime Minister has resigned, hopefully bringing down the curtain on a chapter of political instability.
It is now essential that the Government moves quickly to support businesses in navigating the challenges and pressures that they are facing from all directions, especially with regards to labour market shortages, costs of raw materials and the cost-of-living crisis.
Sara Williams, Staffordshire Chambers CEO, said: “Following the resignation of Boris Johnson, the incoming Prime Minister and Cabinet 𝗺𝘂𝘀𝘁 ensure that businesses’ concerns are high on their agenda to tackle the issues that are being faced locally, nationally, and globally.
“Johnson has destroyed the trust in Government from both the electorate and the business community.
“His desire to generate a media frenzy throughout his time as PM has been used to distract from wider issues and the impact of policies – some of which have been damaging to British culture and reputation.
“It is imperative that the voice of both people and business are heard front and centre to help fast-track effective policies and support our communities during a time of economic uncertainty. The Opposition and the back benches of the Conservative Party need to stand up for the British people.
“Businesses must be able to trust and rely on Government to rebuild confidence and enable investment, which will drive the economic growth of this country.”
Staffordshire Chambers of Commerce will continue to provide key updates on the latest developments and what they mean for businesses in our region.
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Sara’s Blog: Latest survey results present a stark economic landscape for new Chancellor
Results from the British Chambers of Commerce’s Quarterly Economic Survey (QES) for Q2 2022 – the UK’s largest independent survey of business sentiment – were published earlier this week and show key economic indicators flashing red.
A sobering read then for Nadhim Zahawi – or whoever the Chancellor of the Exchequer is next week! One certainty is that they will inherit an unenviable scenario of inflation at a 40-year high, pressure on interest rates and soaring energy, fuel, and food costs.
The survey of over 5,700 firms (including 135 Staffordshire Chambers members) reveals a weakening proportion of firms reporting increased domestic sales, investment intentions, and longer-term turnover confidence.
Indicators for turnover and profitability confidence, as well as investment, all worsened from their Q1 positions. Firms expecting an increase in turnover over the year dropped from 63% to 54%, the lowest figure since Q4 2020 when much of the UK was under some form of lockdown.
Confidence in profitability also took a significant knock with 43% predicting an increase, down from 50% in Q1. More than a quarter (28%) are now predicting a decrease in profits. This decline in confidence in business performance has affected firms’ plans to increase investment, with 75% saying they have no plans to do so (up from 73% in Q1)
65% of firms now expect their prices to rise in the next three months, up from 62% in Q1, a record high and a 23-percentage-point rise on a year ago.
Expected price rises are most acute in the retail and wholesale sector, and construction and engineering sector, both at 78%, with production and manufacturing only slightly behind at 77%.
When asked which factors were driving price rises, 67% cited utility bills, 66% labour costs, 56% fuel and 53% raw materials. In the three sectors worse affected i.e., retail & wholesale, construction & engineering, manufacturing & production, raw materials was the biggest factor.
82% of firms cited inflation as the most worrying external factor. This is the highest on record and a rise from 77% in Q1 – the previous record! The percentage citing interest rates as a concern also rose for the third quarter running; 1 in 3 (33%) reported interest rates as a concern, up from 32% in Q1.
41% of respondents overall reported increased domestic sales in Q2, down from 42% in Q1, and the third consecutive quarterly fall. 18% reported a decrease, the same as the previous quarter.
In the services sector, the balance of firms reporting increased domestic sales stood at +24%, compared to +21% in Q1. In the manufacturing sector, the balance of firms reporting increased domestic sales fell to +19% in Q2, the lowest level since Q1 2021.
So, all in all, a pretty depressing read with all indicators on the Chambers’ economic dashboard flashing red and showing a deterioration since the last survey in March.
Business confidence has taken is low and fears over inflation and cost pressures are at new record highs.
However, as Chambers have been saying for months, it is not too late for the Government to take action to help businesses through these challenging times and put the economy on a more stable footing.
A cut in VAT on energy bills to 5%, and other steps to relieve the tax burden on firms to encourage investment are crucial.
Better infrastructure, a strategy to address labour shortages and a unified long-term economic strategy to give businesses more certainty is also needed.
Let’s hope the current mayhem in the Government is resolved quickly and we get ministers who will listen to our message and prove they are pro-business with a genuine desire to get the economy moving forwards.
We will continue to pressure the government for positive action and urge you to add your voice to our campaign by contacting us.
You can view the latest BCC economic data here: Economic data (britishchambers.org.uk)
If you want to talk to us about any business issues, including funding, you can call our switchboard on 01782 202222 or call the Stoke and Staffs Growth Hub Helpline on 0300 111 8002 or email: info@staffordshirechambers.co.uk
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Policy Spotlight with Rhouda: Quarterly Economic Survey, quarter two results
The British Chambers of Commerce’s Quarterly Economic Survey (QES) is the UK’s largest independent survey of business sentiment, that also highlights UK GDP growth and the latest economic indicators across the nation. The information provided by businesses is invaluable to decision-makers, helping them to assess what support is needed both locally and regionally, and ensuring that business productivity and investment is maintained.
The latest QES for quarter two of 2022 saw over 5,700 businesses take part, with many firms revealing a weakening in domestic sales, investment intentions and longer-term turnover confidence.
Further to this, 82% of firms who were surveyed cited inflation as a growing concern for their business, with 65% of firms expecting to raise prices with no sign that this will level off.
Compared to quarter one of 2022, indicators for turnover and profitability confidence and investment have all worsened. Firms that are expecting an increase in turnover in the next twelve months has dropped from 63% to 54%, which is the lowest figure since quarter four in 2020.
65% of firms now expect to raise their prices in the next three months, a record high and a 23% rise on a year ago today. When firms were asked which factors were driving price rises, 67% cited utility bills, 66% labour costs, 56% fuel and 53% raw materials. The sectors which are worse affected by these high costs are retail and wholesale, construction and engineering, manufacturing and production.
Despite the current downward trend in domestic sales, business activity still remains buoyant. 41% of respondents reported an increase in domestic sales, down from 42% in Q1. In the services sector, firms reporting increased domestic sales stood at 24%, compared to 21% in Q1. However, in the manufacturing sector, firms reporting increased domestic sales fell to 19%, which is the lowest level since Q1 2021.
Sara Williams, CEO of Staffordshire Chambers of Commerce, said: “The declining confidence in business performance has affected many firms’ plans to increase their investment. This of course comes as no surprise as businesses deal with cost pressures from all directions. The rise in inflation has had a detrimental impact on firms’ abilities to invest in their staff, their business and their raw materials, causing a further disruption to business productivity and growth.
“It is now essential that the Government take serious action to help businesses through these challenging times in order to help stabilise the UK’s economy.
“Chambers across the network have echoed the BCC’s call for a 5% cut in VAT for energy bills and to relieve the tax burden on firms which will ultimately encourage further investment. It is now also critical that the Government addresses the labour shortages by implementing a long-term strategy that will help businesses to recruit the right people with the necessary skills for the role.”
In order for confidence to be restored, the Government must quickly demonstrate that it is on the side of business, allowing more firms to invest and return some momentum to the economy.
If you would like to discuss the latest QES results or if you have any business concerns or issues, please get in touch by emailing rhouda.elalfy@staffordshirechambers.co.uk.
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Staffordshire Chambers commits to Fostering Friendly employers scheme
Staffordshire Chambers of Commerce is proud to have committed our support to the Fostering Friendly employers scheme.
Organised by The Fostering Network, the scheme offers businesses of any size a chance to make a difference for foster carers and the children they care for in their local communities, while simultanously improving the support for their own employees.
Nearly 40 per cent of foster carers combine fostering with other work. Those who do say that a supportive employer can make all the difference, enabling them to balance employment with looking after children.
Sara Williams, Staffordshire Chambers CEO, said: “The Chamber has committed our full support to this initiative and is proud to become a Fostering Friendly employer.
“Becoming a foster parent is an amazing opportunity to give a child or young person the fresh start that they need – and we will do everything that we can to support our employees through this process.
“There is a shortage of foster carers in Stoke-on-Trent and Staffordshire, and schemes like this are invaluable in getting people to think about fostering.”
Find out more about the scheme, here.
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SDG 12 Responsible Consumption and Production with Water Plus
SDG 12, Responsible Consumption and Production, encourages both individuals and businesses to look at how they can use and produce in sustainable ways that will help us reverse the harm already done to the planet.
Chamber Members, Water Plus, have written a guest blog outlining three useful tips that can help you to reduce your water consumption, lower your running costs and help our planet.
“Take a moment for your water as it can be an untapped source for savings – and can cut carbon emissions linked to your business, charity or public sector site.
- Do you need to use all the tap water you currently do? Not everything needs tap water – for example rainwater can be used for watering plants and shrubs in your grounds, as well as used to wash down hard areas at sites (and water butts to collect it are very low cost). Fill up dishwashers and use eco settings – so less water is used.
- Explore where water can help you lower your future utility costs: Low-cost push taps and aerators can cut flow rates by 16 litres a minute, so less hot water use means lower energy costs. Showers can be reduced to 6 litres a minute – making a big difference for workplaces, gyms, spas and leisure facilities. Less water heated helps the environment too.
- Do you know where your waste – including your wastewater – goes? Checking your pipes and your site/s regularly, including noting monthly meter readings, if it’s safe to access, will mean you can react quickly to leaks and issues – not only cutting water waste but also limiting increases in additional costs. A leaky loo can waste up to 400 litres of water a day – that’s equal to 5 full bath-tubs.
Plus, there’s carbon emissions linked to the wastewater from your site which is taken away and treated once you’ve used it – and carbon emissions linked to the water that you get through your taps – so reducing either of these, along with any water waste, helps you towards Net Zero and beyond!
You can read more about what you can do with water, here.
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Refugee Week 2022: Naheed’s Story
It’s been three years since Naheed left her home in Pakistan and arrived in the UK with a dream of launching her own business, but little idea of how to do so.
After being issued refugee status, Naheed joined the Positive Pathways programme at Staffordshire Chambers – a business start-up and employability skills programme specifically designed to support refugees across Stoke-on-Trent and Staffordshire with employability skills and business start-up advice.
Naheed explained: “As we were new in the country, we didn’t know how business works here, or how to set one up. We had a lot of questions and didn’t have any answers.
“It was a big challenge to start a business from scratch but the Chambers provided us with step-by-step clarity, guiding us through business structure, how to choose a premises, market research, dealing with cash flow forecasts and much more.
“I gained a lot of confidence and peace of mind through the Positive Pathways programme.
Positive Pathways, as its name says, really puts you on a pathway to starting a successful business. We were given a grant to help start the business and we really felt like somebody was there to care and help us.”
Naheed has now secured her premises in the city and hopes to start trading as ‘Naheed’s Salon’ during July.
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Sara’s Blog: Armed Forces Week and Refugee Week
This week is both Armed Forces Week and Refugee Week with events up and down the country marking the contribution and sacrifices our armed forces make on our behalf and raising awareness of refugees, their plight and what a positive contribution they can make to society with our help.
Armed Forces Week is an opportunity to show our support for the men and women who make up the armed forces community from currently serving troops to service families, veterans, and cadets and the role they play protecting the UK both at home and overseas.
So much has changed since Armed Forces Week last year. Who could have imagined that we would have a war on European soil, and that in Ukraine, a country looking increasingly to Europe and its values of democracy and freedom, we would be witness to so many lives lost, cities reduced to dust, and millions forced to flee their homes, loved ones and everything they held dear?
This needless war has brought the role of our armed forces sharply back into focus, from how we can aid an ally such as Ukraine, defend our soil and contribute to a newly reinvigorated NATO force.
Therefore on Monday it was a privilege to welcome Col Paul ‘Shove’ Gilby OBE to Commerce House for our Armed Forces Week networking lunch – raising money for ABF The Soldiers’ Charity.
It was fascinating to hear about his 15 operational tours including Northern Ireland, Bosnia, Kosovo, Afghanistan and Cyprus and how he is now leading the Army’s operation to help deliver the Commonwealth Games in Birmingham next month.
Staffordshire Chambers of Commerce have always had strong links with the armed forces, and we know that many local employers and employees play a vital role in their support of our reserve forces.
We have our very own Honorary Colonel of the British Army, in ex-Chamber President Mike Frewer, and we are also extremely proud to have West Midlands Reserve Forces & Cadet Association (WMRFCA) as patrons and very pleased that the Chambers support to our armed forces has been recognised through our Silver Award and by being a signatory to, the Armed Forces Covenant – a promise to ensure that those who serve or who have served in the armed forces, and their families, are treated fairly.
Four of our local organisations also signed up to the Covenant on Monday. They were ELM Group, Staffordshire Fire & Rescue Service, Synectics Solutions and Port Vale FC.
You can find more about the Armed Forces Covenant here: Armed Forces Covenant: guidance and support – GOV.UK (www.gov.uk)
We are also supporting Refugee Week 2022 by highlighting our Positive Pathways project and the way in which it helps refugees in the Stoke on Trent and Staffordshire to become employment ready and enabled to contribute to the local labour market.
Refugee Week is a UK-wide festival celebrating the contributions, creativity and resilience of refugees and people seeking sanctuary held every year around World Refugee Day on the 20 June.
Refugee Week’s vision is for refugees and asylum seekers to be able to live safely within inclusive and resilient communities, where they can continue to make a valuable contribution.
Positive Pathways is a business start-up and employability skills programme specifically designed to support refugees across Stoke-on-Trent and Staffordshire. Participants can access training in starting a business or employability skills such as CV writing and interview skills.
We are currently working with many refugees who want to work and make a valuable contribution to their host community. They are often highly skilled, and capable individuals who hold qualifications and practical experience across so many areas of work.
With an increasingly tight labour market it has become much harder for employers to fill job vacancies. The knock-on effect is impacting on firms’ ability to operate normally and retain skills in the business. We have contact with refugees locally with the skillsets that local employers are struggling to find.
We have seen several refugees arriving in Staffordshire from Ukraine since the start of the war in February. Many are highly skilled and desperate to work and give something back in return for the welcome and hospitality they have received.
We are looking to engage with employers who would consider taking on a refugee in a position you may be finding difficult to fill.
If you would like to find out more about how positive pathways could benefit your, please contact Julie Priestnall: julie.priestnall@staffordshirechambers.co.uk
If you want to talk to us about any business issues, including funding, you can call our switchboard on 01782 202222 or call the Stoke and Staffs Growth Hub Helpline on 0300 111 8002 or email: info@staffordshirechambers.co.uk
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