Last week it was announced that we will bid farewell to Staffordshire Chambers’ remarkable leader Sara Williams OBE at the end of the year as she embarks on her well-deserved retirement.
I have worked closely with Sara for the better part of a decade, in which she has been an unwavering source of support, an inspiration and a true trailblazer for the Chamber team and wider business community.
Under Sara’s guidance, we have achieved things that I am immensely proud of, including the Chamber of the Year Award and the King’s Award more recently, both of which underscore Sara’s commitment to excellence.
As Sara embarks on this new chapter, I extend my heartfelt wishes for all the happiness and fulfilment retirement can bring.
Her legacy will undoubtedly continue to inspire us for many years to come.
All the best in retirement and thank you, Sara.
Sara is now taking a well-earned break for the next two weeks, so she has asked me to step in with the blog in the meantime.
This week the news has been dominated by the slowing of inflation, the Bank of England’s decision to hold interest rates, having raised it for 14 months in a row, and the PM’s announcement of an overhaul of the government’s green commitments.
With clear signs that inflation, including core inflation is slowing down, the decision to pause, and possibly bring to end the current interest rate hike cycle, makes sense.
The sharp increase in the cost of borrowing over the past year and a half has already left many SMEs in real difficulty.
Research published earlier this week by the British Chambers of Commerce’s BCC Insight’s Unit showed that 46% of companies said that the current interest regime was having a negative impact on their business, particularly among the smaller and consumer facing businesses, such as hospitality and retail.
On Wednesday Rishi Sunak made his Net Zero announcement and insisted this would push the “long-term interests of our country” before “short-term political needs”. No surprise then that the plans received a mixed response from both within and outside his party.
The headliners were that the ban on buying petrol and diesel cars will be pushed back to 2035 and plans to force landlords to upgrade the energy efficiency of properties have been scrapped
Grants to help families replace boilers will go up by 50% to £7,500 and there will be an exemption for the homes which will most struggle to switch to heat pumps.
If we are to meet the challenge of making the UK Net Zero by 2050 then we must have pragmatic goals, that business can be confident they will be supported to reach.
Companies want to address climate change but cannot plan for future investment if the goal posts keep moving.
This means political consensus about the goals, combined with pragmatism on the solutions. Constant tinkering with Net Zero policies will only have further negative impacts on business confidence and investment plans.
Other countries and trading blocs are pouring billions into low-carbon technology, and we are getting left behind.
But if we get this right, and play to our country’s strengths then there is huge opportunity for UK Plc. It is vital we have a long-term Net Zero strategy which Government must demonstrate it can stick to.
If you have any issues arising from the PM’s announcement don’t hesitate to get in touch with our policy advisor, Declan Riddell: declan.ridell@staffordshirechambers.co.uk
New national business council meets
Last week the British Chambers of Commerce (BCC) held its inaugural meeting of its new Business Council alongside Cabinet Minister, the Rt Hon Michael Gove and Shadow Chancellor, the Rt Hon Rachel Reeves.
The new body, comprising some of the most prominent British businesses, has been brought together to work in partnership with politicians to drive the future of the economy at this crucial time.
The Business Council will focus on five key challenges and will develop policy proposals that will help transform the future of the UK economy. Its initial recommendations will feed into a business manifesto in the new year that will aim to influence political party manifestos ahead of the general election.
The Council will then work to develop follow-up papers – to help the next Government set a business-backed agenda from day one and establish a long-term strategy for growth.
Business Council members will focus on at least one of the challenges. The challenge themes will all be chaired by five experienced business leaders, working with commissions of businesses, experts, Chamber representatives and academics.
They will begin meeting in the coming weeks and will produce their first policy recommendations in early 2024.
BCC President and Business Council Chair, Baroness Martha Lane Fox commented that now more than ever, businesses must come together to tackle the challenges facing the UK economy.
In the face of economic disruption and with a general election looming the national Business Council will help the voice of business to be heard loud and clear by policymakers.
It is a partnership with politicians, which aims to find the answers to the key issues facing the UK economy and it was testament to the gravitas of the Business Council that Michael Gove and Rachel Reeves attended the inaugural event.
Chambers and businesses are realistic and understand the financial limitations that the Governments of both today and the next five years will be facing. But it’s through initiatives like these that Chambers including Staffordshire can work collectively to make a real difference for businesses on the frontline of the economy, and give them the tools they need to succeed.
Businesses in Staffordshire have a real chance to push issues they face to the agenda of the Business Council, and I would urge you to attend our member forums, take part in our quarterly economic survey or get in touch through the usual channels.
If you want to talk to us about any business issues, including funding, you can call our switchboard on 01782 202222, call the Business Helpline on 0300 111 8002 or email: info@staffordshirechambers.co.uk
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