You may have seen the news that I have taken on a new role as Lead Director for Business Community Support at the Stoke-on-Trent Business Improvement District.
Holding values that align seamlessly with our mission here at Staffordshire Chambers, the BID work tirelessly to help improve our city centre, making it a more attractive place to live, work and do business.
Having worked for the City Council and other local regeneration bodies in the past, I am really looking forward to utilising my experience to support the City Centre BID team, helping the city to unlock its potential and creating realistic, achievable and ambitious plans that we can set in motion.
I live in Staffordshire and am proud to do so. I believe that it is absolutely vital that we champion and celebrate these kinds of initiatives to help the area prosper, and for residents to feel proud of where they live.
Quarterly Economic Survey (QES) latest
Staffordshire Chambers’ Policy Adviser, Declan Riddell, penned a fantastic policy update on Monday that revealed the results of our latest QES.
The survey paints a picture of the business landscape across Staffordshire and beyond, acting as a vital barometer of business confidence and economic performance.
I was pleased to see that 42% of Staffordshire respondents had reported an increase in domestic sales during the last three months, which is up on the national average of 36%.
It’s mixed results on the investment front, with 11% of Staffordshire businesses reporting an increase in plant or equipment investment during the last three months and 82% reporting no change. The increase is slower than the national average of 24%, but there are less firms reporting a decrease in investment.
My ask to businesses is that when the next survey is out you spend a couple of minutes completing it. It’s really valuable to have the data so that we can compare trends over time as well as with other parts of the region. It helps us identify issues which we can raise on behalf of businesses to senior politicians to help influence policy.
You can read the result in full in Declan’s policy update here.
Inflation
I was relieved to see the data confirming a positive trajectory in inflation which is steadily moving in the right direction. This is welcome news for both consumers and businesses.
Notwithstanding that, significant uncertainty persists among the companies we engage with.
Almost half of firms expect their prices to increase over the next three months. Labour costs are cited as the main driver but increasing political and global uncertainty is becoming a key factor.
Businesses are waiting to see how this data translates into changes on interest rate policy.
Manifesto
We are now putting the finishing touches on our Staffordshire Chambers of Commerce manifesto. The previous one was published in early 2022, but as we all know, there have been huge changes to our economy in the last two years.
Energy prices soared in late 2022. Inflationary pressures have rocketed and only recently started to subside. Most businesses as well as individuals have felt the impact of Interest rates rises. Wars in Ukraine and the Middle East continue to create so much uncertainty.
Once completed, this manifesto will help to inform Government of the needs and asks of Staffordshire businesses as we work toward a better economy for local businesses.
There is help available to Chambers Members with Energy costs. As Chamber members, you get a free energy audit from our partners, Troo. There has been some brilliant success stories, including Leek Golf Club who saved an incredible £14,544 on their energy costs, and Abbey House Dental Practice who have saved almost £12,000 per year – a 60% reduction on their original costs. Find out more, here.
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
