It’s not been particularly autumnal this week, but the start of a new term means back to school, back to work, back to the busy roads and typically, the summer weather has finally arrived.
I have already noticed the increase in use of our Members’ Lounge this week and it is a pleasure to see people working there as well as networking and meeting, often for the first time.
As business ramps up it is a time to fill the diary between now and the end of the year with events, important meetings and deadlines.
Staffordshire Chambers offers a whole range of events, courses and member forums to boost activity and strengthen networks. Let’s do Business is only a month away and we are already planning the 2023 Staffordshire Business Awards which will no doubt highlight many achievements that will occur in the coming months.
This comes against the backdrop of the British Chambers of Commerce (BCC) latest quarterly economic forecast which marginally upgrades its 2023 GDP forecast to 0.4%, whilst predicting that economic activity will remain very weak throughout 2024 and 2025.
Whilst the UK economy remains on course to avoid a technical recession, 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 such as this is comparable to previous periods of economic shocks and recessions such as the oil crises of the 1970s and financial crash of 2008.
The research shows inflation is the top concern for UK firms, with fewer businesses now expecting their prices to rise over the coming months. The consumer price index 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.
Economist Vicky Pryce, Senior Member of the BCC Economic Advisory Council, and speaker at our Big Economic Conference on 22nd November, commented that the BCC forecast shows the UK economy is continuing to “teeter on the edge of a recession” and therefore it will feel like a recession to many people.
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.
It sounds rather depressing on paper, but we should be used to it by now. After all over the past few years we have faced a global pandemic, war in Ukraine, a cost-of-living crisis and are dealing with the effects of climate change.
I go back to where I started in that we have built a positive business community in Staffordshire with the Chambers’ members at its heart. If we stay informed and continue to work together, we can get through a few more tough years capitalising on the opportunities from response to climate change, AI and new technology, improving transport infrastructure and reinvigorating our towns and cities.
Finally, a way in which you can get more involved and make business even better in your local area is by joining one of our local area advisory boards in either Stafford or the Staffordshire Moorlands
Nominations are currently open for dynamic, influential, and forward-thinking businesspeople to join the local area advisory boards where they represent their peers and are advocates for the Chambers and the private sector.
Board members are expected to attend up to five meetings per year. Meetings usually last for around two hours, discussion takes place on a range of business issues affecting the respective areas. The meetings also include a guest speaker.
Being a member of a local area advisory board provides a great opportunity to increase your local knowledge and to influence the local business landscape. Together with the Chambers, you will have the power to increase the prosperity of Staffordshire and the local community by forging outstanding connections and lobbying local authorities and the Government for a better business environment.
If you would like to get more involved in your local area, please email jade.holloway@staffordshirechambers.co.uk to receive your nomination form papers.
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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