On Thursday this week I attended the British Chambers of Commerce (BCC) Global Annual Conference in London with five of our patrons; LilaConnect; RSM; Staffordshire University; JPR Group and Newcastle & Stafford College Group.
After a turbulent few years, the conference was an opportunity for business leaders from the UK and around the world to come together and look to a more sustainable and responsible future.
There was a feel at the conference that none of us were here for platitudes and bland statements. We were to challenge and get frank answers on how business and government can work together to achieve stability, growth, and competitiveness.
Through thought-provoking discussions, talks and peer-to-peer sessions and networking, delegates were able to explore and debate how we can individually and collectively rise to the challenges ahead, with a particular focus on:
- PEOPLE – Developing talent now and for the future
- PLANET – Boosting a green global economy
- PROGRESS – Seizing new opportunities
Away from the sessions there was networking time for delegates and a showcase BCC’s dynamic network of UK and overseas Chambers and strategic partners.
In the opening keynote, BCC Director General Shevaun Haviland was in conversation with Chancellor of the Exchequer Rishi Sunak. Shevaun pressed Mr Sunak on how the government can improve support for businesses in these testing times. Lower taxes and less bureaucratic burden being priorities as well as keeping costs down to maintain competitiveness in a global market.
Shevaun Haviland spoke about the missed opportunity of the Chancellor’s Spring Statement. We saw some support for business, but the lack of a clear strategic direction meant it did not give clarity or confidence.
This must change as we are on limited time. The Government has until the autumn budget to reset, rethink, and get their house in order.
We all know that businesses are facing unprecedented challenges, exacerbated by the conflict in Europe, which follows a once-in-a-lifetime pandemic that literally brought life as we know it to a halt. Increasing cost of raw materials over last summer, supply chain and shipping issues, problems in recruiting people, and by this March spiralling energy prices.
Inflation is at a 40-year high, at over 9 percent and interest rates are climbing, dampening business confidence and retail sales are continuing their downward trend
This will all lead to an overall contraction in the economy over the next six months, with just 0.6% growth expected for the whole of 2023.
Next week the BCC will be publishing the findings from their Quarterly Economic Survey from the second quarter of this year. Early signs are that data is telling a bleak story. Less than half – only 43percent of firms, are expecting an increase in profitability in the next 12 months.
However, there is another side to this story that is often under-reported – business resilience. Business owners got through the pandemic using their ingenuity, taking tough decisions, and holding their nerve.
Now, again, in the face of difficult economic conditions, business leaders are showing entrepreneurial spirit – innovating, finding solutions, looking forward, and always holding on to an unfailing belief in their own business, even if they are losing faith in the environment around them.
The Chamber Network of which we are an integral part, exist to support our businesses, to keep speaking to Government and to keep working together to create the conditions for these businesses – your businesses – to thrive.
We have heard some inspiring speeches, and lively debate, unfortunately I don’t have space to list everyone, but Solange Chamberlain, COO of NatWest, former Irish President, Mary Robinson, international Trade Minister, Anne Marie Trevelyan, maths teacher and broadcaster Bobby Seagull, Andy Burnham, Mayor of Greater Manchester, and Mary Portas are a small sample who illustrate the depth of talent and knowledge at the conference.
One of the best takeaways was the views of year 10 students on the way they see the future. As the saying goes: “If you want to shape the future, ask the next generation about the present!”
After all, they will be running many of the businesses here today as well as the new businesses they will create.
And, as always, we need your views on any of the issues here so we can shape our ongoing representation to government. Please get in touch via the contact methods below.
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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