The decision to raise the base rate to 3% comes as no surprise following the market turmoil caused by September’s mini-budget.
The Bank of England has laid down a clear marker that it intends to bring inflation down by placing further pressure on consumer demand.
But raising the interest rate is a very blunt instrument to control inflation that is largely the result of global factors, including soaring energy costs and supply chain disruption.
This is further bad news for businesses who find themselves trapped between rising costs of raw materials, energy and borrowing, and weakening consumer demand.
The Bank is now clearly indicating the UK economy is set for a prolonged recession. Chamber research shows that business confidence has been falling at an alarming rate over recent months, driven by runaway inflation.
But even as evidence of a recession mounts, cost pressures on businesses may yet continue as the energy price cap expires next April (See our event Building resilience for your business in a time of recession below).
With the Chancellor and Prime Minister both signalling that the Autumn Statement is likely to result in spending cuts and tax rises, businesses will be extremely worried about what the future holds.
It is crucial that the Government sets out a long-term plan that stabilises the economy and focuses on growth.
Glynn Jones, Deputy Agent, West Midlands and Oxfordshire for the Bank of England will be the guest speaker at our AGM on 30th November. The AGM is open to all Chamber members and you can book here: Staffordshire Chambers of Commerce Annual General Meeting – Staffordshire Chambers
More information on the Bank of England’s decision to raise interest rates can be found here.
This past week has been International Trade Week, highlighting all the support and guidance available to potential and seasoned exporters and importers, through the Chambers and The Department for International Trade.
At Staffordshire Chambers, every week is International Trade Week for our International Trade team who offer a complete solution to international trade operations – with award-winning guidance, documentation and declaration support from our expert team who have helped thousands of Staffordshire businesses to trade globally over many years.
Services on offer include export documentation, certificates of origin, EUR1s and attested invoices, customs declarations and a wide range of international trade training.
They also offer advice and guidance on any new legislation and systems such as registration with the new digital customs declaration system (CDS), to be able to import any products into the UK.
To find out more General international trade queries call the International Trade Centre team on 01782 224405 or email allison.tomlinson@staffordshirechambers.co.uk
Now, we may be into the last two months of 2022 but there are still plenty of great Chamber events with opportunities to network, showcase your business or just have fun.
Our next speed networking session takes place on 17th November at Commerce House. If you haven’t been to speed networking before you are in for a treat. It’s a chance to talk to over 40 other businesses in about an hour, presenting yourself and your business and making connections who can help you.
On 24th November you can boost your plans to protect your business at our seminar – Building resilience for your business in a time of recession.
With inflation soaring, interest rates rising and fuel bills increasing, planning is vital.
Chamber patrons and leading national law firm Freeths LLP will deliver an informative webinar giving practical tips on ways that businesses can best protect themselves during a recession.
The Staffordshire Skills Summit takes place on Friday 25th November with discussions around the new Local Skills Improvement Plan (LSIP) and an exclusive talk from Kelly Nicholls, the CEO of TechSkills. We now have a real opportunity to catalyse partnership across the skills and employability sector, and I would strongly urge anyone affected by skills shortages and wanting to have a say on the LSIP agenda to attend.
The event takes place at the brand-new Catalyst Building at Staffordshire University and breakfast is included.
Finally, our hugely-popular Chamber quiz, is back – this time with a festive twist. We’ll be hosting Quizmas with DJH Mitten Clarke on 6th December at Port Vale, finding out who’s the smartest Staffordshire enterprise as we welcome back guest host, Matt Hustwit of DJH Mitten Clarke.
Teams of up to six people can enjoy a two-course meal, charity raffle and put their general knowledge to the test.
I would urge early booking events to avoid disappointment. View our full range of events and book here: Events Archives – Staffordshire Chambers
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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