Latest updates and stories from Bedfordshire Chamber of Commerce and its Members

After a year that included a number of wasted opportunities, John Longworth, Director General of the British Chambers of Commerce, calls on ministers to make 2016 a year of action, with the ultimate aim of putting the UK economy on a strong and more sustainable footing.

The British Chambers of Commerce (BCC) has today downgraded its UK GDP growth forecast, from 2.6% to 2.4% in 2015, from 2.7% to 2.5% in 2016, and from 2.7% to 2.5% in 2017.

The British Chambers of Commerce (BCC) has upgraded its UK GDP growth forecast for the next three years, from 2.3% to 2.6% in 2015, 2.6% to 2.7% in 2016, and 2.6% to 2.7% in 2017. The principal driver for the leading business group’s forecast upgrade is stronger than previously expected growth in both the UK’s service sector and consumer spending.

Access to finance is still a barrier to exporting for UK firms, a report by the British Chambers of Commerce (BCC) has found. In its annual International Trade Survey, the BCC found that 60% of potential exporters cite general access to finance as a key factor in their plans to export goods or services.

The Bedfordshire Chamber of Commerce is delighted to announce that the fourth British Chambers of Commerce (BCC) International Trade Conference will take place on 3 November 2015, at the Grand Connaught Rooms, in London

The UK government has taken a number of positive steps to support British business in the first parliamentary session since the election - but there are some areas of serious concern that remain unaddressed, says the British Chambers of Commerce (BCC), one of the UK's largest and most influential business groups.

• The BCC's economic survey for Q2 2015 indicates continued UK economic growth, but highlights sharp differences between manufacturing and services.
• In services, the results remain broadly positive and signal growth.
• But in manufacturing, virtually all the key national balances recorded declines.

Ahead of the Chancellor’s Budget announcement on Wednesday 8 July, the British Chambers of Commerce (BCC) is urging the government to commit to rebuilding Britain’s infrastructure, bringing to an end our ‘make-do and mend’ culture.

The British Chambers of Commerce has downgraded its UK GDP growth forecast for 2015 from 2.7% to 2.3%, following weaker than expected growth at the start of the year. However, the BCC believes the slowdown is temporary and the prospects over the medium term remain steady, with GDP growth predicted to be 2.6% in 2016 and 2017.

Giving his reaction to the Queen’s Speech delivered today, John Longworth, Director General of the British Chambers of Commerce (BCC) said:

• Businesses stand firm on staying within the EU, but reforms are essential.
• John Longworth, BCC Director General says “whoever forms the next government must put EU reform at the top of the agenda”. It is vital that the next government sets their intentions to protect the United Kingdom against the prospect of being “in a club, where all the decisions are made by, and for, the Eurozone.”

Businesses who make the leap into international markets are reaping the rewards, according to an international trade survey being published today by the British Chambers of Commerce (BCC).

• BCC’s Quarterly Economic Survey is the first major economic indicator of the year, and is closely watched by the Bank of England and the Treasury.
• Manufacturing and services firms reported somewhat weaker Q1 results in most areas (including exports, domestic markets and investment), but this follows very strong findings in Q4 2014.

This year, the British Chambers of Commerce (BCC) is proud to be hosting its twelfth annual Chamber Awards.

Commenting on Budget 2015, delivered today by Chancellor of the Exchequer George Osborne, John Longworth, Director General of the British Chambers of Commerce (BCC), said:

• 58% of UK exporters believe their profitability will increase in the next 12 months
• The majority of exporting firms (81%) tried to recruit staff at the end of 2014
• John Longworth: ‘British exporters are rising to the challenge despite the uncertain global outlook.’

• The balances for businesses that tried to recruit staff were at an all-time high in Q4
• John Longworth says that businesses are well placed to grow in 2015, but their optimism may not last if ‘political point scoring’ outweighs sound economic policies during the election campaign

Commenting on the Autumn Statement, delivered today by the Chancellor of the Exchequer, John Longworth, Director General of the British Chambers of Commerce (BCC) said:

Today the British Chambers of Commerce (BCC) has published its Autumn Statement submission, calling on the government to introduce new measures to accelerate the progress of infrastructure projects that are critical to businesses, both locally and nationally.

• The BCC’s Workforce Survey highlights that businesses are optimistic about jobs and growth, but many are concerned that burdensome regulations could put this at risk
• More than half of firms (54%) expect to increase their workforce over the next 12 months and 59% have reported that average pay increased in line with or above inflation last year.

• BCC’s Quarterly Economic Survey is the first major economic survey of the quarter, and is closely watched by the Bank of England and the Treasury
• The results show that whilst the economy is still growing, it slowed in Q3. Manufacturing and export balances were down on the quarter.

Commenting on the outcome of the Scottish Referendum that Scotland will remain part of the United Kingdom, John Longworth, Director General of the British Chambers of commerce (BCC) said:

“The people of Scotland have spoken. Their historic decision to remain part of the United Kingdom will be a relief to many businesspeople and a disappointment to others, but it was a decision for the Scottish people alone to make.

BCC Business Manifesto calls for wide-ranging action from the next UK government to achieve a ‘more confident and more enterprising Britain’

• BCC publishes its latest EU Business Barometer to coincide with key appointments to top EU positions at the European Council meeting
• The results indicate a growing level of support for a renegotiated relationship with the EU
• Businesses want to remain in the EU, but with more powers transferred back to Westminster

• BCC upgrades 2014 GDP growth forecast from 3.1% to 3.2% - the highest growth rate since 2007
• Growth forecast for 2015 upgraded from 2.7% to 2.8%, but remains unchanged for 2016 at 2.5%
• First increase in official interest rates to 0.75% expected in Q1 2015
• GDP growth will continue at a strong pace of 0.8% in Q3 2014
• Exports of goods and services downgraded: from 1.9% to 0.8% for 2014, from 4.2% to 4.1% for 2015
• John Longworth: “We must ensure the stellar growth in 2014 is not a flash in the pan”

• BCC publishes the results of its international trade survey highlighting the untapped potential of service sector exporters in rebalancing the UK economy
• The BCC calls for action to tackle language, regulatory and funding barriers to encourage potential exporters to take their first step towards doing business overseas
• John Longworth: ‘If we can convert this untapped export potential into a reality, this could go a long way towards eliminating the overall trade deficit and rebalancing the economy.’

• BCC’s Quarterly Economic Survey is the first major economic survey of the quarter, and is closely watched by the Bank of England and the Treasury
• The results from 7,000 UK businesses are positive overall and point to continued economic growth
• Most key balances show falls in Q2 2014 when compared to the unusually strong Q1 figures
• For manufacturing and services, all the key Q2 balances are stronger than their long-term averages, and most are still higher than their 2007 pre-recession levels

Giving his reaction to the Queen’s Speech announced today, John Longworth, Director General of the British Chambers of Commerce (BCC) said:

This year, the British Chambers of Commerce (BCC) is proud to be hosting its 11th annual Chamber Awards ceremony. Businesses across the country are invited to take part and showcase their talents and achievements through a series of regional heats, culminating in the national final, which takes place in London on November 27th 2014.

BCC Quarterly Economic Survey: service sector exports at new all time high