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

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

• BCC Director General, John Longworth will address the business group’s Annual Conference at the QEII Conference Centre, Westminster at 09.45am on Today
• Keynote speakers include: Rt Hon Philip Hammond MP; Rt Hon Michael Gove MP; Rt Hon Dr Vince Cable MP; Rt Hon Ed Balls  MP; Karren Brady; Theo Paphitis and chief executives of a range of UK businesses
• Media can register for a free press pass by contacting the press office Today, the British Chambers of Commerce (BCC) will hold its Annual Conference at the QEII Conference Centre in Westminster. 

• BCC upgrades GDP growth forecasts from 2.7% to 2.8% in 2014 and from 2.4% to 2.5% in 2015
• UK GDP expected to exceed  its pre-recession peak in Q2 2014 – one quarter earlier than we forecast in December
• The first increase in UK interest rates expected in Q3 2015 to 0.75%

• BCC predicts that wage growth will exceed inflation from mid-2014
• The youth unemployment rate is expected to remain almost three times the national average over the forecast period (2014 – 2016)

Confidence at record high among exporters but more support needed to reach £1trillion target, says BCC/DHL report

BCC Annual Conference 2014: Ed Balls, Theo Paphitis and Sir John Armitt join business leaders to discuss how to move the economy from Good to Great

BCC Economic Forecast: GDP to surpass pre-recession peak in second half of 2014

• Retail sales volumes fell 0.7% in October 2013, and were flat in the last three months
• Over the past year retail sales increased by 1.8%
• Annual inflation of goods sold in the retail industry was 0.7% in October, well below total CPI inflation

Commenting on the report published by the National Audit office today, Infrastructure investment: the impact on consumer bills, Adam Marshall, Director of Policy at the British Chambers of Commerce (BCC), said:

What's it like being an SME in Bedfordshire?  Make your voice heard by taking part in the Quarterly Economic Survey (QES).  The QES is is a highly respected survey of conditions for small and medium sized businesses.   Carried out every quarter by local Chambers on behalf of the British Chambers of Commerce, the survey is consulted by The Treasury and other central government departments.

• In the three months to September 2013, the unemployment rate was 7.6%
• In the three months to September 2013, unemployment fell by 48,000 and employment increased by 177,000
• Youth unemployment (16-24) fell 9,000 in the three months to September, but was still high at 965,000, and the jobless rate was 21%
• The claimant count fell 41,700 between September and October 2013

To mark the start of Export Week, the British Chambers of Commerce (BCC) has announced the launch of a new website designed to support businesses at every stage of their export journey. 

Today (Monday) marks the start of national Export Week, designed to celebrate the exporting successes achieved by UK firms, and to encourage more businesses to take their first step towards ‘going global’. Chambers of Commerce are the largest private sector providers of international trade services in the UK, and are committed to helping businesses find new markets and trade the world. 

Commenting on today’s interest rate decision, announced by the Bank of England’s Monetary Policy Committee, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

• Manufacturing output rose 1.2% between August and September 2013, while total production increased by 0.9%
• In the three months to September 2013, manufacturing output rose 0.9% over the previous three months, but when compared with a year earlier, there was only a minimal increase (0.1%)

• In September 2013, public sector net borrowing, excluding effects of financial interventions, was £1bn lower than in September 2012
• In the first six months of the current financial year, cumulative borrowing on a comparable basis was £5.9bn lower than in the corresponding period of the last financial year
• In September 2013, public sector net debt, excluding effects of financial interventions, was 75.9% of GDP