Norwich Economic Business Breakfast 2017
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Delegates joined us at The Open, Norwich to hear about the economic climate of Norfolk and to network over breakfast.
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Norwich Economic Business Breakfast 2017
- 1. Good morning! Sponsored by: Event Featured Charity:
- 2. Welcome Chris Sargisson CEO Norfolk Chamber of Commerce Sponsored by: Event Featured Charity:
- 3. Sponsored by: Tweet us at @norfolkchamber #NorwichBusinessBreakfast Event Featured Charity:
- 4. Upcoming Events B2B Exhibition 2017 NCFC - Thursday, 12 October, 2017 -10:00 to 16:00
- 5. South Norfolk Business Breakfast Barnham Broom Hotel - Thursday, 26 October, 2017 -08:00 to 10:00 Upcoming Events
- 6. Sponsor Welcome Stephen Drake Managing Director Sponsored by: Event Featured Charity:
- 7. Networking Ice Breaker Introductions and ‘Name the Currency’ Sponsored by: Event Featured Charity:
- 8. Breakfast Time! Sponsored by: Event Featured Charity:
- 9. The SME in the Norfolk Economy Jonathan Cage Managing Director, Create Consulting & President of Norfolk Chamber Sponsored by: Event Featured Charity:
- 10. QUARTERLY ECONOMIC SURVEY NATIONAL QUARTERLY SURVEY OF CHAMBER MEMBERS ON AVERAGE 7400 MEMBER COMPANIES RESPOND EAST OF ENGLAND 9% OF RESPONDENTS NORFOLK CHAMBER OF COMMERCE 3% OF RESPONDENTS UK WIDE RESULTS REPORTED FOR SERVICE SECTOR AND MANUFACTURING RECOGNISED AS ONE OF THE LARGEST AND MOST INFLUENTIAL BUSINESS SURVEYS BY GOVERNMENT
- 11. UK economic growth now more subdued… Source: BCC
- 12. …cost pressures still a concern… PENSIONS AUTO-ENROLMENT EXCHANGE RATE APPRENTICESHIP LEVY INSURANCE PREMIUM TAX BUSINESS RATES INCREASE IN NATIONAL LIVING WAGE Source: BCC
- 13. …higher inflation dampening activity… Source: ONS -3 -2 -1 0 1 2 3 4 May-Jul2012 Jul-Sep2012 Sep-Nov2012 Nov-Jan2013 Jan-Mar2013 Mar-May2013 May-Jul2013 Jul-Sep2013 Sep-Nov2013 Nov-Jan2014 Jan-Mar2014 Mar-May2014 May-Jul2014 Jul-Sep2014 Sep-Nov2014 Nov-Jan2015 Jan-Mar2015 Mar-May2015 May-Jul2015 Jul-Sep2015 Sep-Nov2015 Nov-Jan2016 Jan-Mar2016 Mar-May2016 May-Jul2016 Jul-Sep2016 Sep-Nov2016 Nov-Jan2017 Jan-Mar2017 Mar-May2017 May-Jul2017 % UK Real Earnings Growth Real earnings growth Annual earnings growth CPI inflation
- 14. …drop in sterling failing to lift UK growth… Source: ONS -17 -15 -13 -11 -9 -7 -5 -3 -1 1 3 2007Q2 2007Q4 2008Q2 2008Q4 2009Q2 2009Q4 2010Q2 2010Q4 2011Q2 2011Q4 2012Q2 2012Q4 2013Q2 2013Q4 2014Q2 2014Q4 2015Q2 2015Q4 2016Q2 2016Q4 2017Q2 Billions£ UK's Net Trade Position
- 15. … on Brexit: no support from business for ‘no deal’ Source: BCC
- 16. …BCC forecast prolonged period of ‘subdued’ growth 2016 2017 2018 2019 GDP 1.8% 1.6% 1.2% 1.4% Household Consumption 2.8% 1.5% 0.8% 1.3% General government 0.8% 1.1% 1.1% 0.9% Investment 0.5% 1.6% 0.7% 1.1% of which: Business Investment -1.5% 0.4% 0.8% 0.9% Exports 1.8% 3.1% 2.9% 2.8% Imports 2.8% 2.9% 1.5% 2.0% CPI inflation 0.6% 2.7% 2.9% 2.5% Average earnings 2.3% 2.4% 2.5% 2.8% Interest rates (Q4)* 0.25 0.25 0.50 0.75 BCC Economic Full Forecast (Annual % change) Source: BCC
- 17. UK economic conditions more challenging for consumers and business Inflation and uncertainty to weigh on growth Business wants a practical and pragmatic Brexit Govt can’t solely focus on Brexit, other longstanding issues still outstanding 17 …so in summary:
- 18. SO WHATS IT LIKE BEING A SME IN NORFOLK I
- 19. Who are Create • Multi-Disciplinary Engineering Consultancy • Offices in Norwich, London, Chelmsford and Glasgow • Trading since February 2009 • Rapid Business Growth in the Recession • Good Financial Position • Broad and Diverse Client Base
- 20. Create Challenges • Strong Order Book • Retaining and Attracting New Staff • Pressure on Salary Levels • Fee levels Suppressed • Aged Debt and Prompt Payment • Offices and Premises. • Changing Legislation, Data, Pensions, Cyber
- 21. Create Opportunities • Quality Business Space • Practical, Reliable Support • Improved Infrastructure • Digital Connectivity • Inward Investment • Marketing Norfolk
- 22. Create Future • Short Term Exciting • Long Term Uncertain • Hard Work and Longer Days • Wonderful Opportunity • Growth and Expansion • Cautiously Optimistic.
- 23. What’s our ambition for the economy of the East? Doug Field Chairman, New Anglia Local Enterprise Partnership Sponsored by: Event Featured Charity:
- 24. What’s our ambition for the economy of the East? Doug Field Chairman, New Anglia Local Enterprise Partnership @NewAngliaLEP #NorwichBusinessBreakfast
- 25. @NewAngliaLEP
- 26. £3.3m from Growth Deal for International Aviation Academy - Norwich
- 27. @NewAngliaLEP
- 28. @NewAngliaLEP
- 30. @NewAngliaLEP
- 31. @NewAngliaLEP
- 32. @NewAngliaLEP
- 33. @NewAngliaLEP The place where high growth businesses with aspirations choose to be. An internal facing economy with high value exports. A high performing productive economy. AMBITIONS
- 34. A well connected place. A centre for the UK’s clean energy sector. @NewAngliaLEP An inclusive economy with a highly skilled workforce. A place with a clear, ambitious offer to the world. AMBITIONS c
- 35. @NewAngliaLEP
- 36. @NewAngliaLEP
- 37. @NewAngliaLEP
- 38. @NewAngliaLEP
- 39. @NewAngliaLEP
- 41. Q&A Sponsored by: Event Featured Charity:
- 42. Thank you, see you again soon! Norfolk Chamber AGM • The Crown Suite • Registration at 10am • Through doors to right of stage and upstairs
Notes de l'éditeur
- Exchange rate – roughly 20% depreciation since the EU Referendum vote. Increasing prices at the factory gate – particularly for companies locked into contracts priced in Euros or Dollars. Insurance premium tax – standard rate increasing from 10% to 12% on June 1st Business rates – new bills from 1st April: some businesses (especially in large premises and the South of England faced big increases. These could be compounded if retail price inflation reaches nearly 4% in September as the OBR expects) Apprenticeship Levy – if your pay bill is above £3m per year then you are levied at 0.5% of your pay bill. Most companies do not expect to recoup the benefits in training subsidies Pensions auto-enrolment – the remainder of the UK business population will be ‘staged-in’ over this year – some from April 1st NLW – to increased from £7.20 to £7.50 for 25+ from April 1st
- Exchange rate – roughly 20% depreciation since the EU Referendum vote. Increasing prices at the factory gate – particularly for companies locked into contracts priced in Euros or Dollars. Insurance premium tax – standard rate increasing from 10% to 12% on June 1st Business rates – new bills from 1st April: some businesses (especially in large premises and the South of England faced big increases. These could be compounded if retail price inflation reaches nearly 4% in September as the OBR expects) Apprenticeship Levy – if your pay bill is above £3m per year then you are levied at 0.5% of your pay bill. Most companies do not expect to recoup the benefits in training subsidies Pensions auto-enrolment – the remainder of the UK business population will be ‘staged-in’ over this year – some from April 1st NLW – to increased from £7.20 to £7.50 for 25+ from April 1st
- Exchange rate – roughly 20% depreciation since the EU Referendum vote. Increasing prices at the factory gate – particularly for companies locked into contracts priced in Euros or Dollars. Insurance premium tax – standard rate increasing from 10% to 12% on June 1st Business rates – new bills from 1st April: some businesses (especially in large premises and the South of England faced big increases. These could be compounded if retail price inflation reaches nearly 4% in September as the OBR expects) Apprenticeship Levy – if your pay bill is above £3m per year then you are levied at 0.5% of your pay bill. Most companies do not expect to recoup the benefits in training subsidies Pensions auto-enrolment – the remainder of the UK business population will be ‘staged-in’ over this year – some from April 1st NLW – to increased from £7.20 to £7.50 for 25+ from April 1st
- Exchange rate – roughly 20% depreciation since the EU Referendum vote. Increasing prices at the factory gate – particularly for companies locked into contracts priced in Euros or Dollars. Insurance premium tax – standard rate increasing from 10% to 12% on June 1st Business rates – new bills from 1st April: some businesses (especially in large premises and the South of England faced big increases. These could be compounded if retail price inflation reaches nearly 4% in September as the OBR expects) Apprenticeship Levy – if your pay bill is above £3m per year then you are levied at 0.5% of your pay bill. Most companies do not expect to recoup the benefits in training subsidies Pensions auto-enrolment – the remainder of the UK business population will be ‘staged-in’ over this year – some from April 1st NLW – to increased from £7.20 to £7.50 for 25+ from April 1st
- Exchange rate – roughly 20% depreciation since the EU Referendum vote. Increasing prices at the factory gate – particularly for companies locked into contracts priced in Euros or Dollars. Insurance premium tax – standard rate increasing from 10% to 12% on June 1st Business rates – new bills from 1st April: some businesses (especially in large premises and the South of England faced big increases. These could be compounded if retail price inflation reaches nearly 4% in September as the OBR expects) Apprenticeship Levy – if your pay bill is above £3m per year then you are levied at 0.5% of your pay bill. Most companies do not expect to recoup the benefits in training subsidies Pensions auto-enrolment – the remainder of the UK business population will be ‘staged-in’ over this year – some from April 1st NLW – to increased from £7.20 to £7.50 for 25+ from April 1st
- Good morning. Thank you all for making the early start to be here, and to the Chamber for giving me the opportunity to speak with you all. For those of you who don’t know, my name’s Doug Field and I’m the Chairman of New Anglia Local Enterprise Partnership. The LEP’s Board - made up of business, local authority and education leaders – works to grow our economy, create jobs and improve productivity here in the East. What's the story / key message? That economics matters, and by extension that the Economic Strategy can make a difference to businesses attending and to society What do you want your audience to know? More detail than they might already on the ES, and how they fit into it How do you want them to feel? As though they’re part of the process What do you want them to do? Call to action? Become better acquainted with the ES, consider it theirs and use it in future decision making.
- We have a £290 million Growth Deal with Government, with which we’re supporting businesses large and small, directly contributing to the creation of more than 2,200 new jobs in our two counties.
- And we’re investing in skills and infrastructure to break down the barriers to achieving economic growth. The International Aviation Academy-Norwich is just one example of a project in which we partnered with local authorities, Norwich Airport, KLM UK, City College Norwich and UEA to deliver something really unique to Norfolk.
- We cover Norfolk and Suffolk – and given that we’re only a fortnight away from one of these (slide) it’s important to note that we don’t recognise the border to quite the same extent as some others.
- I’m sure you’ve all heard someone you know use the phrase “I don’t do politics”. Or perhaps “I don’t really get economics” – particularly annoying if your background is in accounting and finance… If any period in recent history has forced us all to break out of that comfort zone, it’s this one.
- Believe it or not, it’s still less than 18 month since the UK voted to leave the European Union. Since then America has elected a new President, we’ve had our own general election here in the UK and Brexit negotiations have begun.
- It’s in that context that, over recent months, we’ve been working with our partners in business, local government and education on a new Economic Strategy for Norfolk and Suffolk. So, why have we done this? What use are more words? The change we are living through change brings with it opportunities. We need to actively look for those opportunities and come up with a robust plan to maximise them. Only by doing this can we make sure our two counties are in the best place possible to take advantage. Our Strategic Economic Plan, published in 2014, set targets for creating jobs, new businesses and generating private investment. Our region’s success – your success – means for some time now it’s been clear that we need to set ourselves new targets, ambitious but achievable in their aims, more narrative in their nature and broader in their scope.
- So where to start? With a robust evidence base – probably the most comprehensive ever compiled for Norfolk and Suffolk, produced in collaboration with a range of partners and taking in demography, skills, earnings and productivity, sectors, trade and investment and housing and infrastructure among many other areas of research – making sure we understand our economy in detail, how it works and is changing. We are a £36 billion economy, with 61,000 businesses. Since 2010 our economy has grown by 9%, faster than the Northern Powerhouse for example.
- Our employment rate is also higher than the national average – but that only tells part of the story. Our productivity, and the rate it’s increasing, fall below the average.
- We have set challenging but achievable ambitions, based on the comprehensive evidence we now have, to describe the place and economy we want Norfolk and Suffolk to be: The place where high growth businesses with aspirations choose to be. A high performing productive economy. An international facing economy with high value exports.
- We have set challenging but achievable ambitions, based on the comprehensive evidence we now have, to describe the place and economy we want Norfolk and Suffolk to be: • A well-connected place. • A centre for the UK’s clean energy sector. • An inclusive economy with a highly skilled workforce. • A place with a clear, ambitious offer to the world.
- We have identified the key sectors that drive our economy and will help deliver these ambitions – not just through ploughing their own furrow, but through cross-sector opportunities that will make our economy fitter and faster to react to changing circumstances. ENERGY Global all energy expertise with 50 years expertise in the oil and gas sector, nuclear new build, and the world’s largest windfarms in development off our coastline with globally competitive renewables supply chain and support industry. LIFE SCIENCES AND BIOTECH International expertise in the field of food, health and the microbiome, an advanced cluster of animal health and emerging pharmaceutical manufacture on the Cambridge Norwich Corridor. ICT, TECH AND DIGITAL CREATIVE Centred around Norwich’s fastgrowing digital creative hub and the world-leading centre of innovation in communications technology at Adastral Park and Innovation Martlesham near Ipswich. We are at the forefront of digital innovation, with strengths in telecoms, cyber security, quantum technology, Internet of Things and UX design, with business coming together under the Tech East brand. ADVANCED AGRICULTURE, FOOD AND DRINK Home to an advanced and nationally significant farming sector, alongside globally renowed food and drink companies, and a worldleading research base centred at Norwich Research Park (NRP). FINANCIAL SERVICES AND INSURANCE One of the largest financial services and insurance clusters in Europe, with growing start up financial service businesses building on a heritage going back 200 years. VISITOR ECONOMY –TOURISM, HERITAGE AND CULTURE A varied and rich tourist offer, from coast and countryside, postcard market towns, underpinned by a dynamic and pioneering cultural sector boasting internationally celebrated brands and festivals. TRANSPORT, FREIGHT AND LOGISTICS The UK’s largest container port at Felixstowe on the premier EU/ Asia route and the UK’s largest exporter of grain at the port of Ipswich. CONSTRUCTION AND DEVELOPMENT Norfolk and Suffolk have a large and diverse construction and development sector, Europe’s largest Urban extension in Broadland and emerging specialisation in Passivhaus and sustainable design. ADVANCED MANUFACTURING AND ENGINEERING Including national expertise in automotive, civil aviation, composites and pharmaceuticals. “Many of our growth opportunities involve collaboration and partnership between firms in different sectors”
- We’ve agreed the themes under which we are going to prioritise action and investment: • Our offer to the world – to speak with one voice about our inward investment and visitor offer, attract the highly skilled people we need and build the housing and infrastructure to help us grow. • Driving Business Growth and Productivity - increasing investment, driving productivity and helping our firms move into new markets and products. • Driving Inclusion and Skills – by prioritising capital investment, the support of business leaders and the delivery of our Youth Pledge • Collaborating to Grow – working between public and private, across sectors and with other regions to reach new markets and achieve growth • Developing Competitive Clusters close to Global Centres – it sounds a bit like corporate speak, but in fact right here in Norwich we have a great example of what this means.
- Within five miles of where we are today we have Norwich Research Park, a global centre of expertise in life sciences and Agri-tech with world renowned names like the John Innes Centre and the soon to be completed Quadram Institute – breathtaking in its scale and ambition. We have the site of the Greater Norwich Food Enterprise Zone, ready and waiting to offer tenants a simplified planning procedure and create a cluster of expertise and mutual benefit in the food and drink industry. And we have Easton & Otley College and the Royal Norfolk Showground nextdoor too. If you’re a start-up, a business looking to grow, expand or push into new markets, or an existing producer looking to relocate, why would you want to be anywhere else?
- And we’ve identified Economic Indicators and set targets to measure success and drive delivery – on GVA, new homes, job creation and productivity as you might expect – but also on inclusive growth as measured by employment rates, wages and skills. We need everyone to help achieve our ambitions, and we want everyone to reap the rewards Making it happen Implementation will be delivered and driven through a series of action plans covering each element of the strategy. These will be supported by the evidence base, a common investment prioritisation tool, a shared approach to inclusive growth. We will measure and review progress with all partners annually. This strategy will not be delivered by one partner alone or by one strand of investment or actions. The ambitions and priorities we have agreed provide the direction and strategic case for a wide range of partners to develop their own plans and interventions that contribute to achieving our shared ambitions.
- I’ve use the word ‘we’ advisedly throughout this outline – I can’t stress enough just how much this has been a collaborative process, with business leaders and business groups, with officers and councillors from our two county councils and each one of our district and borough councils, from colleges and universities and representatives from our key sectors. This is an Economic Strategy for all of Norfolk and Suffolk – ours to own and ours to achieve. So when do we start? When do we get down to the nitty gritty? Well, of course, we already started. But the key to this Strategy is that it gives us focus. No decision is ever made without context – and we hope that’s what this Strategy gives.
- The real hard work starts here – and it will only be with continued collaboration that we achieve our ambitions for growth, job creation, improved productivity and prosperity for the next generation. The full Strategy – and an Executive Summary – are available to read on the New Anglia website now. Many of you in this room have played a key role in shaping the strategy. Many of you have already endorsed it. I’d urge everyone to read it, and consider how it aligns with your needs and your ambitions for the future – for your own business and for the East. Thank you. What's the story / key message? That economics matters, and by extension that the Economic Strategy can make a difference to businesses attending and to society What do you want your audience to know? More detail than they might already on the ES, and how they fit into it How do you want them to feel? As though they’re part of the process What do you want them to do? Call to action? Become better acquainted with the ES, consider it theirs and use it in future decision making.