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“The latest QES results show steadily growing confidence among UK SMEs, particularly compared to this time last year, when the UK was beset by a significant energy price shock and political instability. “However, while it’s likely the UK will avoid a technical recession, these results provide more evidence of a very low growth climate as most SMEs continue to report no improvement to sales, cash flow, or investment. “The data also reveal the disproportionate impacts of economic shocks on different types of businesses. Manufacturers, for example, are more likely to be exposed to the trade barriers established with Europe, while many firms in the retail and hospitality sector are reporting recessionary conditions.”
David Bharier, Head of Research, British Chambers of Commerce
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The BCC is calling on the Chancellor to use his Spring Budget to relieve cost and recruitment pressures on business. It follows the release of new research which reveals the struggles firms face at the start of 2023.
Among the findings from the survey, of more than 1,000 companies, are:
The survey backs up findings from the BCC’s most recent Quarterly Economic Survey of more than 5,000 companies which found business confidence remains at Covid-crisis levels.
It found that only one in three (34%) businesses believed their profits will increase over the coming year, and more (36%) expected a decline. While a quarter of firms reported a decrease in sales in the last quarter of 2022, with hospitality firms the least likely to report improvements.
Commenting on the findings, Shevaun Haviland, Director General of the BCC, said:
“This snapshot of the state of play for business at the start of 2023 sets out exactly why the Chancellor must act in his budget to fuel investment in the UK.
“We know we have a tough year ahead. With costs piling up on their doorsteps and so much uncertainty on Government policies, there is currently little incentive for firms to risk either their dwindling cash reserves or fresh loans on new projects.
“Firms know that the UK’s finances are tight, but the Chancellor needs to show more faith in the ability and talent of our businesses.
“If they can see the Government is prepared to back them, by taking action on childcare, energy costs, green funding and investment, then the future could soon look a lot rosier and greener.”
The BCC has set out four key areas where the Chancellor must act in the budget if businesses are to make headway in bolstering the economy in 2023.
These are:
• Unlocking talent and easing pressure in the labour market by making childcare more affordable for cash-strapped parents and guardians
• Boosting the UK’s start-ups by further reforming the business rates system to remove the upfront financial squeeze they face
• Setting a framework for Solvency II investment that helps direct funds to where they can have the most impact, leveraging the opportunities of green innovation
• Funding to help businesses become greener and more energy efficient
The BCC’s four non-negotiables form part of its wider budget submission to the Treasury. It contains a list of 24 recommendations for the Chancellor that could create the conditions businesses need to power the UK’s economic recovery.
With more than 160 years of experience in the world of trade we know that once you open the door to overseas exports then the possibilities for expansion are endless. That’s why we want to build a business community in the United Kingdom where more than half of firms export. Our Chamber Network already does that, and we want to help thousands more do it too. That is why we have published a new Trade Manifesto.
New figures coincide with Business and Trade Secretary’s visit to Mexico, where she is progressing a modernised UK-Mexico deal and promoting the UK’s accession to CPTPP.
Business and Trade Secretary Kemi Badenoch has welcomed new figures showing UK services exports reached record highs, adding that they ‘cement the UK’s position as a global services superpower’.
The trade data released by the Office for National Statistics today (Friday 10th February) shows that UK services exports reached record highs in 2022, totalling £397 billion.
In current prices, it means an increase of 20% compared to 2021, and up 23% on exports in 2018.
The UK is the second biggest services exporter in the world – behind only the US, and the services sector contributes around 80% of the UK’s GDP. Today’s results show the UK is contributing to a growing global sector, with service sectors across the world expected to account for 28% of global trade by 2030 – up from 25% in 2019.
The Business and Trade Secretary welcomed the news on day two of her visit to Mexico, where she is using high level talks with Mexican cabinet counterparts to secure benefits for thousands of UK firms by locking in expansive services provisions as part of a new, modern UK-Mexico trade deal.
Alongside an upgraded bilateral deal, the Business and Trade Secretary is in Mexico to promote the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Mexico is a member.
Joining CPTPP will secure enhanced market access, predictability, and transparency for UK service suppliers who exported £30bn worth of services to CPTPP countries in 2021. Modern trade agreements like CPTPP, that set ambitious rules for trade in services between members, are vital for UK companies looking to maximise opportunities to grow their businesses across both sides of the Pacific.
Business and Trade Secretary Kemi Badenoch said:
These new figures are a trade success story and cement the UK’s position as a global services superpower.
Services are the lifeblood of our economy, employing over 8 in 10 of our workforce. To see services trade reaching these heights is a firm reminder of the resilience of our strong services economy and shows significant progress in our race to export over a trillion pounds of British goods and services a year by 2030.
I’ll be using my talks with Mexican politicians and UK businesses operating in Mexico to make the case for a revamped UK-Mexico trade deal which will significantly increase export opportunities, and boost jobs around the UK.
Latest figures show the UK exports over £1bn worth of services to Mexico, a 30% increase in current prices on the previous year. A more modern, forward looking ‘Mexico 2.0’ deal could boost this even further, unlocking export opportunities for SMEs and the UK’s digital and services industries.
UK businesses who would benefit from modernised services rules between both countries range from British bank HSBC, currently the fifth largest bank in Mexico, to Pearson Education, whose products and services include world-renowned academic qualifications, digital content, assessments and data.
Notes to editors:
Several sectors have contributed to today’s figures, including travel and professional business services, which include professional and management consulting services such as legal, architectural and research and development services. With 62% of UK professional business services jobs and 59% of businesses located outside of London and the South East, the services sector has maintained its position as a key contributor to Levelling Up and to future regional economic development.
References
Commenting on the Government’s overhaul of the UK’s audit regime, Suren Thiru, Head of Economics at the BCC, said:
“The focus on making improvements to the audit industry is a positive step, particularly with the issues raised after a number of high-profile company collapses. However, government and regulators must tread carefully to avoid unintended consequences, including adding to the already onerous cost burden on firms and undermining the UK’s global reputation as great place to do business.”
Genral info on the Covid-19 situation and the support for business and employees in UK.
Great overview of the different relief packages and how, as a business professsional, to obtain them.
General information from the Danish Authorities
More in-depth health information on Covid-19, with a good FAQ.
As the month of February drew to a close, we welcomed Danish Minister for Industry, Business and Financial Affairs Brian Mikkelsen to speak at an Executive Breakfast Brief. The event was hosted by our members NJORD Law Firm at their premises in the centre of Copenhagen, which provided a fantastic setting for the speech from the Minister.
Photos (L-R): NJORD Law Firm’s Partner Ulrik Fleischer welcoming guests and Brian Mikkelsen addressing the audience
The audience contained representatives from a range of British Chamber members, and H.E the British Ambassador to Denmark was also present. Brian Mikkelsen spoke about why the UK is one of Denmark’s most important trading partners, emphasizing historical and cultural ties which are so important to the close relations. He shared personal stories and his own feelings about political trends of recent years.
He also highlighted various initiatives which the Danish Government are rolling out, referring to the Green Economy, Digital Transformation and Disruption in particular. The event also provided executives from British Chamber members with the opportunity to put their questions to the Minister following the end of his speech. Mr Mikkelsen handled questions from the floor on a range of issues, before having to excuse himself due to an appointment with the Danish Queen.
On Friday the 14th of June, not only is it the Hard Rock Cafe’s birthday, marking 48 years Rockin’ Worldwide, but they are throwing a Legendary party to celebrate the launch of a new menu.
The new menu features Boozy Milkshakes, Steak Burgers and various vegetarian options.
This is an Open House event, so you are welcome to come by at any time.
The Hard Rock vibe will be settled with Live Music from 16:00 until 23:00.
There will be special discounted prices on a range of drinks from the bar, as well as food from the menu. For more details, see here.
We are delighted to announce that Citelum has become the latest member of the British Chamber of Commerce in Denmark. Citelum is a global organisation that is not only dedicated to managing and renewing public lighting in towns and cities, but takes a leading role in the development of Smart Cities. As a subsidiary of the EDF Group, the company is active in 14 countries, employing around 2,600 people, based mainly in Europe and North and South America.
In June 2017 we had the pleasure of hosting Citelum Denmark’s CEO Matthew Nunn to speak at our conference, titled “The Age of Sustainable Innovation”. The conference explored how businesses can leverage the UN Sustainable Development Goals to support innovation and growth. Mr Nunn participated in a panel debate on aligning the goals of businesses, consumers and regulators.
Welcome to BCCD, to Matthew and Citelum, we look forward to working with you.
We are proud to announce that Gorrissen Federspiel has become the latest member of the British Chamber of Commerce in Denmark. Gorrissen Federspiel is a leading Danish law firm with a strong international footprint.
In June 2017 we had the pleasure of hosting Citelum Denmark’s CEO Matthew Nunn to speak at our conference, titled “The Age of Sustainable Innovation”. The conference explored how businesses can leverage the UN Sustainable Development Goals to support innovation and growth. Mr Nunn participated in a panel debate on aligning the goals of businesses, consumers and regulators.
Welcome to BCCD, to Matthew and Citelum, we look forward to working with you.
St George’s Dinner
The Royal Society of St George – Denmark Branch
Patron: The Queen
St George’s Dinner: Saturday 23rd April 2016
The Royal Society of St George established a branch in Denmark during 2014, with the inauguration certificate being issued on the 1st of November 2014. The Society was originally founded in England in 1894. Our first Royal Patron was Queen Victoria, and all Monarchs since have been Patron to the Society. Her Majesty Queen Elizabeth the Second bestowed the notable honour by granting the Society its own Royal Charter in 1963. We are a non-profit, non-political and non-religious organisation, though we do recognise very much the fact that The Queen is our patron. The society invites people of all walks of life to join us, to further promote Englishness and our culture in a social and fun manner. But we also seriously remember from time to time those who are no longer able to be with us, and who fought for our freedoms.
The first major function and event hosted by the Society here in Denmark was the St George’s dinner, held on St George’s Day (also considered the English National Day) and included a full English gala dinner at the Peter Liep’s Hus in Dyrehaven. The dinner was to celebrate St George’s day, but also The Queen’s 90th Birthday, 400 years since the passing of Shakespeare and (in just a few months) the first centenary of the Battle of Jutland. The evening commenced with a march in of the Helsingor Girl Band and a reception drink of Kir Royal before processing through for dinner. Not only were we provided with a superb roast beef dinner – we enjoyed fantastic Yorkshire puddings. A Yorkshire pudding is in fact savoury, and goes so deliciously with thick flavoursome gravy! The starter was a wild boar terrine; English Stilton cheese and Cheddar was served after dinner; the desert was a chocolate fondant. Sixty two guests attended, with the Guest of Honour being the Canadian Ambassador Andre Francois Giroux and his wife Nathalie. I understand that they had only had Yorkshire puddings once previously – which were not as good as the ones at this dinner. As the Ambassador commented, the evening passed off in such a typically British fashion!
The evening also saw Benni Chawes provide two slots of musical entertainment, with a taster of his musical talent and brilliance. During the evening both National Anthems were played, including toasts to both our Majesties. Land of Hope and Glory was sung with much gusto and merriment towards the end of the evening!
Several companies helped in sponsoring and supporting our event, for which we are ever grateful, and the British Chamber of Commerce in Denmark was instrumental in introducing the Society to many of the supporters. Without all of their support such events are impossible to perform, and this helps to fly the flag in a social and festive way. A raffle (Danes know this as a lottery) was held, raising over DKK 6,500/- for the Children’s Cancer Foundation here in Denmark. We will be holding this dinner annually and look forward to next year!
Should anyone wish to join the Society, please feel free to contact the President on:rsgdenmark@gmail.com
BCCD Golf Tournament 2014
On Wednesday 3rd September 2014, the British Chamber of Commerce in Denmark held its annual Golf Event.
With around 45 participants, both experienced Handicapped Players and Beginners, the event was held at the wonderful Ledreborg Palace Golf Course close to Roskilde. This course, designed by Sir Nick Faldo, provided a challenging but enjoyable golfing experience for players of all handicaps. The Ledreborg course, set in stunning nature is augmented by the tremendous facilities of a modern club house with top of the range facilities for golfers and beginners alike.
Our day began with a welcome from Mariano Davies, BCCD’s President and Peter Bjulf Gindrup, Golf Manager, who outlined the format for the day and wished all players the best of luck on this championship course. During his introduction, Mariano thanked our main Sponsor, BMW for their generous sponsorship of 1 week access to a new BMW 4 series Grand Coupé for the first player to achieve a “Hole in One” on hole 17.
After a short practice session, the teams set off on a 5 hours trip of intensive golf. In parallel the beginners started off with expert coaching and set off on to the practice range followed by their own tournament on Ledreborg’s Par 3 course. This was followed by an interesting tour of Ledreborg Palace.
At the end of both tournaments the teams regrouped at the Club House for lunch and the award of prizes. Sadly, no one achieve the “hole in one”.
However, in total 8 prizes where won on the day:
Best Individual Player; Ulrik Fleischer-Michaelsen, Partner Bird & Bird
Runner up: Peter Stakemann, Attorney at Law, Stakemann
Winner Womens Competetion: Sharon Garde-Due, Partner, Your Danish Life Magazine
Winner Beginners Tournament: Arne Riis, Partner, Bech-Bruun
Longest Drive: Niels Agger-Nielsen, Vida Byg
The rest of our sponsored prizes were handed out in a scorecard surprise lottery. We are extremely grateful to all who sponsored our prizes:
· 71% of exporters say EU trade deal is not enabling them to grow or increase sales
· Only 1 in 8 exporters think it is helping them grow or increase sales
· Majority think it has pushed up costs, increased paperwork and delays, and put the UK at a competitive disadvantage.
New research* carried out by the British Chambers of Commerce of more than 1,000 businesses has highlighted a host of issues with the UK’s trade deal with Europe. The BCC believes urgent steps should be taken to address these problems so the UK Government’s ambition to increase the number of firms exporting can be met.
Overall, just 8% of firms agreed that the Trade and Co-operation Agreement (TCA) was ‘enabling their business to grow or increase sales’, while 54% disagreed. For UK exporters 12% agreed that the TCA was helping them while 71% disagreed.
When asked to comment on the specific advantage (for those that agreed) or disadvantage (for those that disagreed) of the trade deal, 59 firms identified an advantage, while 320 cited a disadvantage.
Of the 59 comments received on the advantage of the TCA, firms said:
· It had allowed some companies to continue to trade without significant change
· It had encouraged firms to look at other global markets
· It had provided stability to allow firms to plan.
Of the 320 comments received on the disadvantage of the TCA, firms said:
· It had led to rising costs for companies and their clients
· Smaller businesses did not have the time and money to deal with the bureaucracy it had introduced
· It had put off EU customers from considering UK goods and services – due to the perceived costs and complexities.
This follows BCC research in October 2021, which found that 60% of exporters were facing difficulties adapting to the changes from the TCA on goods trade, while 17% found the changes easy.
Reacting to the findings, William Bain, Head of Trade Policy at the BCC, said:
“This is the latest BCC research to clearly show there are issues with the EU trade deal that need to be improved. Yet it could be so different. There are five relatively simple steps that UK and EU policymakers could take to ease the burden placed on businesses struggling with the trade deal.
“Nearly all of the businesses in this research have fewer than 250 employees and these smaller firms are feeling most of the pain of the new burdens in the TCA.
“Many of these companies have neither the time, staff or money to deal with the additional paperwork and rising costs involved with EU trade, nor can they afford to set up a new base in Europe or pay for intermediaries to represent them.
“But if both sides take a pragmatic approach, they could reach a new understanding on the rules and then build on that further.
“Accredited Chambers of Commerce support the UK Government’s ambition to massively increase the number of firms exporting. If we can free up the flow of goods and services into the EU, our largest overseas market, it will go a long way to realising that goal.”
The BCC’s five key issues, and the solutions needed, to improve EU trade are:
ISSUE: Export health certificates cost too much and take up too much time for smaller food exporters.
SOLUTION: We need a supplementary deal on this which either eliminates or reduces the complexity of exporting food for these firms.
ISSUE: Some companies are being asked to register in multiple EU states for VAT in order to sell online to customers there.
SOLUTION: We need a supplementary deal, like Norway’s with the EU. This exempts the smallest firms from the requirement to have a fiscal representative and incur these duplicate costs.
ISSUE: As things stand CE marked industrial and electrical products will not be permitted for sale on the market in Great Britain from January 2023. The same is true for components and spares.
SOLUTION: We need action from the Government to help businesses with these timelines. Many firms are far from convinced about a ban on CE marked goods in Great Britain.
ISSUE: UK firms facing limitations on business travel and work activities in the EU.
SOLUTION: Government needs to make side deals with the EU and member states to boost access in this area as a priority for 2022.
ISSUE: Companies starting to be pursued in respect of import customs declarations deferred from last year.
SOLUTION: We need a pragmatic approach to enforcement to ensure companies recovering from the pandemic do not face heavy-handed demands too quickly on import payments, or paperwork.
BCC Brexit survey: Half of UK exporters report difficulties adapting to changes relating to EU-UK goods trade
Results from the first major business survey for 2021 by the British Chambers of Commerce on Brexit found that half (49%) of exporters are facing difficulties in adapting to the changes in the trade of goods following the ratification of the UK-EU Trade and Cooperation Agreement (TCA) on 1 January 2021.
The survey
Fieldwork for the survey, which received 1,000 responses, mainly from SMEs, was carried out between 18 and 31 January 2021. Nearly half (47%) of respondents exported goods or services.
The survey sought to understand the extent to which businesses found it easy or difficult to adapt to changes in trading goods and/or services and moving people in the month since the ratification of the TCA. Businesses reported the highest proportion of difficulties in adapting to changes in trading goods.
The survey found that:
· overall, around a third of respondents (30%) reported difficulties adapting to changes to moving or trading goods in the first month of the year, while 10% said they had found adapting to the changes easy. 45% said trade in goods was not applicable to their business, and 16% said it was too early to say;
· however, the percentage facing difficulties in adapting to changes in trading goods rose for exporters, where half (49%) reported issues, as well as manufacturers, where the percentage facing difficulties was more than half (51%);
· overall, 14% of firms said that they faced difficulties in adapting to changes in the trade of services. 10% said they had found adapting to the changes easy. The percentage facing difficulties rose for exporters, where 21% reported issues.
When asked about the specific difficulties businesses were facing, commonly cited concerns included increased administration, costs, delays, and confusion about what rules to follow.
Need for Action
The BCC will continue to support UK businesses through its trade documentation services and Chamber Customs, a customs advisory, training and brokerage service delivered through Chambers of Commerce across the UK, and by working closely with the government.
The leading business group is calling on the UK Government, and where necessary with EU partners, to:
· work with us and the Chamber network to identify the most significant blockages for business and immediately publish plans for resolving those problems;
· create tax credits allowing firms to offset their spending on adaptation to the new UK-EU requirements against their tax bill, helping businesses navigate new burdens and requirements better;
· push back the imposition of additional SPS checks (from April) and full customs checks (from July) on imports into the UK. Sanitary and Phytosanitary (‘SPS’) checks are scientific tests on animal and plant goods; and
· look at key areas of the new relationship and work with EU partners on easements to minimise unhelpful burdens, including on aspects of Rules of Origin and VAT.
Commenting on the results, BCC Director General Adam Marshall said:
“Trading businesses – and the UK’s chances at a strong economic recovery – are being hit hard by changes at the border.
“The late agreement of a UK-EU trade deal left businesses in the dark on the detail right until the last minute, so it’s unsurprising to see that so many businesses are now experiencing practical difficulties on the ground as the new arrangements go live.
“For some firms these concerns are existential, and go well beyond mere ‘teething problems’. It should not be the case that companies simply have to give up on selling their goods and services into the EU. Ministers must do everything they can to fix the problems that are within the UK’s own control, and increase their outreach to EU counterparts to solve the knotty issues that are stifling trade in both directions.
“This situation could get worse if the UK sticks to its guns and introduces additional SPS checks in April and full customs checks on imports in July. These timescales need to change – and the support available for businesses who are battling to adapt to new trading conditions significantly increased.”
Commenting on what this means for businesses on the ground, BCC Director of Trade Facilitation and ChamberCustoms Liam Smyth said:
“Underneath the overall figures, firms’ concerns fit broadly into three areas.
“First, difficulties arising from the challenges adjusting to the new arrangements, such as the sheer volume of paperwork and significant new costs of adjusting to those.
“Second, issues about how new rules have been implemented, such as new customs arrangements.
“Third, core provisions of the TCA which are currently of significant concern to businesses, such as on Rules of Origin and VAT.
“Taken together, and on top of decreased revenue and cash flow as a result of the pandemic, this is a difficult moment for exporters. Some tell us they will respond to the challenges by switching away from international trade or by moving their operations overseas.
“The Government needs to respond to this risk by giving firms tax credits to help with their ongoing adjustment and leaving no stone unturned in educating businesses and removing every barrier they can.”
Specific issues raised by businesses in the survey
Chris Black, Managing Director of Sound Leisure, a UK manufacturing firm based in Yorkshire, highlighted some of the difficulties that businesses across the UK are facing trading across borders post-Brexit:
“As a business that exports 65 – 75% of everything that we manufacture and the EU being a big part of that, we are concerned about tariffs, additional paperwork, and delays at the borders.
“Only last week we attempted to ship some machines to Spain and were advised by the freight forwarder to store the machine here for a few more weeks whilst everything calmed down. There is a long way to go before we fully understand what the new normal is.
“We are in the perfect storm following the pandemic, where supply chains were hit hard, container ships are all out of position – in general shipping worldwide is a nightmare.”
Jonathan Kemp, Managing Director of a manufacturing company AEV Group Limited, based in Merseyside with a plant in Hungary, said:
“We export to every continent in the world and have done for a period of time, therefore we have employees who are experienced in dealing with exports. The issue with the EU-UK situation is the lack of clarity and preparedness in all areas.
“There is no support from government to fund delays or extra stock-holding required to deal with the delays or to assist in extra charges incurred by us or our customers. We have another manufacturing site in Hungary (within the EU) and we are being asked by European customers to move production to this site because they don’t want any extra paperwork or costs (even if just cashflow from paying VAT). Our current view is that we will reduce our operation in the UK and invest in EU facilities.”
The increase in paperwork to fill in was an issue for Shropshire Chamber of Commerce member and kitchenware company, Netherton Foundry:
“Increased documentation [means that we] need to use higher paid staff to complete shipping details. Loss of orders due to new duty/customs arrangements; time (and therefore money) spent resolving European customers enquiries; cost of implementing new shipping arrangements and delivery charges on our website. A small business like ours does not have the resources to deal with all the extra work.”
For print version click here
British Chambers of Commerce responds to Chancellor’s Winter Economic Plan
Find the Chancellor’s Winter plan here
Responding to The Chancellor of the Exchequer Rishi Sunak MP’s announcement of a Winter Economic Plan, including a new raft of measures to support businesses and the economy as the pandemic continues, BCC Director General Adam Marshall said:
“The measures announced by the Chancellor will give business and the economy an important shot in the arm. Chambers of Commerce have consistently called for a new generation of support to help protect livelihoods and ease the cash pressures faced by firms as they head into a challenging and uncertain winter.
“The Chancellor has responded to our concerns with substantial steps that will help companies preserve jobs and navigate through the coming months. The new Jobs Support Scheme will help many companies hold on to valued, skilled employees. Businesses will be eager to see the detail and consider whether and how they will be able to use the scheme.
“The Chancellor has listened to our consistent calls for an extension of business lending schemes, more flexible repayment terms for loans, and tax forbearance measures. With almost 40% of our firms saying they have 3 months cash in reserve or less, this will lessen the immediate pressure and provide reassurance for many affected firms at a challenging time.
“The Chancellor must remain open to taking additional action to support parts of the economy facing unprecedented challenges over the months ahead. Chambers of Commerce across the UK will continue to work with government to ensure the benefits of these schemes are delivered to firms on the ground.”
Responding to the news that phase 2 of the roadmap out of lockdown for England will go ahead in April, Claire Walker, Co-Executive Director of the BCC, said:
“This is great news. Many firms will be breathing a huge sigh of relief that they will soon be able to reopen their doors to customers. The last year has taken a heavy toll on firms across the country and they will be counting down the hours until they can begin trading and rebuilding their businesses.
“However, the route back to a full reopening of the economy is still a long way off, with continued uncertainty for some sectors about whether, and when, the next roadmap steps will be met, and many more firms asking questions, yet to be answered, about when they can open at full capacity or with fewer restrictions.
“The latest BCC Quarterly Economic Survey has shown that businesses are becoming more optimistic about the future. But that confidence is fragile and absolute clarity and honesty will be needed every step of the way over the weeks ahead, so that companies have a fighting chance to rebuild.
“To translate hope of renewal into reality there must be a coherent strategy for growth which empowers and enables businesses to lead the economic recovery from Covid-19. Firms will need time to get back on their feet, with the security of knowing Government will support them should the roadmap falter.”
Commenting on International Travel, Walker, said:
“The sectors which rely on international travel and their supply chains have been hit extremely hard over the last year and have faced one of the longest periods of uncertainty about when they would be able to resume normal operations.
“It is absolutely vital that the Global Travel Taskforce provides certainty as soon as possible about what level of restrictions will apply on travel to, and from, specific countries in advance of the proposed resumption of international travel on May 17.”
On proposals for time-limited Covid status certification, Walker said:
“The government should waste no time in setting out concrete proposals for how Covid certification could work and the rationale behind the inclusion of some sectors and not others. With businesses already investing significant time and money into their reopening plans, they have considerable questions around the implications of such a scheme, including the practical implementation for firms and issues of employment law and liability. The Government must be crystal clear on these issues and consult with business on how any system might function.”
Commenting on plans to allow everyone to access twice weekly lateral flow tests, Walker said:
“We very much welcome the plan to make lateral flow testing available to every adult in England twice a week. Alongside the workplace testing strategy, this will buoy business confidence as companies start to plan for reopening and rebuilding the economy. But it is also crucial that Government makes sure that people who need to self-isolate are fully supported.”
The BCC is urging the government to give businesses much greater clarity on its roadmap out of lockdown as firms continue to suffer.
The business organisation, which represents tens of thousands of companies of all shapes and sizes across the UK, has written to the government seeking updates on a number of vital issues.
In particular, it says firms need to know how the government is assessing its four tests to determine if the roadmap will be followed. This includes providing regular updates on progress against the tests so that businesses can plan ahead.
Firms also need more detail on the practicalities of reopening and the government’s various reviews so they can make concrete plans on how they will operate – for example, what social distancing rules will be in place at each stage of the roadmap and beyond.
Companies are also looking to government for clarity on potential legal issues surrounding vaccinations.
Finally, businesses which operate across the UK need the government and devolved administrations to work together on synchronising their differing routes out of lockdown.
It follows a BCC survey of more than 1,000 firms at the end of January which revealed that many firms were struggling due to the continued COVID restrictions:
Of the firms reporting write offs, the mean average approximate financial value of these write offs was just over £61k, while the median average was £5k.
Of the 527 micro firms (businesses with less than 10 employees or sole traders) that responded to this question, 34 per cent of respondents said they saw write offs relating to Covid-19 lockdowns or restrictions in the last twelve months. The mean average approximate financial value of these write offs was £28.5k.
Commenting on the lack of roadmap clarity, Baroness Ruby McGregor-Smith, President of the BCC, said:
“The route back to a full reopening of the economy is still a long way off, with continued uncertainty about whether, and when, the roadmap steps will be met.
“Far too little has been revealed about how the Government is assessing its four tests on the roadmap for businesses to accurately judge whether it will happen as planned.
“The timescales for some firms to get ready are already short. Others will be holding out for decisions to be made around issues like international travel and tourism to finally give them hope for the future.
“The UK Government must also find a way to work much more closely with the devolved administrations in Wales, Scotland and Northern Ireland on a collective route out of lockdown. Many businesses operate across these borders, in both directions, which makes planning their restart even more complex.
“Many companies appear reluctant to invest, buy in new stock or make plans for how they will operate when so much is still unknown. They have built up huge levels of debt throughout a year of continued restrictions, seen their cashflow reduced to a trickle in some sectors, while others have been forced to absorb large write-offs due to sudden lockdowns.”
The Viewpoint of Businesses
Andrew Coggings, Managing Director of Goodwood Estate in West Sussex, said:
“For all three lockdowns, all food and beverage outlets across the Goodwood Estate have had to write off substantial amounts of drink.
“The most recent lockdown cost us far more money in getting rid of food and drink as compared to previous lockdowns.
“Across all of our various outlets at Goodwood, there is no doubt that it has cost us a minimum of £10,000 each time that we go into lockdown and at Christmas it was probably £15,000.”
Matthew Henderson, Product Development Manager at Beamish Museum in County Durham, said:
“The unpredictable nature of the pandemic has made it incredibly hard for stock management and has meant we’ve had to be very cautious with our buying.
“Throughout these difficult periods we have adapted our buying to buy smaller quantities more regularly – Christmas for instance we were buying weekly, where we would normally buy 6-8 weeks of stock in one go, it made it more challenging for lead in times, but we were determined to minimise wastage where possible.”
Results from the latest BCC survey on the impact of Coronavirus on businesses show they have been pushed to the brink by the effect of multiple lockdowns.
Among the sobering findings from the survey of more than 1,100 businesses are:
The leading business group has called on the UK government to set out a clear roadmap for reopening, advancing vaccination and workplace testing plans, and extending key financial support measures for businesses throughout 2021.
Business conditions worsen
Compared to October 2020, 61% of firms reported decreased revenue from UK customers. Only 19% of firms reported increased revenue and 20% reported no change. B2C service firms are significantly more likely to report decreased revenue (74%) from UK customers, as are firms with less than 10 employees (65%).
When asked approximately how long firms could continue until they ran out of cash, almost one-quarter (23%) said less than three months. This figure rises to almost one-third (31%) of B2C service firms. Just over one quarter (28%) of firms overall and only one-fifth (20%) of B2C firms have cash for more than 12 months.
The results paint a bleak picture of a business landscape which has been severely squeezed by repeated lockdowns and massive changes in trading conditions. The survey results also suggest that without the huge amount of government support given to companies to date, that business failures and job losses could have been much worse.
Crucially, more support is needed until firms can fully reopen, with just over a quarter (28%) of businesses indicating they have enough cash to last more than a year. On average, B2C firms are currently operating at only 42 per cent of full capacity, while all firms were averaging 57% capacity against a pre-pandemic level of 75 to 80 per cent. Almost half (48%) of companies reported they still have staff on furlough.
Rating the support from government
When asked to rate the effectiveness of the various government schemes to support their business throughout the crisis, the Coronavirus Job Retention Scheme (CJRS), allowing firms to furlough staff, had by far the highest effectiveness rating. More than two-thirds (68%) using this scheme say that it has been very effective, with a further 28% rating it as somewhat effective. Only 4% said it was not effective.
Other schemes with high effectiveness ratings included Government loan schemes (such as CBILS and BBLS) where 46% rated them ‘very effective’ and 44% rated them ‘somewhat effective’, and the local authority business grant scheme, where 45% rated it ‘very effective’ and 40% rated it ‘somewhat effective’. Business rates relief (49%), VAT deferrals (34%), VAT cuts for certain sectors of the economy (26%) were also rated as very effective.
What firms may do if support expires in March and April
When asked what their business might do if the government support schemes end according to published timetable in March and April, 25% of firms overall said they would ‘make staff redundant’, 25% would ‘reduce staff hours’ and 19% would ‘cancel or reduce investment or recruitment plans’. Only 21% of B2C firms said the expiry of support ‘would have no impact on their business’, compared with 39% of B2B firms and 37% of manufacturers.
Responding to the survey results, BCC Director General Dr Adam Marshall said:
“The last year has taken a heavy toll on businesses across the UK. With cash flow still the top concern, it is vital that the UK government keeps financial support going until firms can reopen and rebuild. Pulling the plug now would be a huge mistake, and would be akin to writing off the billions already spent helping firms to survive.
“Firms are desperate to start trading again so they can boost revenue and start thinking about the future. To do so they need to see a clear, evidence-based plan for reopening, and they need time to get back on their feet without unnecessary additional taxes, and the security of knowing that Government will once again support them should we see additional restrictions imposed at any point.
“In the meantime, support must remain in place for firms that need it until a full reopening of the economy is possible. With cashflow being a major challenge for many businesses, we can expect to see further redundancies or business failures should Government support end prematurely.
“Alongside a clear roadmap for reopening, business confidence will also come from a commitment to further accelerate the vaccination programme and a wider workplace testing strategy that’s accessible to businesses of all sizes.”
Business views on financial support
Philip Miller, company director of the Stockvale Group, which operates the Adventure Island fun park, Sealife Adventure and several restaurants in Southend-on-Sea, Essex, said:
“Overall, I am very impressed with the Chancellor who went above and beyond on support measures for small businesses – with measures such as the job retention scheme, expanding business rates relief, grant support and VAT reductions and deferral all being great aids for helping my businesses to deal with the challenges of the pandemic and the subsequent lockdowns. This encouragement was an absolutely vital lifeline that helped us deal with the falls in revenue and strain of going through three lockdowns.
“One of the main problems we faced as a business was having to spend vast amounts of money making our businesses Covid-proof, just to be told that we had to remain shut. This was a terrible hit and, in general, the stop and start nature of the restrictions has been one of the most difficult aspects of dealing with the pandemic so far
“Going forward it is necessary for the Chancellor and the Government to provide businesses with more clarity and certainty, not just on coming out of the lockdown and when we can trade again, but also in terms of what support measures will be extended and expanded. If the chancellor was to announce any help measures going forward it would encourage businesses like mine to keep borrowing and or just keep going. I’m sure it would encourage banks to be more supportive as well. Knowing what is coming next is vital.”
Greg Majchrzak, managing director of Tufcot Engineering Ltd, in Sheffield, said:
“We feel as a company that the Government support so far has been excellent towards not only manufacturing but most companies across the whole UK.
“Without the furlough scheme we would certainly have been planning redundancy reviews on a larger scale but due to the support we managed to keep redundancies to the bare minimum.
”Tufcot only required the furlough scheme and apprentice support, and we coupled this with a working from home schedule for all office staff. All of our employees were on board with the above approach and I’m sure they all appreciated that they got 80% of their wage instead of what would have inevitably been a redundancy review and job losses.”
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On Saturday 1 June, Ørsted officially commenced operations on the largest offshore wind farm in the world, Hornsea One, situated in the North Sea off the coast of Yorkshire in the UK. It is the first offshore wind farm in the world with a capacity of over 1 GW, which is double the size of the current world’s largest. Not only that, at 120 km distance from the shore it is the furthest out that any offshore wind farm has ever been built.
For more information about this project, see Ørsted’s homepage here. The start of operations on Hornsea One is a milestone in the move towards a more sustainable future which the company is spearheading. The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore and onshore wind farms, bioenergy plants and innovative waste-to-energy solutions and provides smart energy products to its customers. The company employs 6200 people, including over 900 in the UK.
The Japanese car-maker, which recently announced that it will be building the new Auris at its Burnaston plant, near Derby, is encouraging school-leavers to apply for a Maintenance Apprenticeship with the firm.
The scheme is aimed at school-leavers looking for a career in engineering and will start in September 2018.
Youngsters must possess, or be anticipating, a minimum of four GCSE passes at grade four or above – including maths, science and English.
Training will last for 44 months and will consist of two parts; the first part is 22 months familiarisation and off the job technical training in the Toyota Academy at Burnaston. The second element is 22 months on the job training in Maintenance at Burnaston.
On successful completion of the programme, trainees will receive a level 3 NVQ qualification in Engineering Maintenance and become Maintenance team members. There may also be options to study for a HNC in Engineering.
According to Toyota, positions are available at both its Burnaston plant and its engine-making factory at Deeside, North Wales.
At present, the Burnaston factory makes the Auris and Avensis. A recent boost for the workforce was the news that the new third generation Auris will be built at the Derbyshire factory, securing the future of 3,000 workers into the 2020s.
75th Anniversary Ceremony, RAF 44 (Rhodesia) Squadron Lancaster ED305
The unfailing interest, passion and respect held by De Danske Forsvarsbrødre for Fredericia og Omegn (The Danish Defence Brotherhood for Fredericia and area) for the crew of RAF 44 (Rhodesia) Squadron Lancaster ED305 resulted in another major Memorial Ceremony by the Memorial Stone raised by the Brotherhood at Lyngsodde, near Fredericia, Denmark.
Five years to the day from the 70th anniversary on 10th March 2013, in a déjà vu of cold and wet conditions, a crowd of nearly 200 gathered to observe the 75th Anniversary Ceremony. The impressive monument carved in granite permanently commemorates the seven-man crew, shot down into adjoining coastal waters by the combined firepower of a German night fighter and flak vessel on 10th March 1943.
On 10th March 2018 the 75th Anniversary Ceremony was attended by leading representatives of the Danish Defence Brotherhood, from the British and Canadian Embassies, the RAF, the Mayor of Fredericia, CWGC and the Danish Army, Navy and Airforce. Most poignantly, following the formal laying of nine wreaths and three addresses, were the flowers placed by three family descendants travelling from the UK and by local interests.
To read more, click here.
The Ramboll Group continues its positive course in 2017. Once again the engineering, design and consultancy company reports the best operating profit in company history and an improved EBITA margin. With a solid order book across all markets, Ramboll is well positioned for future growth.
Jens-Peter Saul, CEO, Ramboll Group
The Ramboll Group delivered yet again a strong performance in 2017. Operating profit before goodwill amortisation (EBITA) increased by 2.8% to DKK 618.9 million – the highest in the company’s history – and EBITA margin improved to 5.8%. Organic growth was 2.8%. At year-end, Ramboll’s strong order book amounts to DKK 5.6 billion compared to DKK 4.8 billion at the end of 2016.
“I am pleased to report another successful year for Ramboll,” says Group CEO Jens-Peter Saul. “All business units have delivered a profit and we have seen improved operational performance in most of our markets. We achieved particularly good results in the US and in the Nordics, where Finland and Sweden delivered all-time high results.”
“Our Middle East and Asia business unit has achieved a successful turnaround and is now moving to become as profitable as the rest of the Group. Our Energy business unit delivered according to plan, but it is not as strong a result as we have seen in previous years. Our Oil & Gas business has realised a good result in a still difficult market. The measures we took following the oil and gas market plunge in 2015-2016 have had a positive effect, so that our Oil & Gas business unit is now again one of the most profitable in Ramboll.”
“In light of the good results for 2017 and a 17% increase in orders since last year, I expect stronger organic growth in 2018,” Jens-Peter Saul says.
To read more click here
In 2018, DFDS will invest in further development of digital capabilities to enhance the customer experience and gain operational efficiencies. This is expected to entail additional costs of around DKK 100m as well as increased investments.
Follow ing the implementation of new online booking systems for shipping, passenger and logistics, DFDS has launched new apps for passengers, drivers and freight customers. “These are just the first steps in our digital development that will make it easier for customers to work with us on any device, round the clock. It will also increase the flexibility and efficiency of our operations in all areas,” says Niels Smedegaard, CEO of DFDS.
The work will be further intensified in 2018 with a new Customer Experience Management (CEM) platform,which will be launched during the second quarter of 2018.
Transforming DFDS
The digital ambition is to effect a long term transformation of the company, driven by smart data, automation, modularisation and connectivity, paving the way towards autonomous transport. “We are cooperating with a variety of partners on testing emerging technologies for ship and terminals management, operations, maintenance and navigation,” says Sophie-Kim Chapman, VP and Digital Officer
“The transformation of DFDS to a more digital company is only partly about technology. We have an equal focus on cultural change, customer experience, process standardization and new business models,” says Sophie-Kim Chapman.
Digital developments are monitored and experimented with by a new digital Innovation team that is part of DFDS’ Digital department, which today comprises 60 cross-functional team members.
Source: DFDS.com
A.P. Moller – Maersk (MAERSKb.CO) and IBM (NYSE: IBM) today announced their intent to establish a joint venture to provide more efficient and secure methods for conducting global trade using blockchain technology.
The aim of the new company will be to offer a jointly developed global trade digitization platform built on open standards and designed for use by the entire global shipping ecosystem. It will address the need to provide more transparency and simplicity in the movement of goods across borders and trading zones.
Maersk, a global leader in container logistics, and IBM, a leading provider of blockchain, supply chain visibility and interoperability solutions for the enterprise, will use blockchain technology to power the new platform, as well as employ other cloud-based open source technologies including artificial intelligence (AI), IoT and analytics, delivered via IBM Services, in order to help companies move and track goods digitally across international borders. Manufacturers, shipping lines, freight forwarders, port and terminal operators and customs authorities can all benefit from these new technologies -and ultimately consumers.
The joint venture will now enable IBM and Maersk to commercialize and scale their solutions to a broader group of global corporations, many of whom have already expressed interest in the capabilities and are exploring ways to use the new platform, including: General Motors and Procter and Gamble to streamline the complex supply chains they operate; and freight forwarder and logistic company, Agility Logistics, to provide improved customer services including customs clearance brokerage.
To read more, click here.
We are delighted to announce that the leading premium drinks company DIAGEO is joining the BCCD. Diageo is the company behind some of the most famous brands, such as Guinness, Johnny Walker, Smirnoff, Baileys and Tanqueray. They have over 200 brands, which are produced in more than 30 different countries and sold all over the world. Finally, they employ an impressive 30,400 people all over the world.
In December 2017 Diageo celebrated their 20 years anniversary all around the globe and Chief Executive Avan Menezes stated:
“I am incredibly proud of what we have achieved over the past 20 years, which is testament to the commitment of our talented employees past and present. Diageo is a young company created from the incredible entrepreneurial legacy of John Walker, Pierre Smirnoff, Charles Tanqueray, Arthur Guinness and many more – and this spirit continues today.
“Our brands are part of celebrations globally every day, as we mark this milestone, it is not only the growth of our brands and business that I will be toasting, but the way we do business. We have made great strides in diversity and inclusion, minimising our environmental impact, our contribution to the communities where we operate and in our aim to reduce the harmful use of alcohol around the world.”
Welcome to the BCCD – we look forward to working with you.
Learn more about the company at: https://www.diageo.com/
Hays Specialist Recruitment have published the “What Workers Want Report 2019”, which examines the priorities of employees in the modern workplace. With a focus on the factors which influence workers’ career decisions, the report is a tool aimed at employers who seek to create effective recruitment and retention strategies.
To read the full report, please click here. If you would like to find out more about the report, please contact the Secretariat at bccd@bccd.dk
Following our collaboration with the ICC Theatre Copenhagen last year on their Business Improv Classes, we are happy to announce that we will be continuing the partnership in 2019. Once again, BCCD members will have the opportunity to attend the “Improvisation for Business Professionals” courses at a special discounted price. There are two courses starting in January 2019, one running from 14 January to 5 February with afternoon classes taking place between 13:00 and 16:00, with the other course running from 15 January to 4 February with evening classes taking place between 16:30 and 19:30.
The course consists of four sessions, each lasting 3 hours, which would normally cost DKK 3,750 (including moms). BCCD members receive the special price of DKK 3,000 (including moms). Please send an email to event@bccd.dk to receive the discount code.
The focus of each class varies, with the first class working on networking techniques, moving on to storytelling, presentation skills and finally group work and team dynamics.
For more information on the courses, see the details on Improvisation for Business Professionals classes here.
We are delighted to offer BCCD members a special offer on a 4 week course of improvised comedy classes at the ICC Theatre Copenhagen. Improvised comedy classes are proven to provide benefits to professionals in a range of sectors.
The course consists of four sessions, each lasting 3 hours, which would normally cost DKK 3,750 (including moms). BCCD members can get this for DKK 3000 (including moms). Please send an email to event@bccd.dk to receive the discount code.
The focus of each class varies, starting off with networking techniques in the first week. In the second week, the focus shifts to storytelling, then on to presentation skills before finally moving on to group work and team dynamics.
For more information on the course, see here.
There will be a special Halloween performance of the classic Gothic horror play The Woman in Black, on 2 November at Krudttønden.
Tickets cost DKK 165, which includes a devilish cocktail served by the actors in the foyer after the performance. Participants are invited to attend in Halloween costume and there will be prizes for the best ones.
For more details, see here.
To purchase tickets, see here.
We are pleased to announce the release of the latest edition of the BCCD UK Market Report, which features an overview of the UK economy and the political landscape, as well market opportunities for Danish companies in the UK. The publication recaps on the first half of 2018.
The report features a contribution from BCCD member Hays Specialist Recruitment, as well as the usual BCCD analysis of the UK market.
To download the publication, please click here.
Danish energy giants Ørsted are partnering with the WWF to highlight climate change issues, and in particular to shed light on potential solutions, creating hope for the future of the planet. Climate change is one of the greatest challenges facing humanity, and Ørsted is already taking action by increasingly using renewable energy sources and reducing the use of coal and other fossils fuels. In their latest move to tackle the issue of climate change, Ørsted and the WWF are working together to involve children and young people in the debate about the future of the planet.
Through their partnership with the WWF, Ørsted have invited school age pupils from 4th to 10th grade to attend “Klimasafari” at Bertel Thorvaldsens Plads, between 13 and 30 September. The “Klimasafari” is an interactive learning experience, giving the young participants the opportunity to experience the planet Earth from the perspective of an astronaut. Participants will learn about the development of our planet and the causes of climate change.
The duration of the film is circa 25 minutes, with a total of an hour required to complete all the activities at the “Klimasafari”.
We are pleased to announce that we have joined the British Chambers of Commerce (BCC) as Associate Members. Based in the UK, the BCC occupies a vital position at the heart of a network of businesses across the country and further afield.
The BCC consists of 53 accredited Chambers, representing tens of thousands of businesses from small and medium enterprises to multinational corporations, employing almost six million people in the UK alone. The network provides extensive support to companies, making connections to buid new relationships, share best practise and foster oppotunities. As Associate Members of the BCC, we will benefit from being a part of this network and closely linked to decision makers in the UK.
We look forward to working closely with the BCC for the rest of the year and beyond. The BCC website is an excellent source of data and opinion on a range of issues relevant for businesses, please see here.
This year has seen the launch of our new series of events for young professionals, and we are very happy to announce that we are partnering with the team at INDIVIDUALS to offer a mentorship programme for the same audience. The partnership on this mentorship programme is intended to complement the ongoing series of events.
INDIVIDUALS are kick-starting their sixth season of the YPM programme in Copenhagen in May 2018, with a limited number of spaces. It offers you the chance to start reflecting on your professional development and set ambitious, actionable goals for your career in a structured setting, along with other like-minded, ambitious people and mentors in senior management positions. The programme will focus on increasing your self awareness, which is a proven path to fulfilling your potential and achieving success in your career.
The Programme Consists of:
Who Can Join?
INDIVIDUALS are a consultancy firm based in Copenhagen, who specialise in guiding young professionals on their career path, both through counselling sessions and the mentorship programme.The prgramme is designed to challenge participants and nudge them to consider where they are heading in their career, providing concrete action points.
For more information on the mentorship programme, see here.
To learn more or sign up, contact James Gordon-Orr at jgo@bccd.dk.
The Commonwealth War Graves Commission (CWGC) carefully and proudly maintain a total of 1,004 identified Commonwealth graves at 131 sites, and a further 106 unknown Commonwealth graves. Several important memorials are approaching in the first half of 2018, the first of which being the 75th Anniversary (1943) Commemoration in Fredericia on 10 March. The event takes place from 11:00 to 12:30 to commemorate the crew of Lancaster ED305, RAF 44 (Rhodesia) Squadron and the ceremony will include the presence of family descendants and VIP guests.
The next date to keep in mind is 25 April, which is ANZAC Day, the National Day of Rememberance for all Australians and New Zealanders who served and died in wars, conflicts and peacekeeping operations. The event is organised by the Australian Embassy Copenhagen and onlookers are welcome to observe the poignant outdoor ceremony. There is always an impressive number of participants, including veterans proudly displaying medals. The wreath laying ceremony takes place at the “Soldier” monument to the Danish fallen outside the Southern gate to Kastellet. Please keep in mind that as parking is always scarce in Copenhagen, the use of public transport is advised.
For more information read the full article “Lest We Forget”, written by Robert Graham Cobley MBE, CWGC Honorary Representative for Denmark.
A group called the National Union of Women’s Suffrage Societies, which was formed in 1897, believed in using non-violent tactics to persuade the country that women deserved the vote.
They were called the suffragists and were led by another important figure in the fight for women’s right to vote – a woman called Millicent Fawcett. Emmeline Pankhurst had been a member of this group originally. Although the suffragists and the suffragettes used different methods, they both had one goal in mind – get women the vote.
Doing this gained for the women fighting for suffrage a lot of respect. During this time, there were no elections to choose a new government – and attitudes to women in society really started to change. A big reason for this was because of the contributions that women had made to society throughout the war. Women proved themselves to be every bit as equal as men and the government promised to give women the vote when the war was finished.
In 1918, the Representation of the People Act was passed in February and women voted in the general election for the very first time in December that year.
To find more information, visit BBC.
The UK Government published a Trade White Paper on 5 January 2018, outlining its response and follow-up actions that will be taken as a result of stakeholder feedback.
The White Paper welcomed views from respondents, in particular seeking views on the Government’s commitments to an inclusive and transparent trade policy. The Government’s approach to unilateral trade preferences and to trade remedies are also covered in the document.
To read the White Paper in full, see here.
Exports of services have for many decades made a large and positive contribution to the UK’s international trade balance. But unlike goods, which are relatively easy to count and value, the intangibility of services means their measurement has been less detailed. Now, thanks to a big expansion in our statistical coverage, ONS is shedding unprecedented new light on the subject. Katie O’Farrell explains how…
When we started to review UK trade in Services in 2016 our offerings were relatively limited. We could provide a breakdown of trade in services – data on financial services, or data on transport services, for example – but only at a whole world level. Alternatively, we could provide estimates of total trade in services with individual countries, but not broken down by service type.
The Commonwealth War Graves Commission (CWGC) in Denmark proudly maintain over 1000 graves in Denmark. The First World War ended “at the eleventh hour of the eleventh day of the eleventh month in 1918” and some may be surprised to hear that the CWGC maintains the graves of 65 casualties from the First World War.
If you would like to find out more about the stories behind these war graves, as well as the work carried out by the CWGC here in Denmark, click here for a full article written by Robert Graham Cobley MBE, CWGC Honorary Representative for Denmark.
Commenting on the ONS inflation figures for January 2023, BCC Head of Research, David Bharier, said:
“A further easing in the rate of inflation to 10.1% continues a very slow move out of the peak.
“Household electricity and gas costs remain by far the biggest drivers, while transport costs saw a further easing. Producer price inflation, however, remains much higher at 14.1%.
“The stubbornly high rate means that we are now seeing a compounding effect on what was already a spiking inflation rate this time last year. The peak may have started to pass but prices have settled at a much higher level than two years ago.
“Most small firms remain hammered by rising costs from energy, raw materials, interest rates, taxation, and new trade barriers with Europe.
“The energy crisis, as the main driver of inflation, requires a clear policy solution. Small businesses need support to become greener and more energy efficient, and longer-term change in the energy market is required to avoid the large-scale market failure we are currently experiencing.
“Businesses are desperate for concrete action in the upcoming Budget across a range of areas. The issues of childcare and energy costs in particular must be solved to help unlock firms’ growth potential and control inflation.”
The Woman in Black is an immaculate example of Gothic horror, building up to its climax with the slow purposeful precision of an Edwardian clock.
It has all the ingredients: isolated marshland, a spectre seeking vengeance for the death of her young child and things that go bump in the night.
This is a quietly shudder inducing ghost story, capable of chilling the flesh of the most hardened horror fanatic.
Arthur Kipps, a middle-aged solicitor, hires a theatre and the services of a professional actor to help him re-enact and hopefully exorcise a ghostly event that befell him many years earlier with horrifyingly tragic results.
Don’t come alone!
Commenting on GDP figures for February 2021 published today by the ONS, BCC Head of Economics, Suren Thiru, said:
“The latest data confirms a modest return to growth in February. However, coming after a contraction in January, it does little to alter the prospect of a downbeat first quarter for the UK economy.
“The pick-up in output in February reflected a broad-based improvement in activity with all the main sectors recording an increase in growth. The clarity provided by February’s announcement of a roadmap for reopening also helped support output in the month.
“The release of pent-up demand following the easing of restrictions and the strong vaccine rollout will boost activity. However, hope of a sustained consumer-led revival may prove too optimistic as the economic scarring caused by Covid may trigger a renewed reluctance to spend as government support winds down.”
On the ONS UK-EU trade figures for February 2021, Thiru added:
“Although there was a rebound in UK goods exports with the EU, this may reflect an unwinding of a number of temporary factors that weighed on the January outturn, including the running down of pre-Brexit stockpiling, rather than evidence of an underlying improvement in UK-EU trade flows.
“Businesses continue to encounter significant disruption and difficulty with many firms reporting serious structural issues which, if not addressed, will weigh on UK economic prospects for some time to come.
“The UK and the EU must get back around the table to thrash out the remaining structural problems in the UK-EU trade deal and focus on long-term improvements to the flow of trade between them.”
6th Annual Renewable Energy Conference in Hamburg
For the 6th time, the BCCG Hamburg Region organised the British Chamber Conference on Renewable Energy. This year’s title: “Smart Solutions”
The 14th September had been selected because of Husum Wind, Germany’s largest Wind Energy Trade Show, to be opened on the following day. For the second time running, the Chamber co-operated with the British Chamber of Commerce in Denmark and with member Osborne Clarke, who provided the venue and the catering for the event. The following VIP-Dinner was hosted by PriceWaterhouseCoopers.
Just like the past conferences on the topic, BCCG and BCCD had been able to attract representatives of major actors in the renewable energy industry to either present as speakers or as panel discussion participants, offering new insights and novel approaches to an audience of 70.
On behalf of the host, Osborne Clarke, Osborne Partner Christoph Torwegge opened the conference and welcomed the participants. Rainer M. Giersch, BCCG’s Regional Group’s Chainman did the same on behalf of the British Chambers, extending a welcome also on behalf of the colleagues from Denmark and then handed over to Nicholas Teller, Honorary British Consul in Hamburg.
Nicholas briefly gave an account of his background. He worked 26 years with Commerzbank and at that time was pivotal for setting up Commerzbank’s Wind Energy Centre of Competence in Hamburg, moving existing wind energy financing models to a global level.
Osborne Clarke’s Head of the Energy Practise, Dr Alexander Dloughy then took the floor to elaborate on what was meant by ‘Smart Solutions’.
In principle the industry is experiencing a shift in business models that also have severe repercussions in the legal realm. Particularly the shift from pure energy consumers to ‘Prosumers’ in a wider context. I.e. former consumers that – with the advent of new technologies like photo-voltaics, smart grid applications and energy recovery – also become (electrical) power producers. These new ‘prosumers’ need to be catered for by offering feed-in rights and conditions not only opening completely new realms of necessary technology, such as smart grids, but also new approaches in the legal world.
Jörn Splanemann, Executive at Schneider Electric, spoke on ‘Management of Distributed Energy Resources’. Former energy distribution concepts will give way to a different solution. Energy grids will have to cater for a less centralised power generation, for less predictable energy flows, for power surpluses and shortages. In short, the industry must adapt to move towards highly flexible systems. The solution could be a) smart grids and b) intelligent markets.
Simon Brett, Associated British Ports, gave a hands-on example of an ongoing project. The Green Port of Hull, which, after a dedicated investment by Siemens to build offshore wind turbine blades in the port area, has to enhance the overall infrastructure and attract the relevant suppliers in the supply chain to Hull. The project is in its early stages but Simon is confident that the concept that looks at combining political support with entrepreneurial attitude will succeed.
Trine Borum Bojsen, ‘In Country Manager Germany’ for Dong Energy, Denmark’s largest wind energy company, spoke on “Offshore Wind – Backbone of the European Energy Transition”
Dong Energy see off-shore projects as the most viable as opposed to onshore because of the growing resistance in the population against onshore wind. The North Sea – Denmark, Britain and Germany – being the driver for further development but with the US being regarded as future opportunities for Dong Energy. However, for off-shore wind there is the important need to bring down costs. This, said Trine, cannot be achieved by solely putting pressure on the supply chain but by closely looking at sites, stepping up the volumes and by standardisation
Ralf Schürkamp, Managing Director Onshore Wind at RWE Innogy, focused on the shift from regulation of subsidy to market mechanics. He expects more changes in the energy market, with new models to be developed that can exist without further State subsidies. One way could be to develop auctions that are already underway for offshore and photo-voltaics, but can be envisaged for others as well.
Charles Dugué, the CEO of 8.2 Consulting discussed ‘New Challenges for National Grids’.
Renewable energies as currently seen and experienced as not totally reliable energies as opposed to Nuclear Power, which, in France, still makes up 77% of energy production.
The inherent lack of reliability of wind and solar requires smart grid solutions or mathematical prediction models that make forecasts workable.
Smart grids on the other hand also require more IT, thus making grids potential a subject of cyber attacks.
The podium discussion was then led by Stefan Nicola, Bloomberg News and comprised Trine Borum Bojsen, Dong Energy, Lars Quandel, HSH Nordbank, Simon Brett, Associated British Ports, Nick Leake, Counsellor British Embassy and Sven Utermöhlen Director Offshore Wind at E.ON.
Stefan’s focus was on the market mechanics, i.e. free market competition vs. subsidies. The panellists arrived at the clear verdict that the industry’s DNA (Nick Leake) is competition and free market and that subsidies, particularly in the onshore wind industry, are being discontinued and that it is up to the industry to adapt to the ongoing changes.
It was commonly accepted that renewables are one of the big steps to reduce the overall CO2 footprint.
In his closing remarks, Mariano A. Davies, President & CEO of the British Chamber in Denmark, highlighted key points from each speaker’s presentation and thanked them all for their contributions.
The BCC’s Quarterly Economic Survey (QES) – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – has shown the recovery stalled in the fourth quarter, with firms facing unprecedented inflationary pressures.
The survey of almost 5,500 firms showed that some indicators also revealed a continued stagnation in the proportion of firms reporting improved cashflow and increased investment. Inflation is the top issue for firms, while a rise in the interest rate was also a cause for concern for many.
Business activity
45% of respondents overall reported increased domestic sales in Q4, down from 47% in Q3. 16% reported a decrease, unchanged from Q3.
In the services sector, the balance of firms reporting increased domestic sales dropped to +26% in Q4, from +31% in Q3.
In the manufacturing sector, the balance of firms reporting increased domestic sales was +22% in Q4, down from +28 in Q3.
Prior to the surge in Omicron infections, hotels and catering had been most likely to report increased domestic sales (55%). This represented the beginning of a potential recovery as the sector was also the most likely to report decreased sales throughout the rest of the pandemic. 94% reported decreased sales and cash flow at the start of the pandemic in Q2 2020. Worryingly, a similar decline is now possible in the face of the Omicron variant and the implementation of Plan B which led to new restrictions for some.
Unprecedented Inflationary Pressures
58% of firms expect their prices to increase in the next three months, the highest on record. Only 1% expected a decrease.
The percentage expecting an increase rises dramatically to 77% for production and manufacturing firms, 74% for retailers and wholesalers, 72% for construction firms, and 69% for transport and distribution firms. These are the highest on record.
When asked whether firms were facing pressures to raise prices from the following factors, 94% of manufacturers cited raw materials, 49% cited other overheads, 30% cited pay settlements, and 13% cited finance costs.
When asked what was more of a concern to their business than three months ago, 66% of firms overall cited inflation (compared to 52% in Q3 and 25% in Q4 2020), the highest on record. For production and manufacturing firms, this rises to 75%.
Concerns over higher interest rates rise sharply
The percentage citing interest rates as a concern rose in the quarter. 1 in 4 firms (27%) reported interest rates as a concern, up from 19% in Q3.
The percentage mentioning interest rates as worry among manufacturers stood at 28% in Q4, the highest seen since the metric was first collected in Q4 2009 and up from 21% in Q3.
The percentage citing interest rates a concern among service sector firms stood at 29% in Q4, the highest seen since Q3 2014 and up from 22% in Q3.
Little recovery to Cash Flow
For firms overall, 31% reported an increase to cash flow, while 46% reported no change and 23% reported a decrease.
Given these figures were reported before the full impact of Omicron and the introduction of Plan B, this metric is a cause for concern, as some firms are still struggling to recover from large scale losses incurred since the start of the pandemic.
Most firms still not investing
Investment in plant, machinery, or equipment also continued to flatline in Q4, with 29% overall reporting an increase, while 60% reported no change, and 11% a decline. This was largely unchanged from Q3 and Q2.
Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
“Our latest survey suggests that UK’s economic recovery slowed in the final quarter of 2021 as mounting headwinds increasingly limited the key indicators of activity.
“The persistent weakness in cash flow is troubling because it leaves businesses more exposed to the economic impact of Omicron, rising inflation and potential further restrictions.
“The record rise in price pressures suggests that a substantial inflationary surge is likely in the coming months. Rising raw material costs, higher energy prices and the reversal of the VAT reduction for hospitality are likely to push inflation above 6% by April.
“The notable uptick in concerns over higher interest rates underscores the need for the Bank of England to proceed with caution on further rate rises to avoid undermining confidence and an already fragile recovery.
“The UK economy is starting 2022 facing some key challenges. The renewed reluctance among consumers to spend and staff shortages triggered by the Omicron variant and Plan B may mean that UK GDP falls in the near term, particularly if more restrictions are needed.
“Rising inflation is likely to weaken the UK’s growth prospects this year by eroding consumers’ spending power and squeezing firms’ profit margins and ability to invest.”
Responding to the findings, Director General of the British Chambers of Commerce, Shevaun Haviland, said:
“Our latest survey paints a challenging picture for the UK economy as we start 2022.
“Many businesses were facing a struggle to improve their cashflow and raise investment even before the Omicron variant surged and Plan B was imposed.
“Supply chain disruption is continuing to persist, inflation is soaring, and rising energy costs are presenting firms with a huge headache.
“With companies now having to grapple with the impact of Omicron and further changes to the rules on imports and exports of goods to the EU, there are significant hurdles for businesses in the months ahead.
“The Government has listened to our previous calls for support, and it must do all it can to steady the ship and steer the economy through these uncertain times. If the current restrictions persist or are tightened further then a more comprehensive support package that matches the scale of any new measures, will need to be put in place.
“The focus must be on creating the best possible environment for businesses to grow and thrive. By supporting firms, they can begin to generate wealth, create jobs and support communities.
“That is by far the best way to sustainably deliver the tax revenue the government needs to support public services and the wider economy.”
British Chambers of Commerce Business Brexit Checklist
The UK’s upcoming departure from the EU will bring change for businesses of every size and in every sector.
The British Chambers of Commerce (BCC) have published a Business Brexit Checklist, in response to BCC survey findings, which suggest that a significant number of firms are either watching and waiting, or have so far not taken any action.
The checklist will be useful as a basis for business planning at both operational and Board level. While the final settlement between the UK and the EU is not yet concluded, there are certainly steps that businesses of all sizes can take now to start planning ahead.
To see the full checklist, please click here.
