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Chief Executive’s comment
CHIEF EXECUTIVE
Chief Executive’s comments
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This month there is plenty to talk about with the resignation of the Prime Minister, the latest quarterly economic survey results, and more positively last month’s Cambridgeshire County Day and a warm welcome to new recruits in the Chamber team.
Recent data from the British Chambers of Commerce Quarterly Economic Survey makes clear that every single business sector is facing a troubling outlook. The latest results can be read in more detail on page 14-15. Key data shows that two thirds of firms expect to raise prices, while three quarters have no plans to increase investment. Business confidence on turnover and profits are on a downward trend. Over eight-in-10 companies are worried about rising inflation and the soaring cost of energy bills is cited as a top factor in driving prices higher. Plus, we now face weeks waiting for a new Prime Minister to be appointed and then set about deciding their policies. This uncertainty on what the future holds, and the direction the Government may take, is likely to further damage business confidence. Businesses need certainty and they need to see strong fiscal policy and a long-term strategy for getting us back to economic growth. While politicians battle for the top job, we must also see action from the new interim Cabinet so that plans which were already progressing will not be allowed to fall by the wayside. Announcements on the future of Local Skills Improvement Plans to help address skilled labour shortages, the allocation of the Shared Prosperity Fund, and decisions on the future of the SuperDeduction scheme and other tax breaks must all go ahead. Work must also continue to progress the Export Strategy at the Department for International Trade and the Enterprise Strategy at BEIS. Whoever is chosen as the next Prime Minister must immediately set out their plans for a comprehensive strategy to support UK businesses and the economy through the difficult times ahead. The autumn budget must be the main priority of any new Prime Minister and Chancellor - a chance for them to reset, rethink and get their house in order. Last month the Chamber took a large marquee and exhibited at Cambridgeshire County Day with a number of our member companies. This was a unique opportunity for Cambridgeshire businesses to come together to celebrate Her Majesty the Queen’s Platinum Jubilee. The Queen is also our Patron and we were very proud to be involved in this event that showcased all that the county of Cambridgeshire has to offer. There were 120 exhibitors from the Cambridgeshire business, charity, community and public sectors along with performances and demonstrations entertaining the 6,000 strong crowd. Sponsorship enabled many schools to bring students on the day to experience this one-off event.
The visit from the Duke and Duchess of Cambridge in the afternoon was the icing on the cake. The royal couple spent time visiting some of the exhibitors and talking to staff and members of the public. Unfortunately they never made it as far as the Chamber marquee where they would have received a very warm welcome. I would also like to take this opportunity to welcome to Connor Butler and Justyna Burkiewicz to the Chamber team.
Connor has joined the Marketing & Events Team as Administrator to support the important work with the Local Chamber and Sector committees, providing support to our events programme and most importantly keeping my diary up-to-date. Justyna has joined as International Trade Administrator to support the team that process documentation and declarations for companies trading internationally. We hope that you get to meet Connor and Justyna at an event or Chamber committee meeting in the near future.
