Transform

Lobby for Change

As a Chamber member you have the power to influence key decision makers and play a leading role in tackling the issues that are preventing your business from reaching its potential, while an experienced team of lobbyists represents your interests in Whitehall. • Raise local issues affecting your business through your local

Chamber committee • Complete our quarterly economic survey to ensure your views are represented in the results each quarter • Contribute to national debates • Lobby local MPs on matters of local, regional and national economic interest. To support our local Chamber committees and members across the county in their focus on business advocacy and representation, including their role in lobbying local government and contributing to national policy consultations, we have promoted Laura Ruaux into the role of Policy & Partnerships Executive. If you have an issue you would like raised at one of our local Chamber committees or support with lobbying local government get in touch with Laura at l.ruaux@cambscci.co.uk.

Quarterly Economic Survey

Thank you to everyone that took part in our quarterly economic survey for quarter 2. We hope to have the results available for print in our July issue of connected.

Benefits for completing the QES Survey

• The QES is Britain’s biggest, and longest-running, private business survey • It’s provided consistent data since 1989, and regularly receives more than 7,000 business responses. Compare that to the average business survey, which gathers a few hundred responses • It’s a leading indicator – often picking up big changes in the economy long before other surveys or official statistics • The Bank of England’s Monetary Policy Committee uses the

QES as one of its key benchmarks when setting interest rates • HM Treasury and the independent Office for Budget

Responsibility use the QES to put together their forecasts for the UK’s economic performance • The European Commission uses the QES to assess the health of the UK economy when it makes policy recommendations for both Westminster and Brussels • The Organisation for Economic Cooperation and

Development (OECD) and the International Monetary Fund (IMF) use the QES when comparing the UK to competitors worldwide • The QES is a clear example of how being part of a local

Chamber of Commerce means your part of something bigger. Together, we are the economy. Q3 survey will start on 22 August. Please do spare a few minutes to complete the survey when you receive the link, your views really do help to ensure Cambridgeshire has a strong voice in the future planning of the economy.

NICs increase has immediate impact on business

Research carried out by the British Chambers of Commerce, of more than 1,100 UK employers, has uncovered a series of negative impacts from the increase in National Insurance contributions. Firms said the rise in employer contributions to National Insurance (NI) from 13.8% to 15.05% had increased staffing costs, forced some to put up their prices, and meant they would be limiting their investment. As part of its call for an Emergency Budget, the BCC is calling for the rise to be immediately reversed for at least a year, as firms battle surging costs on multiple fronts. The BCC is calling for action to give businesses a chance to keep a lid on rising prices, boost productivity and ease cost pressures. Hannah Essex, Co-Executive Director of the BCC, said: “Businesses are telling us that the rise in National Insurance contributions has been a body blow as they try to get back on their feet. “When firms are already facing a toxic mix of surging inflation, rising energy costs and supply chain disruption, this increase is very hard to swallow. “The tight labour market is already pushing up staff costs and the NI rise has only served to exacerbate that pressure, without having a positive impact on recruitment. “With firms’ profits also taking a further hit, after two years of the pandemic, it is no surprise that their investment intentions are also weakening. “But it is not too late to change tack and push the increase back until firms are in a better place to take on the extra burden. “The costs crises facing firms and people in the street are two sides of the same coin. If we can ease the pressure on businesses, then they can keep a lid on the price rises. “Acting now will also put businesses in a better position to create the future profits needed to fill tax coffers.” The British Chambers of Commerce will continue to lobby for businesses across the country to help them get the support they need during these challenging times. Working together with the Chamber Network, the BCC engages with decision-makers to influence policy, ensuring the interests of businesses are represented.