Chamber achieve Employer Recognition Scheme Gold award!

The Employer Recognition Scheme (ERS) award recognises companies for their support to the Armed Forces community, including Reservists, veterans, spouses, Cadet Forces Adult Volunteers and cadets.

Gold award holders must demonstrate a number of positive measures and policies in their organisations, which actively support members of the Armed Forces community. We’ll also continue to advocate for the Employer Recognition Scheme.

Sharon Smith, Chief Executive of the Herefordshire & Worcestershire Chamber of Commerce, said:

“I am delighted that Herefordshire & Worcestershire Chamber of Commerce has

Co-locate with us!

We have an exciting opportunity for businesses in Herefordshire and Worcestershire to utilise some space in our Worcestershire office, at Warndon Business Park, WR4 9NE. Our new flexible working arrangements have freed up some space in our office that we would like to share with you!

been recognised for the work we do with the local business community by achieving the Employer Recognition Scheme Gold Award. We have a 1300 strong business network and therefore feel we have a responsibility to spread the word about The Armed Forces Covenant and the benefits of becoming an Armed Forces friendly employer.

As Gold Awards holders, we will continue to promote our advocacy via support and collaboration with members, through our events and via regular engagement with businesses across the two counties. We will also ensure that our current HR policies are continually updated, so that the Armed Forces community is not disadvantaged; in support of our comprehensive Reserve Forces Training Mobilization policy.”

We are interested in talking to local businesses about any requirements they might have, for either flexible hotdesking space or a more regular arrangement.

The maximum space we have available is a ‘bank’ of 8 desks, up to 5 days a week, but we are open to interested parties to rent this as a whole or share the space between various businesses.

With plenty of free parking and just 2

The ERS was launched to recognise and reward employers who support Defence and inspire others to do the same.

To find out more about the ERS visit: www.wmrfca.org/employers/ employer-recognition-scheme minutes from the M5 Junction 6, we are really accessible to.

We are sure there will be lots of questions to ask and answer about this new opportunity, so we thought we would come out to you first and gauge if there was any interest in our offer?

If you are interested to discuss this further, please drop us a note to: enquiries@hwchamber.co.uk

Mike Forrester: Chair’s Report

Firstly, may I start with expressing special thanks to Sharon and the events team at the Chamber for their superb Business Expo, held on 12th October and hosted at the Three Counties Showground. Some wonderful feedback has been received and we look forward to the next Business Expo in March 2024.

Quarterly Economic Survey (QES)

I thought I’d highlight the feedback that’s gathered nationally and summarised by the British Chamber of Commerce (BCC). Robert and the team at the Herefordshire & Worcestershire Chamber take every opportunity to bend your ears about completing it and, consequently, we’re the top provider of QES returns back to the BCC, the 2nd highest returns in the UK of the 53 Chambers of Commerce and 1st outside of London.

The BCC run the UK’s leading research programme on business sentiment and economic conditions. It draws together insights from tens of thousands of businesses who make up Chamber of Commerce Membership. No other organisation has the level of research into the UK business community and it provides the highest-quality evidence base. Influencing decision making for the UK government, the Bank of England and businesses globally.

The Economy

The UK economy remains on course to avoid a technical recession, with a growth rate of 0.4% expected for the whole of 2023. This drops to 0.3% in 2024, and rises only slightly to 0.7% in 2025. The inflation rate is expected to slow to 5.0% in Q4 2023, unrevised from last quarter, but is revised up to 3.0% for Q4 2024. The interest rate is expected to be higher for longer than previously forecast.

Gross Domestic Product (GDP) Growth

In the short term, the BCC is expecting 0.4% growth for the whole of 2023, falling to 0.3% in 2024 and rising slightly to 0.7% in 2025, a downward revision from the BCC’s previous forecast. This reflects the negative impact of inflation and interest rates on household spending and their dampening effect on overall business investment, and while a technical recession is likely to be avoided, many households and SMEs are likely to experience recession-like conditions. Both imports and exports down significantly in 2023 (-4.7% and -4.3% respectively) due to weak global demand and the continuing impact of Brexit. Further regulatory changes at both the UK and EU borders are also likely to weigh on trade flows.

Inflation

While BCC research shows inflation, is the top concern for UK firms (cited by 69% of respondents in the BCC’s Quarterly Economic Survey) fewer businesses now expect their prices to rise over the coming months. The forecast for the CPI rate, therefore, remains unchanged at 5.0% in Q4 2023.

A wage price spiral limits the fall in core inflation which is factor in a prolonged and higher interest rate, peaking at 5.5% in Q4 2023, and falling to 5.25% and 4.5% in 2024 and 2025, respectively.

Employment

The UK labour market remains very tight with the BCC’s Quarterly Economic Survey showing that around eight-in-ten firms attempting to recruit are facing recruitment difficulties. However, a modest increase in the unemployment rate is expected, peaking at around 4.7% in 2024. The detailed report can be followed here: BCC Economic Forecasts.

And finally, a few words of congratulations to Jim McBride on becoming the Chair of the Worcestershire Ambassadors, well done! More about the group can be found here: The Worcestershire Ambassadors. Thanks for reading, Mike.