August Policy & Business Briefing

King’s Speech

The King's Speech announced several bills that are particularly relevant to all Suffolk businesses, so the Chamber will keep a close eye on them as they move through Parliament before becoming law.

• The National Wealth Fund Bill could provide a fund that invests in Suffolk
• The Planning and Infrastructure Bill needs to result in changes that makes planning applications that create economic growth, less lengthy and uncertain
• The Employment Rights Bill must not have any unintended consequences for employers or their staff
• The English Devolution Bill should result in Suffolk having more control over local funding and services
• The Skills England Bill should ensure that Suffolk businesses still have a strong voice that shapes skills policy and training provision

Interest Rate Cut

Responding to the Bank of England’s decision to cut the interest rate by 0.25%, David Bharier, Head of Research at the British Chambers of Commerce, said: 

“The decision by the Bank to cut the interest rate gives many smaller firms welcome breathing space and could trigger an increase in investment as borrowing costs decline.   

“This cut, the first since 2020, became inevitable as inflation has settled at around 2% over recent months. Our economic forecast expected this cut, as well as a further reduction by December, bringing the interest rate to 4.75% by the end of the year.  

“The Bank will be monitoring events closely as global conflicts and trade tensions could still exert price pressures on commodities and the finely balanced 5-4 voting split shows this caution. For UK SMEs, our research shows that inflation remains a top issue for them, albeit down on the peak of concern in 2022.  

“A cautious and well-communicated approach from the Bank will support business confidence, which has been steadily increasing in recent months.  

“As the Chancellor begins to prepare her Autumn budget, we want to work in partnership with government to unlock the investment needed to boost economic growth.” 

Place Forums

East Suffolk Forum

The forum for Chamber members in East Suffolk is holding a breakfast meeting, kindly hosted by Seckford Hall, on Wednesday 4th September. Members will be able to find out more about creating social value with speakers on the benefits of Carbon Charter membership and employing people with criminal records.

The forum meeting is free of charge for Chamber members. If you would like to take part in the meeting, please book here 

Ipswich Forum

The forum for Chamber members in Ipswich will be a breakfast meeting, kindly hosted by the New Wolsey Theatre, on Wednesday 2nd October. The theme will be promoting Ipswich and after the meeting there will be chance to have a behind the scenes tour of the theatre.

The forum meeting is free of charge for Chamber members. If you would like to take part in the meeting, please book here 

West Suffolk Forum

The next West Suffolk Forum meeting will be kindly hosted by Treatt in Bury St Edmunds. Treatt is a natural extracts and ingredients manufacturer for the global beverage, flavour, fragrance and consumer goods markets. The forum will be a breakfast meeting on Thursday 3rd October. The meeting will focus on sustainable growth in West Suffolk and there will be an option to tour Treatt after the meeting.

The forum meeting is free of charge for Chamber members. If you would like to take part in the meeting, please book here 

Central Suffolk Forum

The next Central Suffolk Forum will be kindly hosted by Siemens Healthineers in Sudbury on Thursday 7th November. Details will be available via the event area soon. 

Need a bus service?

Suffolk County Council have received some funding for new or improved bus services and are now inviting ideas about which services should be funded. This could be an opportunity for businesses to make the case for a new bus service or extended hours for an existing service, that will help staff get to and from work.

Ideas should submitted by Friday 15^th November using the following link Bus Service Improvement Plan – service funding - Suffolkonboard

It must be shown that there is demand for a new or improved bus service and that it has the potential to be self-financing in the longer term. 

Details of the new and improved bus services that will be funded will be announced early in 2025.

Suffolk FutureSkills Fair

Suffolk New College is inviting local companies to be exhibitors at its upcoming careers fair on Monday 4th November 2024 at its Ipswich campus.

Exhibitors will have the opportunity to inspire the future workforce and showcase your industry.

Sign up here or for more details, please contact charlotterossiter@suffolk.ac.uk

Sponsorship packages are also available, Sign up here

King’s Awards

Applications are open for the 2025 King’s Awards for Enterprise. Suffolk winners this year included Broadwater Mouldings, Frugalpac and Muntons.

The awards are for outstanding achievement by UK businesses in the categories of:

• innovation
• international trade
• sustainable development
• promoting opportunity through social mobility

You can apply for the 2025 Awards until 1pm on 12 September 2024

Keeping up with the changes

The general election now seems a long time ago with the new government making lots of announcements about policy and funding changes. Suffolk Chamber of Commerce is keeping up with the changes and making sure that new ministers and MPs understand that government investment in Suffolk is good value for money.

The new chancellor announced of billions of pounds of savings including and the new transport secretary then announced a review of other transport schemes. This means that the Chamber is working with partners to make sure that the new government understands that rail junction improvements at Haughley and Ely are good value for money and of national as well as regional importance. More freight from Felixstowe could move from road to rail and the strategies of sub-national transport bodies Transport for the North, Midlands Connect, England’s Economic Heartland and Transport East all reference the benefits of the scheme for their regions.

To give Suffolk an even stronger voice Suffolk Chamber of Commerce is proposing a Suffolk Convention. This proposal has had a positive response from leading senior decision-makers in the county's business, local government, health and VCFSE sectors.

The aim of the non-partisan Convention is a Suffolk-wide approach to ensure the county receives both a fairer share of infrastructure and skills spend and a greater voice in advocating for other reforms from the new government.