The Bank of England has published its latest summary of business conditions in the UK, as reported by the Bank's Agents.  This publication summarises intelligence gathered by the Bank’s Agents between mid-May and mid-June. The Agents’ scores published alongside the document are based on information gathered between late April and late May. A summary of information gathered by the Bank’s D...

Commenting on the Prime Minister’s announcement of further easing of Coronavirus restrictions from July 4 in England - including the reopening of culture, tourism and leisure venues as well as a relaxation of the two-metre rule - BCC Director General Adam Marshall said: “These steps will enable more companies to reopen and will be cautiously welcomed in our business communities. “While the ...

Her Majesty The Queen has offered support to businesses as they reopen, and praised the contribution Chambers of Commerce across the UK and around the world are making to help firms, champion trade and rebuild communities, in a letter released today. The letter from Her Majesty, Patron of the British Chambers of Commerce, comes as businesses across the UK are reopening and adjusting to a new norm...

The Bank of England will pump an extra £100bn into the UK economy to help fight the "unprecedented" Coronavirus-induced downturn by increasing the size of its bond-buying programme - known as quantitative easing. However, they said there was growing evidence that the hit to the economy would be "less severe" than initially feared. The Bank's Monetary Policy Committee (MPC) also kept interest ra...

The British Chambers of Commerce has again reiterated the need for a Brexit deal to be struck after the Government announced it would apply much less rigorous EU border checks on imports than it initially had planned when the Brexit transition period finishes at the end of this year. The UK had committed to introduce import controls on EU goods in January. But ministers have agreed to phase in ...

The UK's economy shrank by 20.4% in April - the largest monthly contraction on record - as the UK spent its first full month in lockdown, according to figures published today by the Office for National Statistics (ONS). The contraction is three times greater than the decline seen during the whole of the 2008 to 2009 economic downturn. The ONS also published figures for the three months from Febr...

Business Secretary Alok Sharma is creating five new business-focused groups to unleash Britain’s growth potential and create jobs, as part of the government’s plans to help the economy bounce back from the coronavirus pandemic. Mr Sharma will chair the first meetings of new ‘recovery roundtables’ this week, bringing together businesses, business representative groups and leading acade...

The Chancellor announced firms would be able to bring workers back from furlough part-time from July 1 and pay them for the hours worked. Employers would have to pay National Insurance and pension costs for furloughed staff from August, then from September they would have to pay 10% of furloughed staff wages and 20% from October. The scheme would cease at the end of October. The Chancellor also co...

Somerset Chamber Chief Executive Stephen Henagulph was interviewed by The Breeze South West radio station about the current business situation in the county and the importance of completing the current Quarterly Economic Survey, the largest independent business survey in the UK. Hear the interview here: https://www.thebreeze.com/somerset/news/local-news/survey-into-true-cost-of-lockdown-to-busin...

Commenting on the Prime Minister’s announcement on the phased reopening of the retail sector in England, related workplace guidance and enforcement powers, BCC Director General Adam Marshall said: "Clarity and guidance on plans for a phased reopening of the retail sector will be welcomed. “Businesses will be taking a safe, proportionate and risk-based approach to returning to work, in close c...

Businesses across Somerset are being urged to give five minutes of their time to provide policymakers with a true snapshot of the health of the county’s economy. Somerset Chamber of Commerce organises the county’s submissions for the British Chambers of Commerce’s national Quarterly Economic Survey (QES), the largest private sector survey of business sentiment in the UK. The results are cl...

Results from the latest British Chambers of Commerce (BCC) Coronavirus Business Impact Tracker reveal that the majority of firms surveyed are in a position to partially restart operations as lockdown restrictions are eased.83 per cent of respondents report that they know some or a lot of details about government guidance on working safely 37 per cent of firms report they can imple...

The Government has announced the UK’s new MFN tariff regime, the UK Global Tariff (UKGT), which will replace the EU’s Common External Tariff on January 1, 2021 at the end of the Brexit transition period. The new regime cuts import duties on many products while protecting industries such as automotive and agriculture, as part of a shift towards global trade beyond Europe. Items like dishwash...

Somerset Chamber of Commerce members are being invited to take part in a trio of international trade webinars, which are being organised by the British Malaysian Chamber of Commerce (BMCC).  BMCC has three webinars coming up this month which are relevant to companies in the UK who have interest to explore the Malaysian market.  All the webinars are complimentary for all UK Chamber members.  ...

Results from the latest British Chambers of Commerce (BCC) Coronavirus Business Impact Tracker reveal that firms are ready for a gradual reopening of the economy but will need continued, adaptable Government support during a phased return to work.  Over 70 per cent of respondents had furloughed a portion of their staffNearly three quarters of those firms had submitted a claim to the fu...