It’s use it or lose it time amid ‘anarchy in the UK’
IT’S been an eventful couple of weeks. The big fallout from the Chancellor’s “mini” budget followed swiftly by an eventful Conservative Party conference right here in Brum.
Me? Well I managed to be away on holiday for most of it, road tripping around Croatia, Montenegro and Bosnia & Herzegovina. But even when learning to make börek in Sarajevo, kayaking around monastery islands in Perast or exploring the cat museum of Kotor I couldn’t entirely escape the drama.
“Are you English? What is going on with you guys?”
It wasn’t a constant refrain but something we were asked multiple times in two weeks by fellow tourists and tour guides alike.
Not overly surprising, when you consider that this is a part of the world that has either relatively recently joined or is actively working towards joining the EU.
They’re mostly still baffled by Brexit, let alone the latest policy choices hitting the headlines: unfunded tax cuts for the rich during a cost of living and inflation crisis spooking the financial markets.
I couldn’t even escape it in the car: the latest episodes of one of my husband’s favourite (non-comedy) American podcasts; Planet Money? The snappily titled “Economic anarchy in the UK.”
But we are where we are, as they say, and while the ongoing fallout makes for extraordinary political theatre, it’s back from holiday and back to reality with a bump for me.
Because, well, not a lot has changed for the businesses hardest hit by the inflation and energy crisis. Costs are still way up at the same time as consumer-facing businesses in particular are seeing customers tighten their belts.
Rising mortgage rates are likely to impact consumer spending further, as well as having the potential to cause real hardship coming as they are in tandem with significant increases in energy costs.
The reversal of the National Insurance increase is welcome as a means of helping businesses manage their overheads... but the corporation tax freeze does nothing for the many companies in the hardest hit industries that are barely (if at all) making a profit.
And following the budget fallout, there’s a real sense that political
runway for doing something substantial might have run out while the Government work to restore the confidence of the financial markets, and their own party.
On an individual level, if you can, support hospitality businesses this winter. I first moved to Birmingham 13 years ago when it was feeling the full effect of the financial crisis. I, like many, remember what the city centre and many local high streets were like.
I have loved the absolute boom in independent, quirky, fabulous, fun businesses we’ve seen in recent years – even as we’ve emerged from the pandemic. We are very much hitting “use it or lose it” time.
We’ll continue to champion the cause of local businesses at the Chamber and work with those in power locally, and nationally through the British Chambers, to navigate the country through this.
Right now, the Greater Birmingham Chambers of Commerce are running our Sustainable Business Series – just over four weeks of peer learning and expert insight on the opportunities and challenges of the transition to net zero – with plenty of advice on saving energy to cut costs along the way.
Last week the team hosted the Leader of the Opposition (and current darling of the polls) Keir Starmer for a roundtable discussion with our members on all things SME priorities, innovation and green growth.
This followed the launch of the Labour Party’s vision for a “fairer, greener future” at their own, notably more cohesive, party conference. We also hosted Victoria Prentis, Minister of State at the Department for Work and Pensions, for a discussion on an ongoing challenge for key industries – recruitment difficulties.
The Sustainable Business Series will culminate in a half-day conference with a keynote from West Midlands Mayor, and vocal champion for putting the region at the forefront of the green industrial revolution, Andy Street on November 2. Thanks to our fabulous sponsors Aston University, The University of Birmingham and Shakespeare Martineau, it’s entirely free to attend - but places are going fast so get your ticket while you can.
We’ve also been proud to recognise some of the region’s leading businesses just up the road in Solihull.
In challenging times, there are
always still opportunities to be found and these businesses proved it in spades, with particular congratulations to the newly-crowned Solihull Business of the Year MotorServ UK.
Congratulations also to the always brilliant Tony Elvin, general manager of Touchwood Shopping Centre’s and President of the Solihull Chamber of Commerce division’s for delivering a sterling speech.
Speaking of Presidents, I must give a shout out to the GBCC’s President and all-round icon Deb Leary for repping the Chamber left right and centre (even more than usual if possible!) while I was drinking beer in the Balkans.
All in all, it’s back with a bump after a very welcome break – but also good to be home. For all its quirks and foibles and recent, events – I love this place and the brilliant people in it.
At heart, what we do at the Chamber is simple: connect and collaborate. Bring people together – sometimes from very different backgrounds, industries, political perspectives – to find opportunities, share ideas and do business. And we’re going to need plenty more of that over the coming weeks and months.
Now speaking of connecting – I’ve got two weeks of emails, LinkedIn and twitter messages to catch up on (Greater Birmingham you have been busy!).
Costs are still way up at the same time as consumer-facing businesses in particular are seeing customers tighten their belts