An Update From Surrey Chambers CEO – 14th October 2024
14th October 2024
Networking is alive and well!
What a great few events we have delivered in the last couple of weeks! Whilst I was sunning myself in Spain the team back at base were doing an amazing job!
Our Golf Society kicked off at New Zealand Golf Club, ranked among Britain’s top 100 golf courses; this event is one of the highlights of our society’s calendar and was sold out! On a similar theme, our Surrey Young Professionals headed to Topgolf to perfect their swing and networking skills and some of our Businesswomen in Surrey ladies enjoyed an afternoon tea and spa day at the beautiful Pennyhill Park – the perfect environment to connect and expand our networks. Our Business Breakfast then took place at De Vere in Horsley and 50 businesses joined us to make those all-important connections, whist hearing some great updates from members Jen Clay from Oakleaf Enterprises and Martine Robins from The HR Department Surrey Hills.
October is Budget Month
The first half of 2024 saw better than expected economic and business confidence data. However, throughout the summer, major uncertainties have mounted, and we are hearing significant concerns from businesses. On the domestic front, many businesses are increasingly anxious about the direction of economic policy, and taxation has now become their primary concern, specifically as we get closer to Budget Day. Despite interest rates starting to fall and inflation easing, most SMEs are still hesitant to invest. Further interest rate cuts in the coming months will help alleviate borrowing costs, but SMEs will need support to fund the skills and technologies that will help boost productivity. This month’s Budget will be a critical juncture. Businesses will need to see action on solving the investment puzzle, supporting global trade, particularly with the EU, and easing tax anxiety.
Changes in Employment legislation
And if financial concerns are not enough businesses will also be grappling with how the new Employment legislation will affect them. This is the biggest shake up of employment law in decades. These are huge changes and businesses must be engaged and supported on them every step of the way. If the right balance is struck, then we have the potential to get more people into work and boost economic growth. But if the process is mishandled there is a danger these changes could have the opposite effect. It is important to stress that the legislation we are seeing today is a starting point. It is setting out a framework, and the detail and the mechanics of how this will operate will still need much further consultation and we encourage businesses to share their concerns with us. Many of these changes are going to need secondary legislation and it’s unlikely we’ll see major changes to business practices until 2026. But firms will want to see more detail on the timeline for these reforms and guarantees that there will be no surprises. We all recognise that a thriving workforce is more productive and that drives growth. We will continue to work with Government and the unions alongside our network of Chambers to ensure that a balance is reached. One that encourages businesses to recruit and has the right support for employees.