President's Column: Celebrating business success while acknowledging challenges ahead

Our successful Asian Business Chamber of Commerce awards ceremony served as a reminder that we have some truly fantastic businesses operating across the region, writes Dr Jason Wouhra.

It is well documented that the business community has had a difficult time since the onset of the Covid-19 pandemic.

Despite the many challenges these firms have faced and still are facing, our awards once again attracted a record number of entries. Furthermore, the quality was extremely high.

The awards were a resounding success and allowed us to recognise some great businesses such as the Business of the Year, The Active Wellbeing Society (TAWS).

I was very proud to present the President 's Award to Professor David Rosser for his hard work in leading University Hospitals Birmingham NHS Foundation Trust. It also recognised the support the Trust has provided to local communities during the pandemic.

Having been involved in filming for the virtual ceremony at Chamber House, I made my way to the Malmaison where a number of our members and board attended an awards viewing party.

There was a tremendous feelgood factor in the room as we celebrated business success. It was also the first time many of us had met face-to-face in months.

While it is important to celebrate these successes, there is an underlying feeling among firms that we must strap ourselves in for more difficult times ahead.

The Chancellor 's Autumn Statement produced some positives for business, but I know from conversations I 'm having with business owners that there is still great concern around recruitment, cost pressures and the movement of goods.

That 's why I feel the Government 's prediction that the economy will return to pre-Covid levels by 2022 is overoptimistic.

For that prediction to ring true, productivity needs to increase significantly which is why businesses need more support to push through this difficult period.

Finding the right talent to fill job vacancies is a widespread problem. The law of unintended consequences from the furlough scheme means there have been problems in getting people back into work.

It is vital we do what we can to help people back into employment to get the economy moving again.

An increase in the National Living Wage by 6.6 per cent to £9.50 an hour from next year is a positive when you take into account inflationary pressures on consumers. And, of course, better-paid jobs often lead to greater stability within the workforce.

But it will also add to the high cost pressures businesses are already wrestling with. The government must address this by striking the right balance.

In my roles as president of the ABCC and as chief executive of Lioncroft Wholesale Ltd, I also speak to business owners whose productivity has slowed right down because of a shortage of goods due to the Brexit factor.

As expected, the flow of trade is not as smooth as it was now that the UK is no longer in the single market.

It is another issue the government must address quickly - starting with the simplification of paperwork for importers and exporters - before it creates long-term problems for businesses.

Dr Jason Wouhra is president of the Asian Business Chamber of Commerce and chief executive of Lioncroft Wholesale Ltd