Cross-Channel Institute Newsletter

CROSS-CHANNEL INSTITUTE NEWSLETTER

Issue 34 | February 2024

Dear Members,

The beginning of February saw the Bank of England maintain its interest rates at 5.25% for the fourth consecutive meeting. This decision provides a certain level of relief for businesses, offering a glimpse of stability amidst economic uncertainties.

The subsequent price stability from the also unchanged inflation rate in January is welcomed by many. Nevertheless, surveys (https://www.britishchambers.org.uk/news/2024/02/inflation-remains-a-real-concern-for-business/)continue to indicate that inflation remains the primary concern for many businesses at present.

Françoise RAUSCH,
President

As we reflect on the year gone by, it is with immense pleasure that we share the success and vibrancy of the Franco-British Chamber. Over the past year, our community has thrived, marked by an impressive array of 50 engaging events that have fostered invaluable connections and shared experiences.

In celebrating our heritage and longstanding presence, we proudly celebrated our historic 150-year Anniversary Event- an occasion that not only commemorated our journey thus far but also symbolized our commitment to the future.

If you have not done so already, we would be very grateful if you could please answer this 3-minute survey.

https://docs.google.com/forms/d/e/1FAIpQLSeMB0f0M3kNOmjWwr_XklHZCDQDZ2lNNw0_QcdlmFxklTIrUw/viewform

ECONOMIC DATA

ECONOMY

UK: Rate hold gives business some stability.

“Today’s decision to hold the interest rate at 5.25%, the same level since August last year, will give some respite for businesses. However, the current level is still a source of concern for SMEs."

franco-britishchamberofcommerce.createsend7.com/t/d-l-elilrhl-dyhdyhuhii-j/

Le déficit commercial français passe sous les 100 milliards d’euros.

Malgré un contexte économique morose, le déficit commercial de la France s’est réduit en 2023. Il est passé de 163 milliards d’euros en 2022, son record historique, à 99,6 milliards environ, selon les chiffres dévoilés mercredi 7 février par les douanes. Les importations ont atteint 731 milliards d’euros (– 7,1 % versus 2022, après une hausse de 29,4 % en 2022) pour 607,3 milliards d’euros (+ 1,5 % vs 2022, après une hausse de 19,1 % en 2022) d’exportations.

franco-britishchamberofcommerce.createsend7.com/t/d-l-elilrhl-dyhdyhuhii-t/

UK living standards set to turn corner slowly - NIESR.

British living standards will start to rise again this year but it will be 2027 before poorer households recover their pre-pandemic spending power, putting an onus on the next government to boost the country's slow economic growth, a think tank said.

franco-britishchamberofcommerce.createsend7.com/t/d-l-elilrhl-dyhdyhuhii-d/

BP weighs bringing in partners to solar business, says CEO.

BP is considering bringing in partners to solar developer Lightsource BP to help boost returns from the fast-growing business, CEO Murray Auchincloss said on Tuesday.

BP last November announced it will take full ownership of Lightsource BP (LSBP), buying the remaining 50% stake in the joint venture for $322 million as part of the British oil giant's drive to build up its renewable energy capacity.

BP has held talks with companies to come in as partners in its solar business once the LSBP deal closes, probably in mid-year, Auchincloss told Reuters after the company reported an annual profit of $14 billion in 2023.

franco-britishchamberofcommerce.createsend7.com/t/d-l-elilrhl-dyhdyhuhii-n/

Un Français sur deux concerné par une cyberattaque massive visant des gestionnaires du tiers payant.

Etat civil, numéro de sécurité sociale, informations sur la mutuelle : « plus de 33 millions » de Français sont concernés par un vol de données commis via une cyberattaque contre des gestionnaires du tiers payant. Les informations bancaires ou médicales n'en feraient pas partie.

franco-britishchamberofcommerce.createsend7.com/t/d-l-elilrhl-dyhdyhuhii-x/

IA : l'antitrust français ne veut pas d'un marché dominé par quatre acteurs.

Il n'est pas encore question d'enquêtes mais l'Autorité de la concurrence française a suffisamment de doutes pour commencer à interroger les entreprises du secteur de l'intelligence artificielle générative, leurs fournisseurs et leurs clients, en quête d'éventuels abus de la part de Microsoft, Google, Amazon ou d'autres.

franco-britishchamberofcommerce.createsend7.com/t/d-l-elilrhl-dyhdyhuhii-m/

OLYMPIC + PARALYMPIC GAMES

Sending foreign workers to France for the Olympic and Paralympic Games - How does it work?

As the upcoming Olympic and Paralympic Games prepare to grace the vibrant streets of Paris Region in the summer of 2024, an increasing number of foreign companies are contemplating the possibility of deploying their workforce to France for this grand event. When it comes to professional immigration, the procedures for employing foreign personnel in France will vary depending on whether the employee is locally contracted or seconded by an overseas employer.

franco-britishchamberofcommerce.createsend7.com/t/d-l-elilrhl-dyhdyhuhii-c/