BCC: Trade Strategy Must Support Smaller Exporters 

• Fewer than one fifth (18%) of micro-exporters (fewer than 10 employees) increased export orders in Q2, with 29% reporting a decrease. 
• By comparison, 29% of large exporters (more than 250 staff) increased their export orders with a fifth (20%) reporting a drop. 
• More than a quarter (27%) of all SME exporters surveyed reported a decrease in export orders  
• Just over half (51%) said they saw no change in their export orders, and 22% an increase 

 The Trade Confidence Outlook, conducted by the BCC’s award-winning Insights Unit, is a survey of just over 2,000 UK exporters.   

The data was collected between 12 May and 9 June, after a narrow trade deal with the US was agreed but before any changes came into effect. The EU reset deal was also announced during this time, on May 19, but again any alterations had yet to happen.      

The research shows that SME exporter sentiment remains very weak, with most not reporting increased export sales or orders. However, micro firms are more likely to be reporting worsening conditions. 

Overall, 24% of SME exporters reported an increase in export sales, 50% no change, and 26% a decrease. By contrast, only 20% of micro exporters reported an increase. 

Looking at export orders – sales yet to be made – 22% of SME exporters reported an increase, 51% reported no change and 27% reported a decrease. By contrast, only 18% of micro exporters reported an increase and 29% reported a decrease. 

SME exporters are consistently more likely to report decreased exports compared to before the pandemic and Brexit. In Q2 2018, only 14% of SME exporters reported a decrease in overseas sales compared to 26% in Q2 2025.      

The View From Business 

Tariffs on exports to the USA are a concern. At the moment they are 10% on our products. Should they be any higher it could be a serious problem. 

Micro manufacturing firm in Scotland  

The impact of tariffs on material prices are not yet understood, as there is not a sustained period of consistency.  

Medium construction firm in the East Midlands  

In relation to Trump and all the tariff issues, this will affect our pricing and shipping on a global scale with the uncertainty.  

Small services firm in the South-East  

Tariffs are causing uncertainty with our automotive customers, which prevents or delays new programs of work.  

Medium construction firm in the East of England 

William Bain, Head of Trade Policy at the BCC, said:  

“Exporting remains an uphill grind for many SMEs and the smallest firms are finding it toughest of all. 

“Smaller, innovative, agile businesses should be able to export in a streamlined way, especially by taking advantage of e-commerce platforms. But in practice it is larger firms who seem able to more easily navigate the challenges and complexities of international trade.  

“If the UK wants to boost exports for the long-term, then our overseas traders will require additional support and the right finance and advice to develop their order books. 

“The trade strategy sets out a strong framework for how this can be done but we must now move at pace to turn it from the page into practice. 

“Over 40 per cent of Chamber members export due to the framework of support placed around them. This level of advice, training and guidance needs to be replicated across the UK. 

“If the trade strategy is effectively executed, then it could generate economic growth in every nation and region of the UK, lowering tariffs and removing trade barriers. ​ 

“But the hard work has to start now. The government must work with businesses and Chambers to deliver the strategy’s action points. This means leveraging the expertise, resource and place-based knowledge of our Global British Chamber Network to build, invest and deliver on international trade as an engine for economic growth.” 

Source: British Chambers of Commerce

Bulgarian employers continue to adapt their strategies to the dynamics of the labour market, focusing on competitive compensation, employee retention, and the provision of attractive benefits packages. The results of the SATR H2/2025 survey, conducted by Manpower Bulgaria, are now available and highlight the key trends for the second half of the year.

Gradual Salary Growth and Strategic Sustainability
The data shows that 74% of surveyed companies do not plan to implement new salary increases in the second half of 2025, a trend that reflects the already executed adjustments at the beginning of the year (78% of companies). Nevertheless, 26% of employers intend to raise salaries, with the most common increases ranging between 6% and 10%. The primary motivation behind these decisions is to retain key employees and attract new talent, with 34% of companies planning to expand their teams by the end of 2025.

Limited Changes in Additional Benefits
Additional benefits remain a crucial tool for employee engagement and retention. However, only 6% of respondents plan to expand their benefits offerings in the coming months. The most commonly planned additions include additional health insurance, performance-based bonuses, and food vouchers. Budget limitations and already well-structured internal programs are often the reason for maintaining the current status.

Changes and Challenges
Employee turnover data for the first half of 2025 indicates relative stability with 41% of the companies reporting a turnover rate between 1% and 5%. The main reasons for voluntary turnover include higher salaries offered by competitors (30%), reluctance to work in shifts (11%), and lack of professional development opportunities (10%). As for involuntary turnover, the most cited reasons are poor employee performance (35%) and violations of internal policies (24%). In terms of layoffs, the key reasons include reorganisations and restructuring (28%), financial results (23%), and underperformance in specific departments (19%).

Conclusion
The SATR H2/2025 survey shows that, although the pace of growth is slowing down, employers remain focused on long-term sustainability and strategic human capital management. The practice of annual salary indexation is now firmly established, with more than half of the implemented increases being up to 10%. Benefits are also becoming an increasingly important factor.
These actions reflect the vital role of human capital in business success particularly in the context of growing competition for talent in Bulgaria.

You can download the full report HERE.

On a beautiful summer evening, the British Bulgarian Chamber of Commerce (BBCC) welcomed members, partners, and distinguished guests to the highly anticipated Summer Black Tie Gala, held at the elegant residence of H.E. Nathaniel Copsey, British Ambassador to Bulgaria. The evening celebrated not only the vibrant UK-Bulgaria business community, but also marked a milestone—the 10th anniversary of BBCC.

We extend our heartfelt gratitude to H.E. Copsey and the British Embassy team for graciously hosting the event and to all our guests for joining us in celebration and support.

Among our official guests were Mr. Zhecho Stankov, Minister of Energy, who presented a special congratulatory plaquette to BBCC Chair Miroslava Kostadinova in honour of the Chamber’s decade of dedicated service to the business community. We were also delighted to welcome Mr. Georgi Angelov, Deputy Minister of Innovation and Growth, and Mr. Vassil Terziev, Mayor of Sofia.

Guests were warmly welcomed at the entrance by the elegant presence of a Range Rover Sport, graciously provided by Moto-Pfohe, setting a tone of sophistication from the very start of the evening.

The gala was not only an evening of networking and celebration, but also of culinary delight and entertainment. Guests were treated to a fresh oyster raw bar by Chef Nikola, Head chef of the British Embassy, a refreshing ice cream station with liquid ice by Hyatt Regency Sofia, and exquisite selections on cocktails at the Tanqueray gin bar and Glenfiddich whisky bar. Zornitza Family Estate and Aya Estate Vineyards made the lovely wine selection for the night. The mood was beautifully set by the enchanting sounds of Intro Quartet, who provided live music throughout the evening.

Capturing the glamour of the night, 3Frames were on hand to photograph the event, while the stunning photo wall and floral decor were brought to life by Perfect Candles Decor and Blossom Flowers.

This year’s gala was held in support of Teach for Bulgaria, an organization working tirelessly to ensure every child in Bulgaria has access to quality education—an initiative we are proud to champion. A special raffle with 2 exclusive prizes provided by H.E. Copsey and Lion’s Head was drawn to support the charity.

]We would like to express our sincere thanks to our generous sponsors, whose support made this extraordinary evening possible- our Anniversary patrons Danco Industry, Bulstraight, Lion’s Head and Epay, our Diamond sponsor My Synergy and Kambourov and Partners, the Gold sponsors Moto-Pfohe and Hyatt Regency Sofia. We would like to acknowledge our Drinks partners Tanqueray and Glenfiddich, Zornitza Family Estate and Aya Estate Vineyards. Your contributions help strengthen the ties between British and Bulgarian businesses and bring lasting impact to our community.

Here’s to the next decade of collaboration, growth, and shared success.

Photos from the Flower wall here. The rest of the photo HERE on Facebook page.

• Business confidence remains weak following the employer NI rise, with just under half of firms (49%) expecting turnover to increase in the next 12 months 
• The proportion of businesses expecting to put up prices over the next three months eases to 44% (from a spike of 55% in Q1) 
• Tax remains the main concern for firms, with 56% citing it as a worry closely followed by inflation (52%) 
• No significant change in sales indicators, with only 32% of business reporting a rise in sales 
• A quarter (24%) of firms have cut back on investment in the past three months, while only 21% have increased investment 

In the largest survey of business sentiment since April’s employer National Insurance rise, the British Chambers of Commerce (BCC) Quarterly Economic Survey for Q2, shows confidence among firms remains weak. 

While price rise expectations have eased back from near historic highs in Q1 – tax remains the biggest concern cited by firms. Only a third say domestic sales have grown over the last three months.  

The survey was carried out by the BCC Insights Unit and the UK wider Chamber network after the National Insurance rise came into force, with the fieldwork conducted between 12 May and 9 June.  Over 4,500 businesses across the UK (93% of whom are SMEs) responded online. 

Business confidence remains subdued 

Levels of confidence among businesses remain weak, with only 49% of responding firms expecting their turnover to increase over the next 12 months. That’s up only slightly from 48% in Q1. This is the second lowest figure since the aftermath of the mini budget in late 2022. A fifth (20%) of businesses expect turnover to worsen and 31% expect no change.  

Confidence levels remain lowest in the hospitality sector (33%) and retail (44%), showing the continued struggles these sectors face. 

Profitability confidence has improved slightly but remains low. 41% of firms expect profits to increase over the next year (39% in Q1), while 28% expect them to worsen (32% in Q1). 

Fewer firms planning to increase their prices 

The proportion of businesses saying they expect to raise their prices in the next three months stands at 44%; down from a near-historic high of 55% in Q1. This suggests a moderation in new price rises after firms made adjustments ahead of the NICs increase. Just over half (53%) say their prices are likely to remain the same, and only 3% are expecting them to decrease.  

Labour costs continue to be far and away the main cost pressure for firms, cited by 73% of respondents – the same as the previous quarter. The issue is most significant for transport and logistics businesses (88%) followed by the hospitality sector (83%). 

Tax remains the biggest concern as NI rise bites 

Following the employer NI contribution rise at the start of April, tax continues to be the biggest worry for businesses, although concerns have eased slightly. 56% cite tax as a worry, down from 59% in Q1. This quarter’s figure is the third highest on record, following the previous two quarters.   

Concern about inflation also remains high among businesses – 52% compared with 53% in the previous quarter. Worries about interest rates continue to fall with 24% citing them in Q2, down from 28% in Q1.  

No significant improvement in business conditions 

The percentage of responding businesses reporting increased domestic sales has shown no noticeable improvement, 32% compared with 31% in Q1. 42% reported no change and over a quarter (26%) said they had seen a decrease in sales. Hospitality firms were the most likely to have seen a fall in sales (36%) followed by those in the retail sector (34%). 

Over a quarter of businesses (26%) report an increase in cash flow over the last three months, up from 21% in the previous quarter. 30% report a fall in cash flow (down from 33% in Q1), while for 45% cash flow remained the same.   

Most firms struggling to invest  

As businesses face increased cost pressures, nearly a quarter, 24%, say they have cut back on investment plans (compared with 26% in Q1). 55% of firms say their investment strategy has remained the same, while only 21% have increased their plans.  

The issue is more marked in certain sectors, with 39% of hospitality firms and 32% of transport firms reporting a scaling back of investment plans.  

What businesses say: 

“Rising employment costs, including increases in National Insurance and minimum wage, are placing significant pressure on margins – particularly for SMEs.” Small manufacturing firm in Liverpool 

“The current tax burden imposed by the UK government remains a significant challenge for businesses, particularly given the frequency of regulatory changes and the ongoing uncertainty in fiscal policy. This unpredictability makes it increasingly difficult for companies to plan ahead with confidence.” Small services firm in Northern Ireland 

“The impact of inflation and tax on the business environment is our main concern, as this impacts our clients.” Micro services firm in Northamptonshire 

“NI and NMW increases have all created increased costs. We are seeing more redundancy projects being requested to levels not seen since 2008.”  Small professional services in Suffolk 

“The government missed an opportunity in the last budget to invest in business and support growth, instead taxing businesses until they are no longer viable.” Micro manufacturing firm in the West of England  

Shevaun Haviland, Director General of the British Chambers of Commerce, said: 

“The rising cost of doing businesses means confidence levels remain at their lowest levels since 2022.  

“However, it’s encouraging to see a drop in the number of firms planning to raise prices. Any signs of inflationary pressures easing is good news for business and the wider economy. But prices remain volatile.  

“Last week, the Prime Minister acknowledged at the BCC’s Global Annual Conference that business has been asked to shoulder a huge tax burden. We now need the Government to rule out any further business taxes in this year’s Budget.  

“Businesses have welcomed the series of long-term strategies from Government in recent weeks, all designed to drive forward economic growth. Our research shows businesses are stuck in a rut and more needs to be done at pace by ministers to turbocharge the economy and boost business confidence.  

“Our Blueprint for Growth report provides a clear set of proposals to drive business innovation and investment. We urge ministers to work with us to implement these ideas.  

“Businesses are clear – they want their costs reduced, regulation reformed, and skills barriers removed. Action by policymakers now, will help businesses out of this confidence slump and give firms the tools to boost growth.” 

David Bharier, Head of Research at the British Chambers of Commerce said: 

“Business sentiment in Q2 remains fundamentally subdued, following last autumn’s tax increase announcements and the more recent introduction of global tariffs. 

“April’s rise in National Insurance contributions has cemented tax as the dominant concern for firms. Businesses are entering a new employment landscape marked by structurally higher labour costs and administrative requirements, fuelling increased anxiety about redundancies. 

“While there has been some easing in our price expectations indicator, this follows a spike to near historic highs in Q1 and may indicate that firms already baked in the recent NICs increase. Inflation is likely to remain volatile in the short term, as any escalation in global conflict could trigger renewed shocks to commodity and shipping prices. 

“SMEs are operating in an increasingly unpredictable world and have limited capacity to absorb further disruption. A meaningful improvement in business conditions will depend on a roadmap to ease the tax and admin burden, de-escalation of geopolitical tensions, implementing improvements to the UK-EU trading deal, and further mitigation of US tariffs.” 

Source: British Chambers of Commerce

BBCC is pleased to inform you that a Memorandum of Understanding was signed between the British-Bulgarian Chamber of Commerce (BBCC) and the Bulgarian Association of Management Consulting Organisations (BAMCO) on 2 July 2025.

This agreement marks the beginning of a long-term partnership between the two organisations, based on shared values ​​– professionalism, ethical business practices and a commitment to sustainable development. The common goal is to encourage active exchange between members of both communities and to create real opportunities for professional and organisational growth.

The agreement envisages institutional cooperation in the following key areas:

• Promoting entrepreneurship and business development
• Supporting dialogue and advocacy on public policy issues
• Sharing knowledge and developing professional skills
• Supporting networking and active participation of members
• Developing international partnerships and community initiatives

The activities will be implemented within the existing resources and capabilities of both organizations, on a voluntary basis, and will include initiatives such as:

• Bilateral forums and information events
• Joint trainings and webinars
• Exchange of expert knowledge
• Networking opportunities within business and professional communities

During the official signing ceremony, Gergana Mantarkova, Chairwoman of the Board of Directors of BAMCO, emphasized: “This partnership is a reflection of our shared belief that true progress comes through cooperation. Together, we will create opportunities and support for our members and build a connected and responsible professional community.”

Miroslava Kostadinova, Chairwoman of the Board of Directors of BBCC, noted: “and I was pleased to sign the agreement between the British-Bulgarian Chamber of Commerce and BAMCO, because I believe that it will become a solid foundation for successful cooperation and initiatives between the two organizations and their members. For 10 years, the BBCC has built a wide network of partnerships, part of which will be this one with BAMKO and I will be happy to work together”

The management of BAMKO expresses special gratitude to Nevena Tsacheva, CMC, for her proactivity and assistance in the implementation of this initiative, which is of long-term strategic value for the Association.

Following the launch of the UK Trade Strategy by the Prime Minister at the BCC’s Global Annual Conference last Thursday, please find attached a detailed analysis of the document including:

• UK Trade Strategy timeline
• Key points in the UK Trade Strategy
• Policy Actions
• What BCC recommendations were included?

An in-depth explainer is posted on the BCC website, which includes the key information and issues to watch.

In the fast-paced world of IT recruitment, where time is a critical factor, efficiency and access to high-quality candidates are key. That’s exactly why we introduced the Hotlists process – an innovative approach that not only streamlines communication with clients but also significantly speeds up the hiring cycle.
For “In Our Focus,” Miloš Radaković, Head of IT Development, and Svetla Bashliyska, IT Team Lead at Manpower Bulgaria, share an inside look at how the Hotlists model works.

What are Hotlists and how do we select “hot” candidates in Manpower?

Miloš: Hotlists are bi-weekly portfolios of carefully selected IT professionals who are actively looking for new opportunities and ready to start work within a short timeframe.
Each candidate on the list is pre-screened and interviewed by our recruiters, and the portfolio includes key information about their professional profile: technologies, experience, industries they’ve worked in, and employment preferences.
All profiles are anonymised, but contain everything necessary to give a clear picture of each candidate’s tech stack, level of expertise, and job preferences.

The criteria for selecting candidates for the Hotlist include:

• In-demand technical skills
• Proven professional experience
• Availability to start quickly
• Motivation and commitment to new projects

In a world where technology evolves at lightning speed, companies can’t afford to wait for the “perfect” candidate to appear. Hotlists are our strategic answer to faster, smarter, and more efficient IT recruitment.

How do Hotlists help clients shorten time-to-hire?

Miloš: Hotlists act as a proactive talent delivery tool, eliminating the need for lengthy search and initial screening cycles.
Instead of waiting for suitable candidates to apply to job ads, our clients receive a curated portfolio of vetted and available IT specialists every two weeks.

This provides several key advantages:

• Faster time-to-hire
  Clients can select a profile directly from the list and start the hiring process immediately.
• Improved forecasting and planning
  The consistent rhythm of Hotlist delivery allows companies to plan future staffing needs.
• Higher recruitment quality
  Since all candidates are pre-qualified, the risk of unsuitable profiles is minimal.

Ultimately, Hotlists don’t just simplify the hiring process – they speed it up, structure it, and make it more transparent for both clients and candidates.

The results speak for themselves: faster placements, better alignment between business needs and candidate skills, and higher satisfaction with the overall process.

How do we maintain an active pool of high-quality, motivated candidates in a dynamic IT environment?

Svetla: In the dynamic IT sector, the key to maintaining an active and relevant candidate base is ongoing engagement. This means consistent communication with talent not just when a position opens up, but also through sharing market insights, career development opportunities, and practical advice.

At Manpower Bulgaria, we believe that a personal approach makes all the difference. That’s why we offer tailored career consultations that support candidates not only in finding their next role, but also in growing from Junior to Mid and Senior levels.

Building trust through transparency, respect, and timely feedback is the foundation of our long-term partnerships with IT professionals. Additionally, we leverage modern ATS platforms and AI tools to ensure we provide not just “active” but the right candidates with the motivation, skillset, and vision to grow.

What are the most in-demand IT roles and skills dominating the Hotlists?

Svetla: Today’s most sought-after IT professionals are Cloud specialists, particularly those with experience in AWS, Azure, and Google Cloud.
Next are Cybersecurity Experts who are highly valued across both the corporate sector and among startups that recognise the need for strong data protection.

We’re also seeing a significant rise in demand for Data Engineers and Data Scientists, driven by growing interest in AI-based projects and automation.
The most in-demand tech stack includes containerisation tools like Docker and Kubernetes, Infrastructure as Code solutions like Terraform, and AI/ML libraries such as TensorFlow, PyTorch, and Scikit-learn.

In addition to technical expertise, companies increasingly value candidates who can think strategically, contribute to building scalable architectures, and quickly adapt to new technology environments.

If you’d like to learn more about our Hotlists in Manpower and how they can support your business, feel free to contact:
Miloš Radaković – milos.radakovic@manpower.bg
Svetla Bashliyska – svetla.bashliyska@manpower.bg