Herefordshire & Worcestershire Chamber of Commerce, in partnership with the Worcestershire Local Enterprise Partnership, have released the results of the latest quarterly economic report, outlining key economic indicators for Quarter 2 (Q2) 2020.
The report looks at the impact of COVID-19 on business, with a focus on the changes that will take place in employment and recruitment.
74% of the businesses who completed the Quarter 2 report experienced fewer UK sales than last quarter. At the height of the 2007/08 financial crisis that figure was 55%. Confidence and plans to increase investment have reached their lowest on record. 59% of businesses expect their turnover to decrease over the next 12 months, compared to 50% at the peak of the financial crisis. In the most concerning statistic from the report, a third of businesses expect to reduce their workforce in the next 3 months. Such figures only reinforce forecasts from the Office for Budgetary Responsibility, which expect the unemployment rate to peak at a level between 9.7% and 13.2%.
Data collection for the Quarterly Economic Report for Quarter 3 opened on August 26. Local businesses are encouraged to take part and tell government about the impact of COVID-19 on their business. This information will be anonymised and given to the government to lobby for business support during the economic recovery from COVID-19.
For more information on the Q2 report, visit the Herefordshire & Worcestershire Chamber of Commerce website on the link here.