The latest Quarterly Economic Survey is now open.
Herefordshire & Worcestershire Chamber of Commerce represents the views of our members to national government, ensuring that the business case drives government policy. A great benefit of being part of this extensive network of business support is that your views are represented in our Quarterly Economic Reports, which are widely used by HM Treasury, the Bank of England and the Office for Budgetary Responsibility to influence policy making.
As we head towards the end of 2022 and we emerge out of the Covid era, there are still significant challenges for businesses in all sectors, and the effects of the Ukraine War have caused further issues for businesses. Inflation, largely driven by rising energy costs, global supply chain issues, and workforce challenges continue to be a concern, particularly in China. The data collected from the Quarterly Economic Survey helps to shape government policy and highlight some of the challenges businesses continue to face.
The Chamber’s Quarter 2 2022 survey reported UK sales have remained relatively constant. 45% of businesses increased sales, which was the same as the last quarter. Equally, 14% reported a decrease in sales; this is also the same as the last quarter. The last survey highlighted the importance of the UK Shared Prosperity Fund. The fund is a central pillar of the UK government’s Levelling Up agenda, providing £2.6 billion of funding for local investment in the UK by March 2025. The survey gave respondents the opportunity to comment and state where they would like to see funds allocated.
This survey also focusses on the importance of creating conditions that allow businesses to grow and develop their people: growth in terms of their customer base, and facilities from which to conduct day to day business; and people development in terms of training, support, and creating an environment that will help retain existing staff but also attract talent. The research conducted will be shared with the British Chambers of Commerce, along with 53 UK Chambers, and provide a framework from which Herefordshire & Worcestershire Chamber of Commerce can influence local and national partners, and benefit Chamber Members in the two counties.
By taking part in this quarter’s survey your organisation will have the chance to win a boardroom meeting room for up to 15 people at The Shell Store, Skylon Park, Hereford, with drinks on arrival at The Munitions Café. The Shell Store is a unique building combining over 100 years of industrial heritage and a future of contemporary working spaces, meeting rooms and offices.