The latest Quarterly Economic Survey is now open.
The Quarterly Economic Survey (QES) is the largest private sector independent business survey of its kind in the UK, with a history of data and trends spanning over 30 years. Facilitated by the Herefordshire & Worcestershire Chamber of Commerce, the survey looks to capture an accurate snapshot of the local business economy.
The subsequent report will be used to formulate national economic indicators and is widely used by HM Treasury, the Bank of England and the Office for Budgetary Responsibility to influence policy making.
As 2022 continues at pace and wherever possible we move into a post Covid era, there are still significant challenges for businesses in all sectors. Inflation, largely driven by rising energy costs, supply chain delays, and workforce challenges continue to be a concern. The data collected from the Quarterly Economic Survey helps to shape government policy and highlight some of the challenges businesses continue to face whilst post-Covid recovery takes place.
The Quarter 4 2021 report showed a possible easing of demand in the market. 46% of businesses reported increased sales compared to 49% in the last quarter. Looking forward, 39% of businesses reported an increase in advanced orders compared to 46% in the previous 3 months.
This survey (Q1 2022) covers workforce planning. What are businesses doing to recruit, train and plan for the future? What’s working and where do they need support? Along with investment plans, sales, orders, and recruitment over the last 3 months. By providing this data, the Chamber can lobby government and drive change to help support your business during such a challenging time.
Robert Elliot, Director of Business Development and Engagement, said: “As we emerge from most Covid restrictions there is no doubt that businesses face challenges in a number of areas across the two counties. As a Chamber it is essential we hear from businesses to understand the new challenges they face and how they can continue to shape government policy over the next 3 months.
“Our Quarterly Economic Survey is now open, and we urge businesses to share their experiences from the last 3 months.”
By taking part your business will be entered into a prize draw to win a family visit to Flip Out Hereford – activities and refreshments included.