Herefordshire & Worcestershire have launched their Quarterly Economic Survey for Quarter 4 which can be carried out by businesses across the two counties.
The Chamber of Commerce represents the views of their members to national government, ensuring that the business case drives government policy. This is largely driven by the Quarterly Economic Surveys which are carried out by the Chamber.
A great benefit of being part of this extensive network of business support is that it enables the views of businesses to be represented in the Chamber’s Quarterly Economic Reports, which are widely used by HM Treasury, the Bank of England and the Office for Budgetary Responsibility to influence policy making.
There are still significant challenges for businesses in all sectors, 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. Businesses are heading towards a worrying time this winter, therefore it is vital to share your business concerns over the last three months. The data collected from the Quarterly Economic Survey helps to shape government policy and highlight some of the challenges businesses continue to face.
The Quarter 3 2022 survey reported UK sales have decreased drastically. 32% of business increased sales, which decreased from 45% in the previous two quarters. Perhaps as alarming is 22% of businesses indicating their sales had decreased in the last three months, compared to Q2 which was 14%. The last survey highlighted the importance of Business growth, resilience, and development. The survey gave respondents the opportunity to on business resilience, growth, and development in their business such as carrying out training.
This survey also focusses on the importance of clean growth and creating environmentally sustainable conditions for businesses as well as options for further support and training that allow businesses to reduce their environmental impact. The research conducted will be shared with the British Chamber 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.