The fieldwork for the Quarterly Economic Survey (QES) for quarter 1 2017 has begun and businesses are encouraged to share their views.
Herefordshire & Worcestershire Chamber of Commerce received 614 responses from local businesses in the last quarter, placing the two counties at the top of the national league table.
The QES takes under five minutes to complete and asks respondents to provide information about their domestic sales, exports, recruitment and the main factors affecting their business.
The survey is a leading indicator at a national level – often picking up changes in the economy long before other surveys or official statistics. It is used by the Bank of England’s Monetary Policy Committee as a key benchmark when setting interest rates, and is used to forecast economic performance by HM Treasury and the Independent Office for Budget Responsibility. The European Commission also uses the results to assess the health of the UK economy when making policy recommendations for both Westminster and Brussels.
Sophia Haywood, Policy Executive at Herefordshire & Worcestershire Chamber of Commerce, said:
“The QES ensures that local businesses’ views are taken seriously by government. By consistently obtaining between 500-600 responses, we ensure that the needs of businesses in Herefordshire and Worcestershire continue to be well represented. The results from 2016 have been a major factor in the creation of Herefordshire & Worcestershire Chamber of Commerce’s 2017 Manifesto, which outlines our policy campaigns on key issues affecting local businesses”.
Businesses have until Monday 13 March to complete the survey. Visit www.surveymonkey.co.uk/r/QESQ12017 to share your views.