Businesses across Staffordshire have a unique opportunity to make their voices heard at the highest levels of UK policy-making by participating in the latest Quarterly Economic Survey (QES).
The QES helps to highlight the barriers facing businesses of all sizes and sectors across the county, allowing organisations including Staffordshire Chambers of Commerce to address them in their regional and national lobbying efforts.
First launched in 1989, the survey has become a cornerstone of business research, compiled nationally by the British Chambers of Commerce and reviewed quarterly by the Bank of England and various Government departments.
Staffordshire Chambers reported a record response rate to the latest QES, Q2 2023, which found that businesses across the county experienced a slight drop in both sales, customers or bookings and also advanced customers or bookings.
There was also a fall in the number of respondents reporting growth in the workforce both in the past three months and in the next three months.
As the flagship research project of the Chamber Network, the QES provides unparalleled insights into the state of UK business and the overall health of the economy.
Once the results are collated, Staffordshire Chambers will host a free QES Results Analysis breakfast event at Commerce House.
Set to take place on Monday, 30 September, guests will hear from Mark Gregory, Visiting Professor of Business Economics at Staffordshire University, who will explain what the results mean for Staffordshire businesses. Spaces include a breakfast and can be booked via the Chamber website, here.
“This survey is always critical, but it is especially so during this period of economic uncertainty,” said Declan Riddell, Policy Adviser and Stafford Chamber Manager. “The Bank of England and other policymakers rely on the QES as a vital barometer of business performance and outlook.”
The QES, which is the UK’s largest independent business survey, aims to identify the key challenges businesses face today. Previous surveys have highlighted significant trends in areas such as rising operational costs, supply chain disruptions, and recruitment challenges.
In the last survey (Q2 2024), 41% of Staffordshire businesses reported an increase in UK sales, matching the national average. Workforce increases were reported by 26% of local businesses, slightly below the national figure, while 31% saw improved cashflow, surpassing the national trend.
Participating in the QES not only helps capture a snapshot of the local economy but also ensures that the needs and concerns of Staffordshire businesses are recognised at a national level.
To take part in the Quarterly Economic Survey (QES) for Q3 2024, click here.
