Business leaders across Staffordshire are being invited to share their views on the region’s economic challenges and opportunities by participating in the latest Quarterly Economic Survey (QES).
Policy leaders at Staffordshire Chambers of Commerce hope that the Q4 QES will help to gauge the view of local businesses in the weeks after Labour’s first Budget since March 2010.
Declan Riddell, Policy Advisor at Staffordshire Chambers, said: “It’s almost two weeks since Rachel Reeves delivered her maiden Budget as Chancellor of the Exchequer.
“Businesses are still digesting some of the announcements, which included a decision to raise Employer National Insurance Contributions (NIC) to 15% and a lowering of the threshold from when payment of NIC is due, from £9,100 to £5,000.
“The Employment Allowance, which allows smaller companies to reduce their NIC liability, will increase from £5,000 to £10,000. Estimates suggest that this announcement could raise an additional £25billion a year for Treasury coffers.”
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.
Declan added: “We’ve already heard concerns from some of our members, who are facing up to the challenge of meeting significantly higher costs of running a business. Some businesses may have to look at cutting back on staff numbers or may choose to pass on the cost to customers. Other reaction suggests that businesses may choose to respond by pausing any plans to award pay rises to existing staff.
“But what has been the impact of the Budget on your business? We’re keen to collect the view of local businesses as we roll out our latest Quarterly Economic Survey.”
Business can complete a Q4 QES, here.
