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Quarterly Economic Survey (QES)
What is the QES?
The QES is Britain’s largest independent business survey in the UK. It is a powerful tool for representing the voice of business to Government; the results are analysed and used by Cornwall Chamber of Commerce at a local level, and nationally through the British Chambers of Commerce.
The QES is also used by:
- The Bank of England’s Monetary Policy Committee uses the QES as one of its key benchmarks when setting interest rates.
- HM Treasury and the independent Office for Budget Responsibility use the QES to put together their forecasts for the UK’s economic performance.
- The European Commission uses the QES to assess the health of the UK economy when it makes policy recommendations for both Westminster and Brussels.
QES Q2 2020
The data from the Cornwall Chamber of Commerce QES is submitted to the British Chambers of Commerce contributing to the national survey. You can find the National report here.
Key findings in the Cornwall Chamber of Commerce Q2 2020 survey:
- 14% are operating at full capacity, with 78% operating below capacity
- Only 12% report an increase in UK Sales, with an overall net balance of -54%.
- Nearly two thirds (65%) say their cashflow has worsened over the last 3 months. For 14% of businesses the cashflow has remained constant and 18% have seen an increase.
- In terms of change to workforce, 10% say they have increased their workforce, and 26% have decreased. 53% had no change in their workforce.
- 14% expect to increase workforce over the next quarter, but 26% predict a decrease. 49% expect their workforce to remain unchanged.
- The proportion attempting to recruit drops to 18%. Of those, 53% have experienced difficulties recruiting the right people.
- 78% of businesses have stated that they expect to change their working practices following the pandemic. 43% suggest that they will be implementing remote or flexible working.
- The balance on expectation for change in turnover is -36% (i.e. those expecting an increase less those expecting a decrease). Expectation of profitability has a net balance of -44%.
QES Q1 2020
Business Confidence and Performance
38% of businesses are operating at full capacity
45% reported an increase in UK Sales
35% reported an increase in UK orders/advanced bookings
64% are confident about their cash flow position, which has stayed the same (29%) or improved (35%);
29% say cash flow has got worse.
52% are experiencing pressure to raise prices
68% reported external pressures
Workforce and Recruitment
24% said they have increased workforce 13% have decreased
32% expect to increase workforce over the next quarter
QES 2020 Fieldwork Timeline
Make sure you are prepared to Have Your Say in the latest QES Survey. To the opportunity to influence policy, locally, nationally and even internationally.