Quarterly Economic Survey (QES)

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 Q1 2022

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 Q1 2022 survey:
- 53% are operating at full capacity, with 45% operating below capacity- available capacity remaining similar to last quarter.
- 48% report an increase in UK Sales and the overall net balance of +37%.
- 36% say their cashflow has improved over the last 3 months and 38% say it has remained the same. A quarter (24%) say it has worsened.
- In terms of change to workforce, 37% say they have increased their workforce, and 7% have decreased (net balance = +30%). 54% stated there was no change in their workforce- as per last quarter (53%).
- 53% expect to increase workforce over the next quarter and just 1% expect a decrease, with 43% expecting their workforce to remain unchanged.
- 58% have attempted to recruit. Of those, 81% have experienced difficulties recruiting the right people.
Full Results Report can be found here

This Quarter Bishop Fleming, award winning Charted Accountants with an office in Truro sponsored two questions with in the Quarterly Economic Survey on business planning which you can find the results here.