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 Q3 2021
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 Q3 2021 survey:
- 56% are operating at full capacity, with 43% operating below capacity- available capacity having decreased since last quarter.
- 45% report an increase in UK Sales and the overall net balance decreased from +60% last quarter to +28%.
- 32% say their cashflow has improved over the last 3 months and 49% say it has remained the same. Just 17% say it has worsened. The position on cash flow is similar to Q2.
- In terms of change to workforce, 23% say they have increased their workforce, and 11% have decreased (net balance = 12%). 65% stated there was no change in their workforce- as per Q2.
- 27% expect to increase workforce over the next quarter and just 7% expect a decrease, with 62% expecting their workforce to remain unchanged- similar to Q2.
- 48% have attempted to recruit. Of those, 78% have experienced difficulties recruiting the right people.
- A third of participants exporting, report increases in overseas sale and similarly 4% report increases in advanced export orders.
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.
QES Survey Results Archive