The Quarterly Economic Survey (QES) is the UK’s largest independent business survey, and it’s your chance to have a real impact. Run by the British Chambers of Commerce and locally by the Cornwall Chamber of Commerce, the QES gives businesses like yours a voice that’s heard at the highest levels of government.

When you fill out the QES, you’re contributing to data that really matters:

• Bank of England: Uses the QES to help decide interest rates.
• HM Treasury & Office for Budget Responsibility: Rely on it to forecast the UK’s economic performance.
• European Commission: Looks at the QES when making policy recommendations for the UK and Europe.

The QES is the first economic snapshot each quarter, often predicting trends even before official data comes out. That’s why it’s closely watched by policymakers like the Treasury, the Bank of England, and the Office of Budget Responsibility. Your input helps shape decisions that affect 

QES Q4 2024

The data from the Cornwall Chamber of Commerce QES is submitted to the British Chambers of Commerce contributing to the national survey.

Businesses from all over the UK, large and small, contribute to the QES through their local Chambers of Commerce. Whether you’re a small business or a large company, your voice matters. The QES is one of the most representative business surveys in the UK, reflecting the concerns and confidence of businesses across the board.

Because the QES captures the experiences and concerns of a wide range of businesses, the results are a valuable resource for everyone.

They help organisations adapt their strategies based on what’s happening in the real world of business.

Below are the key findings in the Cornwall Chamber of Commerce Q4 2024 survey:

35% are operating at full capacity, with 61% operating below capacity – similar to last quarter on balance.

In terms of change to workforce, 21% say they have increased their workforce (last quarter 24%), and 29% have decreased (net balance -8%, down from +15% in Q3 2024). 48% stated there was no change in their workforce, a slight decrease from Q3 2024 (53%). 

Though down ‘only’ 6 points on Q3 2024, 26% report an increase in UK Sales. However, the net balance is -12%, a significant decrease from +10% at the last quarter. 

22% expect to increase workforce over the next quarter and 13% expect a decrease. Although the proportion of companies that are expecting their workforce to remain unchanged is similar to last quarter (62% and 60% respectively), the net expectations is slightly up from +7% in Q3 2024 to +9% this quarter. 

40% have attempted to recruit (43% last quarter). Of those, 55% have experienced difficulties recruiting the right people (51% last quarter).

30% say their cash flow has improved (up from 24% (Q3 2024) and 29% (Q2 2024)), 35% say it has stayed the same and 34% say it has worsened (21% last quarter).