Quarterly Economic Survey (QES) - Cornwall Chamber of Commerce

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 2024

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 2024 survey:
- 35% are operating at full capacity, with 59% operating below capacity – suggesting a slow-down at the start of this year.
- 27% report an increase in UK Sales and the overall net balance of +1% is down from +9% at Q4 2023.
- 30% say their cash flow has improved (increased from 25% last quarter), 38% say it has stayed the same and 28% say it has worsened (27% last quarter).
- In terms of change to workforce, 25% say they have increased their workforce, and 14% have decreased. 56% stated there was no change in their workforce.
- 40% expect to increase workforce over the next quarter and 8% expect a decrease, with 50% expecting their workforce to remain unchanged.
- 53% have attempted to recruit (51% last quarter). Of those, 66% have experienced difficulties recruiting the right people (74% last quarter).
Full Results Report can be found here.
The Quarterly Economic Survey

Each quarter, we encourage our members to participate in British Chambers of Commerce Quarterly Economic Survey, one of Britain’s most influential private business surveys.

Each survey helps us establish and identify the needs and concerns of our members as well as provide invaluable intelligence for national attention at the highest level. Being a Chamber member means you’re part of something bigger and gives you the opportunity via your feedback to shape our economic future.

Full Results Report can be found here.