Herefordshire & Worcestershire Chamber of Commerce, in partnership with Bishop Fleming, have released the results of the latest quarterly economic report, outlining key economic indicators for Quarter 1 (Q1) 2020.
The evidence base for the report was gathered during a data collection period which commenced on Monday 17 February 2020 and closed on Monday 9 March 2020. The data demonstrates the state of local economy on the eve of the escalation of the Coronavirus outbreak. This data is the latest and most up-to-date publicly available report providing insights into the two counties’ business environment.
The results of this report paint a mixed picture that only a nuanced approach can unpick. At the start of Q1 businesses investment and confidence stabilised, as a result of the assumption of a majority in the House of Commons. This upwards trajectory has now been offset by the COVID-19 crisis. Indicators suggest the economy remains stagnated, deprived of the much-needed relief from the relentless political uncertainty of 2019. The weak outputs of 2019 have been extended; poor cash flow and low export sales and orders dominate the Q1 economic picture. The collision of two opposing forces are captured in this report; as the reduction of political uncertainty pushed up business confidence, the arrival of the coronavirus during the final week of data collection hampered cash flow and export. It is the overlap of these two opposing forces which have created the tensions in this report.
This report captures a snapshot of the economy prior to the crisis phase of the Coronavirus. Due to the period of data collection, this report captures the beginning of the Coronavirus outbreak when the UK remained in the containment stage. It is likely that the true impact of the cross-national issue will be felt in the coming weeks and will be demonstrated by the economic information produced in the next data collection period during Quarter 2 2020.
To read the full report for Quarter 1 2020 click here.
Data collection for the Quarterly Economic Report for Quarter 2 is now live. Take part now and tell government about the impact of COVID-19 on your business. This information will be anonymised and given to the government to lobby for business support during the economic restart and recovery from coronavirus.