Our latest Quarterly Economic Survey is now open. Click here to take part.
Herefordshire & Worcestershire Chamber of Commerce represent the views of our members to national government, ensuring that the business case drives government policy. A great benefit of being part of this extensive network of business support is that your views are represented in our Quarterly Economic Reports, which are widely used by HM Treasury, the Bank of England and the Office for Budgetary Responsibility to influence policy making.
In previous quarters, businesses have emphasised the significant challenges they have faced such as the rising energy costs, inflation, and the stretched labour market. The British Chambers of Commerce predicted the UK would enter a recession and recent inflation figures suggest we are now in a recession and the economy is likely to weaken further from here. Tackling inflation was key on the Chancellor’s agenda in the Autumn budget last year after it hit a 41-year high of 11.1%. In the last survey, 76% of businesses stated inflation as a factor of concern for businesses and 65% of businesses stated energy costs as a further factor of concern. Therefore, it is vital to share your business concerns over the last three month to allow us to support you through the current challenges. The data collected from the Quarterly Economic Survey helps to shape government policy and highlight some of the challenges businesses continue to face.
Our Quarter 4 2022 survey reported UK sales have improved slightly from previous quarter. The number of businesses reporting their domestic sales had increased was 36% last quarter, a slight increase from 32% in Q3. In contrast, 18% of businesses reported their UK sales had decreased in the three months leading up to November, compared to 22% in Q3. The last survey highlighted the importance of clean growth and creating environmentally sustainable conditions for businesses as well as options for further support and training that allow businesses to reduce their environmental impact.
This survey also focuses on the importance of sustainability and specifically green skills. With all businesses and organisations committed to making a positive change how can these continue their drive to sustainability, what skills are in place, how could upskilling and re-skilling make a difference, and what are the actual skills needed to reach their goals. The research conducted will be shared with the British Chamber of Commerce, along with 53 UK Chambers, and provide a framework from which Herefordshire & Worcestershire Chamber of Commerce can influence local and national partners, and benefit Chamber Members in the two counties.
To take part in this quarter’s survey, please click here.
By taking part in this quarter’s survey, you will have the chance to win afternoon tea for two at The Green Dragon Hotel, Hereford. The Green Dragon, an independent hotel in the centre of Hereford, has been welcoming guests for over a hundred years. Refurbished in 2019, it has something for everyone whether staying in the city or visiting for the day https://www.greendragonhotel.com/.