Herefordshire & Worcestershire Chamber of Commerce launch the second Quarterly Economic Survey (QES) of the year. By conducting Quarterly Economic Surveys, we’re able to collect the views of our Members and ensure these are represented locally, regionally, and nationally, including by the HM Treasury, the Bank of England and the Office for Budgetary Responsibility to influence policy making.
As 2022 continues, we’re aware that there are still significant challenges for businesses in all sectors. Inflation, largely driven by rising energy costs, supply chain delays, and workforce challenges continue to be a concern.
Our Quarter 1 2022 Survey reported falling UK sales. 45% of businesses increased sales compared to 46% last quarter and 14% reported a decrease in sales, in comparison to 11% last quarter. With a focus on skills, when asked if businesses had a workforce plan for future employment 39% said yes and 20% had not considered one. Additionally, when asked how businesses had recruited over the last six months the most popular actions were to transfer staff into roles internally and to retain staff using enhanced benefits and salaries.
This survey focuses on the UK Shared Prosperity Fund, the governments central mission to level up the UK. The survey gives respondents the opportunity to comment where they’d like to see funds allocated. The survey also asks the usual business-related questions on sales, orders, and recruitment over the last 3 months. This information is submitted to the British Chambers of Commerce and by providing this data, we can lobby government and drive change to help support your business.
Follow this link to take part in the survey, https://www.surveymonkey.co.uk/r/QES22022GW