Herefordshire & Worcestershire Chamber of Commerce represent the views of our members to national government, ensuring that the business case drives government policy. A fundamental benefit of being part of this network of businesses is the ability to ensure your views are represented in our Quarterly Economic Reports, used by HM Treasury, the Bank of England and the Office for Budgetary Responsibility to inform policy making. To ensure you influence future policy and support, click here to fill in our latest COVID-19 Economic Indicator.
As government formulates their long-term coronavirus recovery plan, and as the Chancellor carves out his strategy for the Autumn statement, it has never been more important for your business to ensure that your experiences are taken to government. To ensure that businesses can recover swiftly, as lockdown is eased and the economy restarts, it is vital that the decisions government take and the support made available has a positive and transformational impact on business.
The Chamber wants to know how COVID-19 has impacted your recruitment, investment intentions, sales, orders and cash flow. By demonstrating the impact of COVID-19 on your business, the Chamber can lobby government and drive change that will support you. To ensure your business experiences are noted by government this quarter, click here.
In last quarter’s report (Quarter 2) businesses confidence fell off a cliff edge, along with almost all other indicators. 74% of businesses that filled in last quarter’s survey experienced fewer UK sales than last quarter. At the height of the 2007/08 financial crisis that figure was 55%. Confidence and plans to increase investment reached their lowest on record. 59% of businesses expected their turnover to decrease over the next 12 months, compared to 50% at the peak of the financial crisis. In the most concerning statistic from the report, a third of businesses expect to reduce their workforce in the next 3 months, despite the Coronavirus Job Retention Scheme and Bonus Scheme. Such figures only reinforce forecasts from the Office for Budgetary Responsibility, which expect the unemployment rate to peak at a level between 9.7% and 13.2%.
To read the full report, click here.