Herefordshire & Worcestershire Chamber of Commerce has released the Quarterly Economic Survey Report for Q4 2022, sponsored by the Worcestershire County Council’s Clean Growth team.
Over 430 businesses in the two counties completed the survey, The research conducted is shared with the British Chambers of Commerce, along with 53 UK Chambers, and provide a framework from which Herefordshire & Worcestershire Chamber of Commerce can influence local and national partners. This survey had a focus on sustainability and businesses in Herefordshire and Worcestershire have demonstrated through the QES that they are playing their part in becoming more sustainable, with 66% of local businesses saying they have taken steps to be more environmentally sustainable or cut carbon emissions in the last year.
In this 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. This highlights the increased pressure firms are experiencing from rising inflation figures as well as the pressure to settle their energy bills this winter. However, the number of businesses reporting that energy costs were a cause for concern to their businesses fell to 65% this quarter, from 82% last quarter. It’s possible from the data, we can see that the energy support package for businesses has relieved some of the pressure.
The feedback the Chamber receive from the Quarterly Economic Survey allows us to support business by lobbying local and national government. Through the various means of support, we offer at the Chamber, we will do our utmost to support businesses in Herefordshire & Worcestershire.
The report is available here to read in full: QES_Q4 2022 (hwchamber.co.uk)