Economic Research and Reports
Herefordshire & Worcestershire Chamber of Commerce regularly consult with our Member businesses using qualitative and quantitative research methods in order to accurately represent their views to stakeholders.
The Chamber is an apolitical organisation whose agenda is driven by the concerns of our Members. By regularly conducting local research, the Chamber can gauge Members’ experiences of fundamental business issues, from local infrastructure developments to concerns of national pertinence, such as dealing with the skills shortages in our workforce. The more Members that engage and communicate with us, the better the evidence base that the Chamber can use to lobby on their behalf. By taking business critical issues to local and national stakeholders, the policy department can ensure that business views are represented during decision making processes which pose barriers to growth.
Quarterly Economic Reports
What is the Quarterly Economic Survey?
The Quarterly Economic Survey (QES) is the largest private sector independent business survey of its kind in the UK.
The survey looks at a wide range of issues including home sales and orders, export sales and orders, employment prospects, investment, recruitment difficulties, cash flow, confidence and price pressures.
Local results are fed into the British Chambers of Commerce (BCC) to formulate the first national economic indicator of the quarter. Published in advance of official figures and other private surveys, it consistently mirrors trends in official data and, because of this, it is closely watched by key organisations including the Treasury, the Bank of England, the Office of Budget Responsibility, the EU Commission and the IMF.
How do I take part?
This quarter we have launched our COVID-19 Economic Indicator, focussing on the impact of COVID-19 on businesses. Responses will be collected between 18 May and 8 June.
All responses will be anonymised and given to the government to lobby for business support during the economic restart and recovery from Coronavirus.
It takes just 90 seconds to complete so take part now.
The data from the Quarterly Economic Survey is also used to identify the challenges, barriers and opportunities Member businesses face. This is the evidence base the Chamber use to formulate the Business Manifesto, a document which outlines our policy position and the issues the Policy Department will focus on for the forthcoming financial year.
The Herefordshire & Worcestershire Chamber of Commerce 2020/21 Business Manifesto has now launched, outlining the main policy objectives for the Chamber on behalf of businesses in the two counties.
The Business Manifesto focuses on the following themes: Costs, Skills, International Trade, Sustainability in Business, Technology & Innovation and Infrastructure. Download your copy to find out more about the most pertinent issues businesses in Herefordshire and Worcester face.
Salary & Benefits Report
45% of businesses in Herefordshire and Worcestershire identified attract and retaining skilled workers as their top priority for 2020/21. To support businesses who are looking to recruit and retain staff, the Chamber produce an annual Salary & Benefits Report, in partnership with Hewett Recruitment. This report allows businesses to benchmark the salaries and benefits packages they offer. Download your copy of the report below.
Additional Policy Reports
In addition to running the QES, the Chamber also conducts research in response to common challenges local businesses face. Recent research has included surveys regarding local salary and benefit packages, infrastructure and cyber security.
As businesses increasingly conduct the majority of their operations and information transfer in digital spaces, it has never been more important to ensure you are protected from potential cyber risks and threats. Herefordshire & Worcestershire Chamber of Commerce, alongside the Growth Hub, have worked closely with industry experts to put together a simple guide to taking the first steps to protect your business from the risks and costs associated with cyber crime. Download your free copy today.
Making Tax Digital
All VAT registered businesses with a taxable turnover above the VAT threshold (currently £85,000) must join Making Tax Digital for VAT from 1 April 2019. For VAT, Making Tax Digital doesn’t change how often businesses have to send information to HMRC, but rather how they do it. The difference under Making Tax Digital is that the software which businesses use must be capable of keeping and maintaining the records specified in the regulations, preparing their VAT Returns using the information maintained in those digital records and communicating with HMRC digitally via the government’s Application Programming Interface (API) platform.