Quarterly Economic Survey
The Quarterly Economic Survey is one of the longest running and widest scoping business surveys in the UK. It provides a useful picture of the state of business in the UK at a national, regional and local level.
Nationally, tens of thousands of businesses answer the survey, and this is the opportunity to be part of that.
We ask a mix of standing questions which give a perspective of how trade, labour, business confidence and other metrics have fluctuated. We also ask specific questions each quarter on hot topics that members are interested in, including AI, the impact of global conflicts and the Covid-19 pandemic.
From there, we present this data to local councils, combined authorities and it forms part of the picture that goes to national government with the wider British Chambers of Commerce.
On this page, you will find links to previous Quarterly Economic Surveys, to see the details of what businesses tell us.
Q3 2024 Executive Summary
Domestic sales
A massive decline for the manufacturing community, down to the lowest point since the pandemic. Service sector firms posted a modest increase. Order books across both sectors are both looking poor.
Export sales
For a region with such a proud history of global trade, sales and orders are both looking dire. Service sector firms continuing to see export sales prove volatile while manufacturers have now seen three successive months of decline.
Employment
Hiring intent is at the lowest level since the pandemic. Manufacturers saw a 35 per centage point decline in hiring intent, while service sector firms saw a fall of 11 points. Forecasters will be hard-pressed to not join the dots between the Budget and this loss of confidence.
Investment
Plans for capital investment have vanished as firms grapple with yet more increases in the cost of doing business. There was some positive news however as manufacturers look to be more willing to invest in staff training.
Business confidence
The level of firms forecasting improved profits has decline, sharply in the case of manufacturers who are down to pandemic levels of confidence.
Business costs and concerns
Taxation is top of the list for both sectors when it comes to costs and concerns. Labour costs too are cited as a pressing issue for firms. Inflation, on the rise again albeit modestly, is still causing employers of all sizes headaches.