Chamber News: Chamber’s Quarterly Economic Survey – why should your organisation take part?

The British Chambers of Commerce, together with the accredited Chamber Network, including Norfolk Chamber, run Britain’s most influential private business survey – the BCC Quarterly Economic Survey (QES).

The next fieldwork period for the QES Quarter 32015 will start on Monday 24 Augustand will be open for three weeks. But why should your organisation take part? Below are just a few of the reasons why your organisation should take part in this important economic survey:

1. The QES is Britain’s biggest, and longest-running, private business survey.
2. It’s provided consistent data since 1989, and regularly receives over 7,000 business responses. Compare that to the average business survey, which garners a few hundred responses.
3. Norfolk responses represent 30% of the responses from the East of England. (East of England includes: Norfolk, Suffolk, Cambridgeshire, Essex, Hertfordshire and Bedfordshire).
4. It’s a leading indicator – often picking up big changes in the economy long before other surveys or official statistics.
5. The Bank of England’s Monetary Policy Committee uses the QES as one of its key benchmarks when setting interest rates.
6. HM Treasury and the independent Office for Budget Responsibility use the QES to put together their forecasts for the UK’s economic performance.
7. The European Commission uses the QES to assess the health of the UK economy when it makes policy recommendations for both Westminster and Brussels.
8. The Organisation for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF) use the QES when comparing the UK to competitors worldwide.

Details of the most recent QES results from Q2 2015 can be found on the Policy Section of the Chamber website.

So what can your business do to contribute to the QES? During the fieldwork period, the survey can be completed electronically. The more businesses that take part in the survey, the stronger the Norfolk voice will be. There are several ways to access this online survey:

• Visit the Chamber website under the QES section
• Use the link within the Chamber Policy news article
• Use the link that the Chamber can send direct to you

To be added to the Chamber’s QES email list, please contact Nova Fairbank or Jack Edwards by no later than lunchtime on Friday 21 August 2015. Emails: [email protected] and [email protected].

The online survey takes less than 3 minutes and your input is vital to help ensure that Norfolk business has a strong ‘voice’.