Chamber News: Chamber’s Quarterly Economic Survey – you can make a difference

The responses from Norfolk businesses in the last quarter (Q3 2015) represented 37% of the total responses provided by the East of England. This was an increase of 7% on the Q2 response rate. The more businesses that take part – the louder the voice of the Norfolk business community will be.

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 will start on Monday 09 November 2015 and will be open for 3 weeks. But why should your organisation take part? Below are just a few of the reasons why you 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 37% 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 Norfolk QES results from Q3 2015 can be found on the Policy Section of the Chamber website. Historic Norfolk QES results can also be found in this location.

So what can your business do to contribute to the QES? During the fieldwork period, the survey can be completed electronically. There are several ways to access this online survey either:

• 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 06 November 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 collective ‘voice’.