Following the Brexit vote and the economic uncertainties faced by business, it is now more important than ever to take part in the QES to ensure that the Norfolk business community has a clear voice on our local and regional economy. What is the impact of Brexit on your organisation? Have you had to amend your recruitment plans? Are you exporting more or less?
Today (Monday 22 August) is the first day of the fieldwork period for the British Chambers of Commerce Quarterly Economic Survey (QES). It is the largest independent business survey in the UK and is used by the Bank of England and the Chancellor to plan the future of the UK economy. It is also closely watched by the International Monetary Fund.
You can have your say by completing the QES online NOW, which takes less than 3 minutes. The completion deadline for this survey is midnight on Monday 12 September 2016.
Key findings in the previous Q2 2016 survey relating to Norfolk:
Even before the vote, both business confidence and economic growth had softened in Norfolk. The Q2 survey results, which were captured just before the vote, suggested that many businesses had been operating in something of a holding pattern for some time.
- Overall, the figures for both the services and manufacturing firms indicate continued low levels of growth. However, in the run-up to the referendum remained fairly static across many indicators, and slackened in others.
- In the Norfolk manufacturing sector, the balance of firms reporting improved export sales rose to a percentage balance of -11 from -25. The balance of advance orders returned to 0 from -33 in Q1.
- There was a significant rise in Norfolk manufacturers looking to invest in training – up 27 points from -9 in Q1 to 18 in Q2.
- The balance of Norfolk manufacturers reporting improved cash flow fell significantly to -26, from -10 in Q1. The national average was 4 points.
- Ahead of the referendum, services companies in Norfolk reported a drop in both export sales and orders (-9 and -9, down from 9 and 3 respectively)
- Domestic sales and orders for Norfolk’s manufacturers fell considerably, whilst the services sector remained consistent in sales and saw a small growth in orders. For manufacturing, both home sales and orders fell to -15 points, whilst in the services sector sales remained the same at 21 points, and orders increased 8 points to 19.
More results from previous quarterly economic surveys can be seen by clicking here
