Chamber CEO Comments on Latest Quarterly Economic Survey Results
The Quarterly Economic Survey, run by the British Chambers, is the country’s biggest and longest running private sector survey which acts as an economic indicator, often highlighting big changes in the economy long before other surveys or other official statistics. The Bank of England’s Monetary Policy Committee use the QER as a key benchmark when setting interest rates.
This quarter’s results demonstrate a slight uptick in the Doncaster economy following the economic depression in the previous quarter as a result of the Covid-19 national lockdown. While indices have not returned to levels seen this time last year, government backed schemes such as ‘Eat Out to Help Out’ have sustained the local economy over the summer months.
As the Chancellor announced his new Winter Economy Plan and the new Job Support Scheme last month (September 24) to support employers to retain staff, businesses on the ground in Doncaster have continued to experience pressures around their workforces.
According to the data:
- There has been a reduction of over 14% of firms trying to recruit between August and September
- Survey respondents expect employment levels to remain constant in the next 3 months, an increase of 8% highlighting the need for continued employment support schemes
- Firms are withholding on investment into plant or machinery equipment with investment decreasing by 13% compared to the previous quarter
- Brexit related concerns (21%), increased competition (21%) and corporate taxation (15%) are the top three factors of more concern when compared to the previous quarter.
Commenting on the latest QES results Doncaster Chamber Chief Executive Officer Dan Fell said:
"These results show that the Doncaster economy is resilient and can bounce back with the right economic stimulus. The Chancellor’s support package has sustained many firms across the city region over the past quarter.
“There remains uncertainty however, over Brexit, the continued impact of Covid-19 on the economy and plans to protect as many jobs as possible. It goes without saying that the Chamber remains on hand to support your business through these challenging times.”
A complete briefing of results from the latest Quarterly Economic survey and a panel discussion will take place on Monday October 26th between 9.30am and 11am.
Doncaster Business Insight Briefing - How prepared is your business for the EU exit?
Free to attend for members, £10 for non-members, join us at this important briefing to hear the results of the latest Doncaster Business Insight Survey. The event will also feature a panel discussion focusing on the current and future impact of leaving the EU.
This is an informative briefing designed to enable business-leaders across Doncaster to keep their finger on the pulse as far as economic and investment conditions are concerned. Following analysis of the latest Doncaster Business Insight Survey, this event is the first public opportunity to listen to the observations and concerns of respondents from across the borough, helping us identify the aspects that require lobbying with key decision-makers on topical issues.