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Quarterly Economic Survey (QES) results for Q2 2020

The results of the first QES since the onset of the Coronavirus pandemic were released on the 1st July. Key findings:

  • 11 of the 14 key service sector QES indicators fall to their lowest level in the survey' 31-year history.
  • The percentage balance of firms reprting increased domestic and export sales in now substantially lower than the worst quarter of the 2008-09 recession, 
  • Indicators for longer-term business performance drop to record lows as BCC sets out measures needed to begin UK's economic recovery.  

This quarter saw the highest number of responses from respondents since 2017. Several Chambers saw huge increases in their response base. The top five Chambers included Greater Birmingham (856 responses), Chambers in Scotland (collectively 529), London (512), Herefordshire & Worcestershire (441), and East Midlands DNL (416). 

Take a look at some of the press coverage the Chamber network received.

Coronavirus Business Impacts Tracker restarts next Monday

Between 25 March and 15 May, BCC ran the Coronavirus Business Impacts Tracker and used this extensively to brief the UK government and the Bank of England. As mentioned in previous Research Updates, they are restarting the Tracker next week and will be running it fortnightly.

The Tracker tests changes in business conditions, actual and expected change in the labour market (e.g. furloughing and redundancies), perceived obstacles to restarting operations, and business investment plans.

There are four tranches of data collection over the coming weeks as follows:

  • 6-10 July
  • 20-24 July
  • 3-7 August
  • 17-21 August 

Each publication will typically take place 7-10 days after the completion of the fieldwork.

QES dates for 2020

Q3 2020

Fieldwork: 26 Aug to 16 Sept

Publication: 2 Oct

Q4 2020

Fieldwork: 2 Nov to 23 Nov

Publication: 4 Jan 2021

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