QES influences national policy

Author: 
Caroline Williams, Chief Executive, Norfolk Chamber of Commerce

Britain’s recovery is strengthening. You heard it here first – by which I mean, you heard it from the British Chambers of Commerce Quarterly Economic Survey first.

Although a significant number of our members do fill out the British QES survey it is far from the majority so I thought I emphasize the importance of this particular monitor on our economy.

  • The QES is Britain’s biggest, and longest-running, private business survey.
     
  • It’s provided consistent data since 1989, and regularly receives more than 7,000 business responses. Compare that to the average business survey, which garners a few hundred responses.
     
  • It’s a leading indicator – often picking up big changes in the economy long before other surveys or official statistics.
     
  • The Bank of England’s Monetary Policy Committee uses the QES as one of its key benchmarks when setting interest rates.
     
  • HM Treasury and the independent Office for Budget Responsibility use the QES to put together their forecasts for the UK’s economic performance.
     
  • The European Commission uses the QES to assess the health of the UK economy when it makes policy recommendations for both Westminster and Brussels.
     
  • The Organisation for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF) use the QES when comparing the UK to competitors worldwide.
     
  • The QES is a clear example of how being part of a local Chamber of Commerce means you’re part of something bigger. Together, we are the economy.

I feel it very important that Norfolk businesses influence natonal policy by feeding back through this mechanism so I would ask that next time it hits your in box you try to give us 3 minutes of your time to complete it. 

For details of Q2 which have just been released go to: http://tinyurl.com/oqeatct

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