Posted by

Tom Nolan, Policy Manager

17 Jul 2014

‘Good but not great’ sums up the results of our latest Quarterly Economic Survey (QES). The Q2 results show that while the economy is stable, the spectacular growth seen in Q1 could not be replicated. Considering the economy jolted forward in the first quarter of the year, the moderate decline in the pace of growth is unsurprising. We are urging the Bank of England not to act prematurely on raising interest rates as it could limit the growth ambitions of UK business – stunting the economic recovery.

As the largest private sector economic survey in the UK, the QES has been shown time and time again to accurately reports the health of the economy. Only two years ago official figures indicated a double-dip recession and many economic commentators predicated even a triple-dip recession. The QES instead showed the economy was actually performing better than thought and as we now know there was no double-dip.

A big reason why the survey is so accurate is because UK Chambers of Commerce are rooted in all parts of the country, and have such strong links with local businesses - which is why the QES is able to get between 7,000 - 8,000 responses. And this large sample size generally reflects the views and activities of the wider economy.

The QES has developed such a revered reputation that it is now utilised by the Monetary Policy Committee and many economists. What makes the QES such a powerful resource is its 25 year history- allowing us to track a range of economic trends. This functionality has now been extended to the wider business community, through the new QES website -www.economicsurvey.org.uk.

The website not only highlights results from the latest quarter alongside expert analysis of the latest results from our Chief Economist David Kern, but also all the results since the QES began in 1989. The results have been split by the topics surveyed, so that you can quickly discover more about the UK economy on specific areas of interest including exporting, recruitment and capacity utilisation. Not only that, the data can be easily filtered down by nation and region, so you can compare different regions, or the UK as a whole. The best thing about it is that once you have your results you can share them with peers and colleagues via the website!

So do yourself a favour and jump onto the QES website – 25 years of economic data is at your fingertips.