BCC Quarterly Economic Survey: Uncertainty bites as survey shows UK economy is stuck in a rut

11 October 2018

The British Chambers of Commerce’s quarterly economic survey – the UK’s largest private sector survey of business sentiment, and a lead indicator of UK GDP growth - shows little to be cheerful about as growth flatlines and business confidence weakens.

Key findings:

• Percentage of services firms attempting to recruit is at its lowest level for 25 years
• Of those services firms recruiting, difficulties rose to a record high
• Exports sales and orders are at their lowest level since the EU Referendum in Q2 2016

The results come as all signs suggest that this year’s annual economic growth is set to be the lowest since the financial crisis. The slowdown in exports in the manufacturing sector, and many services firms seemingly giving up trying to hire new staff, should be cause for concern, warns BCC.

Ahead of the UK’s departure from the EU, the leading business organisation urges the government to use this month’s Budget to deliver bold action to boost investment and confidence.

The survey, of 5,600 businesses, has revealed that the percentage of services firms attempting to recruit is at its lowest level for 25 years, and of the firms in the sector that did try and recruit, the percentage experiencing difficulties rose to an all time high, since the survey began in 1989. [...]

Full press release

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