Friday, July 30, 2021

Northamptonshire economy “stable and strong” according to latest Quarterly Economic Survey

Northamptonshire’s workforce is still growing, according to the results of the latest Quarterly Economic Survey (QES) by Northamptonshire Chamber of Commerce.

More than a quarter of respondents reported an increase in their workforce for Q3 of 2019 and they expect to recruit in Q4.

More than half of firms also anticipate that their turnover will grow over the next 12 months and just under half believe, in turn, that profitability will improve.

However, overall, businesses in Northamptonshire saw a decrease in domestic activity and overseas activity also slowed during the quarter with both demand in overseas sales and overseas orders taking a hit.

Firms also revealed a slight slow-down on the cash flow and investment front and of the businesses that attempted to recruit in Q3 82% experienced difficulties in recruiting appropriate staff for those vacancies.

Northamptonshire Chamber Chief Executive Paul Griffiths said: “Despite demonstrating stable and strong results this quarter, the findings still show that the persistent political and economic uncertainty has forced businesses to remain hesitant.

“Enterprise is the lifeblood of the UK economy and if dramatic change is not enacted businesses will continue to halt investment and recruitment to the detriment of growth. To boost growth prospects, the Government must urgently provide firms with clarity on future conditions and bolster business investment incentives.”

Northamptonshire Chamber’s QES is part of the biggest and most representative survey of its kind in the UK. QES data is used by the Bank of England to inform interest rate decisions, by the Treasury to help formulate economic policy and by international finance institutions to assess the UK’s economy.

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