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Policy Quarterly Economic Survey


by Christopher Morrow, Policy and Communications executive, Northern Ireland Chamber of Commerce


confidence and price pressures. The Northern Ireland results are then fed into the national Quarterly Economic Survey compiled by British Chambers of Commerce. The QES is the first economic indicator of the quarter, published in advance of official figures and other private surveys, and it consistently mirrors trends in official data. For this reason the survey is closely watched by policymakers such as the Treasury, the Bank of England and the Office of Budget Responsibility.


T


he Northern Ireland Chamber of Commerce Quarterly Economic Survey (QES), in association with the British Chambers of Commerce, has grown to be one of the largest and most representative independent business surveys of its kind. The survey questions businesses across Northern Ireland on a wide range of issues, including home sales and orders, export sales and orders, employment prospects, investment, recruitment difficulties, cashflow,


The June 2011 survey was one of the largest surveys carried out amongst business in Northern Ireland with almost 600 responses. When asked if they thought that the Northern Ireland Assembly should have the power to set its own rate of corporation tax, only six per cent of businesses said no. Therefore the Chamber was able to inform Stormont and HM Treasury that there is significant support within the local business community for the NI assembly to have the power to set its own rate of corporation tax. It is encouraging to note that Northern Ireland is number one nationally in terms of numbers responding to the survey. Yet it still remains important that we maintain and improve this level of engagement and


continue to report on what is happening locally.


If you are not already doing so, and you would like to participate in the survey please contact me by email at christopher.morrow@ northernirelandchamber.com or by telephone on 028 9024 4113.


Northern Ireland Chamber of Commerce is delighted to be carrying out the QES with partners Perceptive Insight Marketing Research (PIMR). Perceptive Insight Market Research is an independent, dynamic company, based in Belfast and serving the market research needs of public and private sector organisations across Northern Ireland, the Republic of Ireland and Great Britain.


Your guide to the Chamber's Quarterly Economic Survey


What is it?


The Quarterly Economic Survey (QES) is a regular assessment of the economic situation in our area. It is not a technical survey. Businesses are not asked to provide lots of facts and figures so it is very easy and quick to complete.


What the survey wants to know is how businesses feel about important economic indicators such as sales, recruitment and investment.


What happens to the QES responses? Our members' confidential responses are collated by Perceptive Insight Marketing Research, helping us to gauge local economic conditions and form arguments to present to local and national government on improving the businesses environment.


The results are then fed into the national Quarterly Economic Survey compiled by British Chambers of Commerce. This is sent to key decision makers including the Bank of England, HM Treasury, ministers and local MPs.


How much weight does the QES carry?


A great deal. It is one of only three national surveys regularly reviewed by the Bank of England when setting monetary policy.


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Why should I take part in the QES? The survey gives local businesses a unique chance to voice their opinion on the economic situation. Results are used by bodies like the Monetary Policy Committee when making important economic decisions ‑ such as setting interest rates.


These results are used at local, regional and national levels, so it is vital that businesses in Northern Ireland take part to ensure we are represented.


How long does it take to fill the QES in?


It should take no more than three minutes to complete the QES.


Why does the QES always ask the same questions?


This is so we can compare the answers with the responses from previous surveys.


How can I complete the QES? The Quarterly Economic Survey is emailed to Chamber members and the wider business community.


When is the QES sent out? In February, May, August and November.


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