BUSINESS REPORT
POLICY MATTERS
The Chamber’s Policy Executive ELEANOR SOUTHGATE represents your views to the people who matter.
The Bank of England
At the start of August the Bank of England Monetary Policy Committee chose to increase the interest rate by 0.25%, to 0.75%. A key part of the committee’s decision making is reliant on the
information provided by the quarterly economic survey (QES) performed by the national network of Chambers of Commerce. The information gathered in Northamptonshire, through the QES, contributes to its status as a leading national indicator, often picking up big changes in the economy long before other surveys or official statistics. Analysing this national picture for the last
quarter the British Chambers of Commerce (BCC) downgraded its growth forecast for 2018 to 1.3% (from 1.4%) which, if realised will be the weakest calendar year of growth since 2009. At the local level we learnt through the Northamptonshire QES that manufacturers identify competition,
‘THE BRITISH CHAMBERS OF COMMERCE
exchange rates and even steel tariffs as the key concerns challenging their growth and prices during this quarter. Perhaps as a result of this competition we have
DOWNGRADED ITS GROWTH FORECAST FOR 2018 TO 1.3%’
seen a continuation of the stability in the price pressure last quarter, despite growing reports of input price inflation. Equally, respondents have reported that their workforce investment plans have remained stable over Q2, begging the question of whether such a strategy is going to be sufficient to elevate our businesses above the pressure they are feeling from their competitors. Over the next quarter the Chamber will be analysing investment
strategies and the impact of the interest rate rise as well as investigating the intelligence gathered through the QES and through our engagement with members.
If your business strategy would benefit from this local or national economic insight do contact us via
policy@northants-chamber.co.uk
20 inbusiness OCTOBER/NOVEMBER 2018
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