Economic Survey Results provide a worrying start to 2011

Jan. 4, 2011 - PRLog -- The economic survey results for the last quarter of 2010 have shown warning signs that the local economy is struggling on its road to recovery.

After experiencing growth in the previous two quarters, local manufacturers have experienced a dip in domestic sales (down 20 points on the previous quarter) and growth amongst service sector companies also remains sluggish. The drop in domestic order books for the third quarter in succession for both sectors is also a concern, particularly for service sector businesses, which have not seen any positive growth since 2008.

The Quarterly Economic Survey for St Helens is conducted by St Helens Chamber as part of a national survey conducted by the British Chambers of Commerce network.

Sara Williams, Director of Enterprise Development at St Helens Chamber, said: “St Helens businesses have done exceptionally well considering the many challenges they have faced over the last couple of years. However, as we enter 2011, businesses face some major challenges as the UK implements its forceful deficit reduction programmes and St Helens will not be immune to these pressures.  

“At a national level, Government has a key role to play in supporting business in order to safeguard and help create new jobs.  There must be a relentless focus on ensuring that businesses are able to invest, export and create jobs. The Government must avoid new business taxes and measures that damage initiative, enterprise and innovation at all costs.

“Business is willing and able to drive the recovery, but it can only do so if the Government backs its words with actions.  Promoting stronger economic growth should be the Government’s main policy priority for 2011 and beyond”.

Despite the difficulties being experienced with sales and orders, business confidence remains positive and there have been some positive indications with improvements in employment growth and investment plans remaining relatively strong.  

Full survey results will be available online from 6th January at http://www.sthelenschamber.com/latest/chamber_surveys/res...

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Notes to Editors

Quarterly Economic Survey

The British Chambers of Commerce (BCC) Quarterly Economic Survey brings together results obtained from surveys carried out by over 50 individual Chambers of Commerce and their associations across the UK.  

The national survey includes economic trends going back to 1989.  It is the largest and most representative of its kind in the UK.   It is also referred to by the Monetary Policy Committee and the Treasury to influence policy.  

The BCC also produces an economic forecast each quarter to articulate views on current economic topics that are relevant to members and contribute to the wider public debate on policy issues.

The national Quarterly Economic Survey results for the fourth quarter of 2010 covers 5,700 businesses employing 623,000 people.  Respondents are spread throughout the UK and were surveyed by postal and online questionnaires over the period 15 November to 6th December 2010.  

The interpretation of the national survey results is the responsibility of the British Chambers of Commerce and should not be regarded as necessarily representing the views of any contributing Chamber.

St Helens Results Methodology

St Helens Chamber collates its Members’ responses to the national survey in order to prepare a local St Helens breakdown. The Chamber has information on local economic trends for St Helens going back to 1998.

For the fourth quarter of 2010, 183 St Helens Chamber Members (employing over 3500 people) responded to the survey. The responses were made up of 34 manufacturing companies and 140 service sector companies.  There is no weighting in the analysis and therefore some results are disaggregated according to the sector.

NB:  Balance figures, as referred to throughout this report, are determined by subtracting the percentage of companies reporting decreases in a factor from the percentage of companies reporting an increase.

For more information, please email sue.waller@sthelenschamber.com or call 01744 742089

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