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Home » Business News

Survey shows static economic growth…

Submitted by on July 25, 2016 – 7:30 am |

Jane Gratton, Deputy Chief Executive of Staffordshire Chambers of CommerceEconomic growth was uninspiring in the run-up to the EU Referendum, according to the latest local economic survey by Staffordshire Chambers of Commerce.

The findings are based on 148 responses to Staffordshire Chambers’ Quarter 2 economic survey.

The results of the survey show that growth remained static in the months prior to the referendum, with many of the key indicators on par with last quarter.

UK sales and orders have remained stable since the previous quarter while export sales and orders show a rise of five per cent.

Fewer firms are expecting the price of goods and services to increase over the next three months. Confidence indicators have faltered, with fewer businesses predicting their turnover to improve over this period.

While investment plans for plant, machinery and equipment have increased, budgets for training have been reduced.

Jane Gratton, Deputy Chief Executive at Staffordshire Chambers of Commerce, said: “Even before the EU referendum, both business confidence and economic growth were softening in many parts of the UK. Our latest survey results, captured just before the vote, suggest that many businesses have been operating in something of a holding pattern for some time.

“It is categorically too early to say what impact the referendum decision has had on most firms across the area as we have as yet had only anecdotal evidence from those facing challenges, those holding steady, and those seizing new opportunities.”

At a recent meeting of the chambers’ council, prominent Staffordshire business leaders were unanimous in their desire for Staffordshire’s businesses community to embrace the opportunities that a different relationship with the EU might bring.

Jane added: “Business is keen to look forward now and embrace new post-referendum opportunities. This positive attitude and ambition to create a thriving, prosperous local economy is exactly what is needed to stimulate growth.”

The quarterly economic survey is a national survey which provides an overview of how the local economy is faring, enabling comparisons to be made with other parts of the UK. It also helps Staffordshire Chambers to assess the impact national policy changes may be having locally.

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