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Survey into true cost of lockdown to business

Stephen Henagulph, Chief Executive of Somerset Chamber of Commerce,

Help is being offered to firms across Somerset as they look at ways to get back to work safely, while a new survey is looking into the impacts of the lockdown on the county's economy.

The Somerset Chamber of Commerce organises the county’s submissions for the British Chambers of Commerce’s national Quarterly Economic Survey  - the largest private sector survey of business sentiment in the UK.

The results are closely watched by key policymakers, including the Treasury, the Bank of England, the Office of Budget Responsibility and the IMF. It is the first QES since lockdown and the global Coronavirus pandemic.

The survey is seen as a leading indicator of UK GDP growth and is the largest and most representative independent survey of its kind in the country.

It looks at a wide range of issues, including export sales and orders, employment prospects, investment, recruitment difficulties, cash flow, confidence and price pressures.

Local results are then fed into the British Chambers of Commerce to formulate the first national economic indicator of each yearly quarter.

Stephen Henagulph, Chief Executive of Somerset Chamber of Commerce, said: “We are facing unprecedented times and we are doing all we can to support the business community but it’s vital we know the impact of the current lockdown on businesses of all sizes and from all sectors across the county.

“The survey comprises of less than 30 tick box questions covering demand, employment, business confidence, investment and external factors and takes just a couple of minutes to complete. Any business can complete the survey – you don’t have to be a Chamber member.

"The local results are a good source of data for businesses looking to understand the economic climate in Somerset and feed into the national survey which will provide a valuable source of data for policymakers during these challenging times."

The Quarterly Economic Survey can be found on Somerset Chamber’s website at www.somerset-chamber.co.uk and everyone who completes the survey will be entered into a free prize draw to win a hamper of Somerset produce. The deadline for responses is June 8

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