Latest updates and stories from Bedfordshire Chamber of Commerce and its Members

Every business wants to grow. The challenge is knowing when to invest, how to adapt and how to move forward when the economic picture feels uncertain. That is why the Quarterly Economic Survey (QES) matters.

Now in its 38th year, the QES is the UK’s largest independent survey of business sentiment. It gives businesses across the country the chance to share what they are experiencing and helps ensure those views are heard by Government, the Bank of England and policymakers.

The latest findings show that businesses remain resilient, but many are understandably becoming more cautious.

Confidence is changing, not disappearing

Investment intentions have fallen to their lowest level since the pandemic. Just 17% of businesses plan to increase investment over the next three months, while 26% expect to reduce it.

Confidence has softened too. 44% of businesses expect turnover to improve over the next year, down from 49% in the previous quarter, while almost one in four expect it to decline. Domestic sales have also slowed, with fewer than a third of businesses reporting growth over the last three months.

Inflation has once again emerged as the biggest concern for businesses, cited by 66% of respondents. Labour costs remain the greatest pressure, while rising fuel prices and wider geopolitical uncertainty continue to make planning more difficult.

But this does not mean businesses have lost ambition. It shows that many are making careful decisions, balancing the desire to grow with the need to manage risk in a challenging economic climate.

Skills continue to shape business growth

One of the clearest messages from the QES is that finding the right people remains a major challenge.

Almost three-quarters of businesses trying to recruit are still struggling to find suitable candidates, while 58% continue to report skills shortages. It’s something we hear regularly from our members across Bedfordshire. Many are not short of opportunities. They are short of the people, skills and capacity needed to make the most of them.

At the same time, only 20% of businesses increased investment in workforce training during the last quarter. Supporting employers to develop and retain the people they already have will be just as important as attracting new talent.

Bedfordshire has real opportunities ahead

While the national picture remains challenging, Bedfordshire has plenty of reasons to be positive.

Major developments, including Universal Destinations & Experiences, the continued expansion of London Luton Airport and wider regeneration across the county, have the potential to create significant opportunities for the local business community.

Which is exactly why we launched BedX to help businesses become procurement ready, strengthen their bidding capability and build the relationships needed to compete for future contracts.

Our aim is simple: to help more Bedfordshire businesses benefit from the investment taking place on their doorstep.

Your voice helps shape the future

As your Chamber, we represent Bedfordshire businesses through the British Chambers of Commerce network, ensuring the experiences of our members help shape national conversations around investment, skills, taxation and economic growth.

Every response to the Quarterly Economic Survey strengthens that evidence. The more companies that take part, the stronger the case we can make to Government and the better we can represent the issues that matter to businesses here in Bedfordshire.

Looking ahead

The latest QES reminds us that sustainable growth depends on more than positive economic forecasts. Businesses need confidence, access to the right skills and the certainty to invest for the future.

Here in Bedfordshire, we have every reason to be optimistic. With major investment on the horizon and an ambitious business community, there is a real opportunity for local businesses to thrive.

If you haven't taken part in the Quarterly Economic Survey before, we'd encourage you to get involved next time. Every response helps us build a clearer picture of what businesses across Bedfordshire are experiencing, giving us stronger evidence to influence the decisions that affect our local economy.