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Lincolnshire Chamber release results of Q3 QES

The results of the second Quarterly Economic Survey since lockdown, show an improvement, whilst still demonstrating the continuing impact on the economy since the lockdown was imposed in March.

Lincolnshire businesses, across both services and manufacturing sector, participated in the survey to share their views and give an insight into business performance, confidence and concerns across the business community.

In comparison to Q2 (first survey of lockdown), we are seeing a broad upturn across the measurable indicators, with business confidence, particularly in the services sector showing positive signs of recovery compared to the notable lows recorded in the last quarter.

Figures show UK sales are recovering quicker than overseas, with UK, whilst still in negative territory increase from -53% to -14% and overseas seeing an increase from -50% to -27% and these improvements show a more pronounced improvement across the services sector to manufacturing.

We are seeing a positive improvement in recruitment activity in the next three months, however, it remains in negative territory.

Click here to download the report.

Simon Beardsley, Chief Executive, Lincolnshire Chamber of Commerce:

“What we see here should really be seen as a positive, however there is evidence to suggest we are only really starting to see the wider impact COVID-19 has had on the economy and we must indeed be aware that these results are in contrast to those presented in Q2 which were the worst results ever to be reported.

“We are continuing to see the struggle and challenges businesses face and it is extremely important businesses turn to the Chamber for help and support, something we have provided and will continue to do so throughout this crisis.

“As a Chamber we will continue to work with Government, locally and nationally through the British Chambers of Commerce to provide further support which strengthens the measures that reinforce business confidence.

Cllr Colin Davie, executive councillor for economy and place at Lincolnshire County Council said:

“There are positive signs that suggest our businesses are faring better this quarter than in the previous quarter of this tumultuous year. But we know that we are still at the beginning of the recovery process with still much to do.

“With Lincolnshire generally being in the lowest tier of covid-19 restrictions, I hope that businesses can take some confidence from the latest data, and that residents will continue to support the economy in our county by spending money locally where possible.

“The UK is performing better than many other countries during this time and I’ve seen first-hand how many organisations have adapted brilliantly to new measures and restrictions – certainly many have kept calm and carried on. However there’s no doubt that trading conditions are tough, and businesses are continuing to come up against big challenges.”

Join our QES Q3 Briefing to hear more about these results, taking place on 20^th October, 8am – 8.45am, register here.