The Power of the BCC Quarterly Economic Survey

Written by Stuart Morrison, Research Manager, British Chambers of Commerce.

Imagine trying to navigate a stormy sea without a compass. That’s what economic policy looks like without reliable, real-time data from the businesses that live and breathe the economy every day.

Politicians often speak of ‘evidence-based decisions’. But where does that evidence come from? One of the most trusted sources is the BCC Quarterly Economic Survey (QES), the UK’s largest and longest-running survey of business sentiment.

For Hampshire businesses, taking part is more than just filling out a form. It’s a way of ensuring that the challenges and opportunities faced locally are factored into decisions at the very top.

A 5000-firm compass

Launched in 1989, the QES is now completed by more than 5,000 businesses each quarter. It covers every sector, region and size of enterprise. It asks practical questions: Are sales up or down? Are firms looking to hire, or cutting back? Do companies expect to invest, or are they holding off?

This provides something rare: a living picture of the UK economy as businesses experience it, not as retrospective statistics report it. GDP figures are released months after the fact. Employment data lags behind reality. By the time those numbers appear, the world has moved on. The QES, by contrast, is a leading indicator, it shows where we are heading, not where we have been.

It’s no coincidence that the Bank of England, HM Treasury, the Office for Budget Responsibility and the IMF all cite the QES in their deliberations.

Why Hampshire’s voice matters

Hampshire is an economic heavyweight. From aerospace in Farnborough, to marine engineering in Portsmouth, digital firms in Basingstoke and world-class education in Southampton. It is a microcosm of the modern British economy.

Without representation from regions like Hampshire, the unique pressures on local firms can be overlooked. Consider:

• Labour markets – recruitment challenges in Hampshire may look very different from those in the Midlands or Scotland.
• Export conditions – maritime and defence sectors face hurdles specific to global supply chains.
• Infrastructure priorities – Hampshire’s digital infrastructure, transport links and green technology needs are distinctive.

When Hampshire firms take part in the QES, they insert their experiences into the national conversation. Without those voices, policymakers are left with an incomplete picture.

From data to influence

But what difference does one survey make? The answer is: quite a lot.

During the pandemic, rapid feedback through the QES helped make the case for furlough, business rates relief and government-backed loans. Without it, policymakers would have been flying blind.

Or take recent spikes in inflation. Long before official data confirmed the squeeze, QES results reported rising cost pressures. That evidence strengthened the case for targeted support with energy bills and supply chain disruption.

In both cases, the QES translated the scattered experiences of thousands of firms into a coherent signal that could not be ignored.

The call to action

Smart economic policy depends on good data and a willingness to face reality as it is. The QES embodies that principle. It strips away anecdote and ideology, replacing them with systematically gathered evidence from the ground.

For Hampshire businesses, completing the survey takes just a few minutes each quarter. But those minutes amplify into national influence. They influence how policy is designed to support growth, investment and jobs. And they ensure that decisions in Westminster are informed by the realities of businesses across the UK.

So when the invitation to take part in the Quarterly Economic Survey arrives, don’t dismiss it as paperwork. See it as a chance to ensure that when the country charts its course, Hampshire is not left off the map.

Find out more about the QES here