Chamber survey gets record responses

Greater Manchester Chamber of Commerce's authoritative Quarterly Economic Survey received one of its highest ever responses this quarter.

The survey, which is used by key decision-makers including the Bank of England, was completed by 622 businesses.

Dr Brian Sloan, Head of Business and Economic Policy at Greater Manchester Chamber of Commerce, said: "Our thanks go out to all those that took part. Government policymakers and the Bank of England sit up and take notice of this survey.

"That is why the national results, of which Greater Manchester businesses form more than 10%, were presented to the Bank of England's Monetary Policy Committee on December 20 so that they can discuss the results ahead of the interest rate decision on January 6."

The survey shows signs of festive cheer from businesses. Manufacturing has had another strong quarter in both domestic and exports markets. Meeting this demand has also been great news for job seekers and, along with new jobs in the service sector, there has been a positive impact on employment in the run up to Christmas.

The service sector has continued its slow recovery, though exports have accelerated to a two-year high for growth. The Chamber is warning that as seasonal workers are released and intentions to recruit slow in the New Year, unemployment will increase before falling back again. It also warns that the construction sector's performance continues to weigh heavily on the region's recovery, which remains the Chamber's main concern.

Dr Sloan said: "The survey indicates that confidence is finely balanced and profitability will be squeezed in the year ahead. This is impacting on investment plans in the absence of alternative finance for smaller businesses.

"The region's economy is showing signs of a slowdown from some of the recent highs recorded in Quarter Three, though we are confident that the recovery is still on track. We anticipated this would happen earlier in the year so we remain cautiously optimistic. Yes there are challenging times in the year ahead, but businesses and consumers should remain upbeat that we are moving slowly in the right direction."