QES Briefing Reveals Positive Outlook for UK Economy

Dr John Ashcroft, Chief Economist at Greater Manchester Chamber of Commerce

The results of the Chamber’s Quarterly Economic Survey for Quarter Three were revealed at a breakfast briefing for Greater Manchester business leaders on Friday 4 October.

Dr John Ashcroft, the Chamber’s Chief Economist, outlined what the results meant for the local and national economy.

He said: “The figures are looking increasingly good, with the UK economy predicted to grow by 1.5% this year and by 2.5% next year. Everything will look good for the UK except for the trade deficit, which is offset by the surplus in services.

“The QES shows businesses are not worried about interest rates and they are starting to bring out their investment plans. However pressure will come from wage demands from staff.

“In general the QES is very positive and each QES is a key barometer of what is happening locally and nationally.”

Following the QES presentation, Chris Fletcher, the Chamber’s Director of Policy and Communications, introduced a discussion about the Chamber’s Action for Business work. 

Chris said: “Vince Cable is leading a consultation into the use of zero hours contracts and we have started to collect members’ views. Also, with the conference season just over and the General Election 19 months away, we want to know which policies have grabbed the attention of business.”

Attendees were asked for their views on the following topics: Zero Hours Contracts, Legislation, Policy for Business and Local Action. The general consensus was that zero hours contracts were needed, particularly by companies operating in the care and security sectors.

Labour’s proposal to cap energy prices was the policy that had most captured people’s attention, but concerns were raised about whether the cap was actually enforceable.

The briefing was held at HSBC, Spinningfields, Manchester. The Chamber’s next Council Meeting will take place on 18 October.