Are Sheffield City Region businesses seeing growth? Asks Chamber

Sheffield Chamber of Commerce is asking business leaders whether this region is experiencing growth expectations in-line with the rest of the country.

The British Chambers of Commerce (BCC) has today (August 28) upgraded its GDP forecasts for the UK to 3.2 per cent for 2014 after predicting stronger than expected growth.

The BCC has revised up its original forecast of 3.1 per cent from earlier in the year.

It has also increased predictions for 2015 from 2.7 per cent to 2.8 per cent, while 2016 forecast has remained unchanged at 2.5 per cent.

The increase is due to a stronger labour market than previously predicted, an upgrading of the Office of National Statistics (ONS) for year-on-year GDP growth and a realistic possibility the ONS will upgrade assessments of performance from earlier this year.

Sheffield Chamber is currently under-taking its latest Quarterly Economic Survey of business confidence in the city region for the period between July and September 2014. This will cover the period during and after the Tour de France in Yorkshire.

The Chamber wants to know whether the growth being seen in other parts of the UK is being mirrored in the Sheffield City Region.

Richard Wright, executive director of Sheffield Chamber, said: “We are keen for businesses across the city region to take part in the latest QES activity and put their voice forward on economic confidence.

“The rate of growth is forecast to drop back after this year and at the Chamber we are concerned the drop off could be worse and the recovery stall if we don’t reverse our trade deficit. The solution is simply more exports and less imports.

“Nationally, we are seeing a lot more positive signs with forecasts from various organisations being revised upwards. We want to know if this is the same for companies in the Sheffield City Region and what the long term view is.

“The survey which is the biggest carried out in the UK routinely is a vital indicator on how well businesses are performing in terms of orders (both domestic and international), cash flow, employment, investment, turnover and profitability. The more responses gained, the clearer the picture of the true economic landscape for the region.”