Our latest Quarterly Economic Survey (QES – Q4, 2025) results are out and is there some positive news at the end of what’s been a fairly subdued year for business??
QES is the UK’s longest running independent survey of business sentiment and is acknowledged by the Bank of England as a reliable source of measuring business outlook and confidence. All 51 Chambers of Commerce submit their QES results to the British Chambers’ of Commerce (BCC) and this builds into a national picture, which will be revealed in the coming weeks.
QES Q4 surveys were collected between 10th November 2025 and 5th December 2025, with many of the surveys completed on the run up to the Autumn Budget, which took place on Wednesday 26th November. Let’s look at the survey results in Staffordshire…
35.3% reported an increase in past sales between August 2025 and November 2025 (up from 30.8%, Q3). 19.3% reported a fall in past sales (down from 20.4% in Q3).
6.7% reported an increase in overseas sales over the previous three months (up from 4.4% in Q3).
26.7% reported an increased workforce in last three months (up from 22.1% Q3) and 10% reported that workforce had reduced in last three months (down from 12.3% Q3).
26.7% expect workforce to grow (down from 29.2% Q3) but 10% expect workforce to decrease (down from 10.6% Q3).
48.7% have tried to recruit (up from 36.3% Q3) and 51.3% have not attempted to recruit (down from 63.7% Q3).
23.3% reported an increase in cashflow (down from 25.7% in Q3), 26% reported a drop in cashflow (up from 20.3% in Q3).
20.7% reported an increased investment in plant, machinery and equipment (up from 13.3% Q3) and 12% reported a reduction in investment (down from 12.4%).
26.7% reported an increase in training investment (up from 17.7% in Q3) and 7.3% reported a decreased investment in training (down from 13.3% in Q3).
61.3% anticipate growth in turnover (up from 54.5% in Q3) but 12% expect a drop in turnover (up from 8.8% in Q3).
44.7% anticipate an increase in profitability (down from 46% in Q3) and 18.7% expect it to decrease (up from 9.7% in Q3).
36% of respondents reported working at full capacity (up from 35.4% in Q3)
47.3% anticipate a need to increase their prices over the year (up from 32.7% in Q3).
Labour costs are still ranked as the top cost pressure for business, followed by utilities (gas, electricity).
On the positive side of things, it was good to see an uptick in both domestic and overseas sales performances reported in the previous three months. More businesses reported a growth in workforce since August 2025. More businesses reported that they have increased investment in plant, machinery, capital and training, since the summer.
On the negative side, we are seeing businesses reporting a drop in cashflow over the past three months and looking ahead, more businesses expect profitability to drop during 2026. There was also a noticeable spike in the number of businesses who expect to increase prices next year. Not surprisingly, labour costs continue to represent the biggest cost pressure facing business, closely followed by utilities.
Our Staffordshire QES results have been sent to the British Chambers of Commerce (BCC), along with QES results from our fellow UK Chambers of Commerce. This will build a national picture and if you would like a copy of the national survey results, please send an e-mail to:
