Sheffield Chamber Comments on Sheffield City Region Quarterly Economic Review Q4 2020 Results
29th January 2021
On 27th January 2021 businesses from across the region gathered to hear the latest results following the Sheffield City Region (SCR) Quarterly Economic Review for Q4.
Commenting on the results, Head of Policy and Representation of Sheffield Chamber of Commerce, Tom Sutton, said:
“The fieldwork for Q4 (2nd November – 23rd November 2020) was undertaken during a period of national lockdown and our future relationship with the EU remained in question. As a result, it may have been fair to assume that the findings would reflect negatively in line with the continued uncertainty. This was not the case. In areas we saw small improvements.
“The results showed a net increase in UK sales, investment in both machinery and training, as well as future prices when compared quarter on quarter. One of the main headlines included 22% of respondents stating that they are expecting to grow their workforce over the next three months.
“Despite the positives there remains challenges. Cashflow is an area of concern. Whilst 38% of businesses expect cashflow to remain the same, the service sector has been hit particularly hard in this area. 43% of respondents in the service sector have seen cashflow worsen. Other challenges evolve around price changes. 1/3 of service sector businesses feel increased pressure from competition. 46% of respondents feel pressure to raise prices due to heightened costs of raw materials.
“It is positive that we have seen improvements in areas, but it is clear our economy remains fragile. We must build business confidence and Sheffield Chamber will continue to advocate for measures to do so.”
Click here to Read full Report
On 15th February 2021, the next Sheffield City Region Quarterly Economic Review will go live for Q1 2021. It is your opportunity to have your voice heard. The results are filtered into the Quarterly Economic Survey hosted by the British Chambers of Commerce. With over 6,000 responses per quarter, it is the UK’s largest and most representative private business survey.
