As one of 51 accredited Chambers in the British Chambers of Commerce network, Somerset Chamber has a vital role to play in making sure the voice of businesses across our county is heard where it matters most: in Westminster, HM Treasury and the Bank of England, writes David Crew.
That responsibility becomes especially important as we look ahead to the Budget on October 28.
Every quarter, we ask businesses across Somerset to take part in the British Chambers of Commerce Quarterly Economic Survey, the UK's largest and most influential independent business survey.
The results are used by policymakers, economists and ministers to understand what's really happening in the economy beyond the headline statistics.
In uncertain times, evidence matters.
And the evidence coming from businesses is stark.
The most recent Quarterly Economic Survey showed that labour costs remain the biggest cost pressure facing firms following last year's Budget.
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Businesses are also reporting increasing concerns about business rates, with many saying rising costs are forcing them to increase prices and delay investment or expansion plans.
Perhaps most worrying is the impact on confidence and growth.
Only 17 per cent of firms said they planned to increase investment in the second quarter of this year, down from 21 per cent in the first quarter and the lowest level since the pandemic.
These are not just statistics.
They reflect decisions being taken every day by Somerset employers about recruitment, training, capital investment and growth.
That is why completing the British Chambers of Commerce Quarterly Economic Survey is so important, and you can find it at surveymonkey.com/r/T3FZSNF.
The stronger the response from Somerset businesses, the stronger the evidence we can take to the British Chambers of Commerce and, through them, directly to government departments, ministers and economic policymakers.
The challenges facing businesses are real.
But so is the opportunity to influence the policies that affect them.
Together, we can make sure Somerset's voice is heard loud and clear in Westminster.
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