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Top Exeter Business Survey Findings this quarter:
- Members have reported the highest drop in sales since 2012.
- Increase in 6% of businesses reporting to have implemented a pay freeze
- Investment in last quarter, highest ever recorded
The latest Exeter Business Survey carried out by the Exeter Chamber of Commerce and Industry has indicated that although business is in the city seems to be strong; this quarter the number respondents reporting a drop in sales is the highest since 2012.
Additionally, there is 6% increase in businesses reporting to have implemented a pay freeze within the last 3 months, however could be due to the recent living wage regulation which has now been implemented.
One of the most positive factors highlighted from this survey is the figure for investment in the last quarter with 64% of Exeter businesses reporting to have made some investment.
Derek Phillips, vice president of Exeter Chamber of Commerce noted; “It was disappointing to see the drop in sales but interesting to note that businesses were still investing for the future, showing that businesses are clearly operating confidently.”
Attendees at the Bank of England panel meeting held on Thursday 23rd June, at which the survey was presented, gave evidence that although the sales figures for the last quarter were down, businesses are confident and investment is continuing to be a priority for the future. Reasons behind these figures may be partly due to uncertainty over the EU referendum result.
Additionally the skills shortage issue seems to resolving itself with businesses being more able to recruit the right staff and skills required.