Quarterly Business Report – Q1 2024

As the UK reaches two years into the inflation shock caused by disruption to global supply chains due to the COVID pandemic and the war in Ukraine, prices are stabilising but at a much higher level, and uncertainty for businesses remains high. Further rises in the minimum wage are likely to impact pay differentials, and the ongoing crisis in Gaza, alongside shipping disruption in the Red Sea, is potentially a source for greater instability.

For Q1’24, the Chamber Quarterly Business Report received 107 responses from businesses in West Cheshire & North Wales (WCNW) representing over 9400 employees. 19% of the businesses that responded were from the manufacturing sector whilst the remaining 81% came from the services sector. The fieldwork for this survey took place between 12th February and 6th March 2024.

Key Outcomes

• Domestic sales eased to similar levels seen in Q2 ‘23. Domestic orders also eased to the lowest point since Q1 ’23 reflecting the slowdown in consumption as higher interest rates, continued inflation above the Bank of England’s target of 2%, and a slowdown in employment, weigh on confidence.

• Both export sales and orders entered negative territory (more businesses reporting a decrease than an increase)