BCC published the results of QES Q2 which found that UK economic conditions deteriorated at an unprecedented rate in the second quarter of 2020. The key findings for this quarter:
- 11 of the 14 key service sector QES indicators fall to their lowest level in the survey’s 31-year history.
- The percentage balance of firms reporting increased domestic and export sales is now substantially lower than the worst quarter of the 2008-09 recession.
- Indicators for longer-term business performance drop to record lows as BCC sets out measures needed to begin UK’s economic recovery.
- The results of the bellwether survey of 7,700 firms, employing over 580,000 people across the UK, illustrates the full impact of the Coronavirus pandemic on the UK economy in the second quarter of 2020.