It was established in January 2021 as a means of:

• Tracking local business confidence and performance as the economy emerges from the shock of the COVID-19 pandemic
• Gauging local business's views on topical issues.

This report presents the findings of the first survey which ran between January and March 2021. 

These will be shared with the Department for Business, Energy and Industrial Strategy (BEIS) to help inform central government policy decisions.

Key findings:

• Difficult first quarter of 2021 amid a third national lockdown and trading difficulties due to the UK exiting the EU.
• Trading conditions 'worse than normal' for three quarters of respondents.
• Declining profits, turnover and sales for the majority.
• 85% of respondents negatively impacted by COVID-19 pandemic.
• Priorities changing for businesses over the last 12 months - reducing costs and introducing new processes and products became a higher priority for most respondents; reducing environmental impact and investing in R&D became a lower priority for some.
• 42% of respondents anticipate returning to pre-pandemic levels of profitability in 2021; 13% don't anticipate ‘bouncing back’ before 2023.
• The end of the EU transition period has led to trading difficulties for some firms, including additional costs related to rules-of-origin checks; EU legislation regarding food containing animal products; and the implications of new labelling rules.
• 57% of respondents plan to invest in marketing or advertising over the next three months; 46% in training and development; and 44% in digital technology.

Download report here >

Want to learn more about the Business Barometer?

For further information about the Buckinghamshire Business Barometer, contact James Moorhouse, Economic and Labour Market Analyst, Buckinghamshire Local Enterprise Partnership (LEP):

• 01494 418415
• james.moorhouse@buckslep.co.uk