Thursday 27 June 2019
London’s business confidence jumped as domestic and export sales recovered during the second quarter of the year.
This is the message from the first set of results from the Q2 round of polling released by the London Chamber of Commerce and Industry as part of its ‘Capital 500’ Quarterly Economic Survey (QES), and is based on results from a survey of 503 London businesses, representative by size and broad industry sector.
20% of London businesses reported increased domestic sales over the last three months (14% in Q1) while the number reporting declining sales fell, resulting in the biggest jump in the QES index for two years.
Similarly, 21% of exporting London businesses saw export sales increase over the last three months, again with the number reporting declining sales falling, causing the QES index to move back into positive territory.
All business confidence indicators also increased in this quarter, the first time this has happened this year, and expectations for the wider economic outlook also improved, although still remain gloomy overall.
David Frost, Chief Executive of the London Chamber of Commerce and Industry, said:
“It is great news to see London’s businesses bounce back from the discouraging results of the first quarter of the year. The economy of this city is hugely resilient, and its innovative and dynamic firms continue to create wealth.
Of course the wider picture remains uncertain and businesses’ broader view of the economy is not positive. That will remain the case until there is clarity about the terms and timing of our exit from the EU. No deal remains a very real possibility and government and business need to work together to be ready if it happens.”
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NOTES TO EDITOR:
- The full Q2 Capital 500 results will be revealed at an event on Monday 1 July.
- ComRes interviewed 503 London Business decision-makers online between 10 May and 11 June 2019. Data were weighted to be representative of all London businesses by company size and broad industry sector. ComRes is a member of the British Polling Council and abides by its rules.