Business insights and impact on the UK economy: 15 December 2022

• In November 2022, more than a quarter (26%) of trading businesses reported turnover was lower compared with October 2022, while 13% reported their turnover was higher; the accommodation and food service activities industry reported the largest percentage of businesses whose turnover was lower, at 48%.

• In early December 2022, more than a quarter (29%) of trading businesses reported that they expect their turnover to decrease in January 2023, while 10% expect their turnover to increase; the accommodation and food service activities industry had the largest percentage of businesses expecting turnover to decrease, at 66%.

• Of trading businesses, 42% reported an increase in the price of goods or services bought in November 2022 compared with October 2022, while 19% reported an increase in the price of goods or services sold over the same period.

• In early December 2022, 30% of trading businesses reported they expect to increase the prices of goods or services sold in January 2023; 39% of those businesses reported energy prices as the main reason for considering doing so.

• In early December 2022, nearly two in five (39%) businesses had some level of concern about the impact climate change may have on the business; the manufacturing industry had the highest proportion of businesses indicating concern, at 52%.

The data presented in this bulletin are the results from Wave 71 of the Business Insights and Conditions Survey (BICS), which was live from 28 November 2022 to 11 December 2022.

The data reported within BICS bulletins and datasets are estimates that are subject to uncertainty, for example, sampling variability and non-sampling error. Further information on quality is available in our Business insights and conditions Quality and Methodology Information (QMI) and we regularly update confidence intervals associated with the survey questions.

Experimental single-site weighted regional estimates up to Wave 60 (27 June to 10 July 2022) are available in our Business insights and impact on the UK subnational single-site economy: July 2022 article.

Please note that businesses were asked to exclude seasonal changes when answering questions contained within BICS.

Figure 1: Headline figures from the Business Insights and Conditions Survey

Notes:

1. For presentational purposes, some response options have been combined and/or excluded.
2. Prices: for presentational purposes, the data show an increase to prices bought and sold compared with the previous calendar month.
3. Data are plotted in the middle of the period of each wave.

Download the data

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Access to microdata

You can access the microdata for Waves 1 to 70 of the Business Insights and Conditions Survey (BICS) through the Secure Research Service (SRS). The BICS microdata for each wave are released on a rolling basis in the week following the publication of each wave. The microdata are made confidential and do not disclose information on any specific business.

Only researchers accredited under the Digital Economy Act, as explained on the UK Statistics Authority website, are able to access data in the SRS. You can apply for accreditation through the Research Accreditation Service (RAS). You need to have relevant academic or work experience and must successfully attend and complete the assessed Safe Researcher Training. 

To conduct analysis with microdata from the SRS, a project application must be submitted to the Research Accreditation Panel (RAP), as explained on the UK Statistics Authority website. To access the SRS, you must also work for an organisation with an Assured Organisational Connectivity agreement in place

Reporting unit

The business unit to which questionnaires are sent is called the reporting unit. The response from the reporting unit can cover the enterprise as a whole or parts of the enterprise identified by lists of local units.

Net balance

Net balance is the difference between the percentage of businesses that reported a decrease, and the percentage of businesses that reported an increase.

More quality and methodology information (QMI) on strengths, limitations, appropriate uses, and how the data were created is available in our Business Insights and Conditions Survey (BICS) QMI, updated on 24 January 2022. 

The Business Insights and Conditions Survey (BICS) is voluntary, and the results are experimental. More information is available in our Guide to experimental statistics.

The results are based on responses from the voluntary fortnightly BICS, which captures businesses' views on financial performance, workforce, prices, trade, and business resilience. The Wave 71 survey was live for the period 28 November 2022 to 11 December 2022. The BICS survey questions are available.

Coverage

The Monthly Business Survey (MBS) covers the UK for production and Great Britain (GB) only for services. The Retail Sales Index (RSI) and construction are GB-focused. Therefore, the BICS will be UK-focused for production-based industries but GB-focused for the other elements of the economy covered. The sectors covered are:

• non-financial services (includes professional, scientific, communication, administrative, transport, accommodation and food, private health and education, and entertainment services)

• distribution (includes retail, wholesale, and motor trades)

• production (includes manufacturing, oil and gas extraction, energy generation and supply, and water and waste management)

• construction (includes civil engineering, housebuilding, property development and specialised construction trades such as plumbers, electricians, and plasterers)

The following industries are excluded from the survey:

• agriculture

• oil and gas extraction

• energy generation and supply

• public administration and defence

• public provision of education and health

• finance and insurance

For more information on the methodology of producing the BICS, such as weighting, please see our BICS quality and methodology information.

More quality and methodology information (QMI) on strengths, limitations, appropriate uses, and how the data were created is available in our Business Insights and Conditions Survey (BICS) QMI.