Business insights and impact on the UK economy: 6 June 2024

• In late May 2024, approximately one in five (19%) businesses reported they are either using or intending to use increased home working as a permanent business model in the future; of those businesses, 51% reported reduced overheads as a reason for doing so.

• A quarter (25%) of businesses reported an increase in their employees' hourly wages in April 2024 compared with March 2024.

• In late May 2024, nearly a third (32%) of businesses reported an increase in staffing costs (including wages, bonuses, National Insurance, and pension contributions) over the last three months; in contrast, 18% of businesses expect staffing costs to increase over the next three months.

• In late May 2024, three-quarters (75%) of businesses reported they had not experienced any challenges as a result of worker shortages, while 7% reported they were not sure.

The data presented in this bulletin are the final results from Wave 109 of the Business Insights and Conditions Survey (BICS), which was live from 20 May to 2 June 2024.

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 Survey (BICS) Quality and Methodology Information (QMI), and we regularly update confidence intervals associated with the survey questions.

Single-site weighted regional estimates up to Wave 106 are available in our Business insights and impact on the UK subnational single-site economy: May 2024 article.

In late May 2024, 94% of businesses reported they were trading, with 85% fully trading, and 9% partially trading (for example, trading with reduced hours or staff numbers). Meanwhile, 3% of businesses reported "temporarily paused trading", and 3% reported "permanently ceased trading" as their business's trading status.

Access to microdata

You can access the microdata for Waves 1 to 108 of the (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 reporting unit is the business unit to which questionnaires are sent. The response from the reporting unit can cover the enterprise as a whole, or parts of the enterprise identified by lists of local units.

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, which was updated on 24 January 2022.

The BICS is voluntary, and the results are official statistics in development. More information is available in our Guide to official statistics in development.

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 109 survey was live for the period 20 May to 2 June 2024. For full details of the survey questions used, see our Business Insights and Conditions Survey questions: 20 May to 2 June 2024 article.

Coverage

The BICS sampling frame is based on the same industries as our Monthly Business Survey (MBS). The MBS covers the UK for production industries only, and Great Britain for construction, retail, and services industries. The MBS is an important input to the output measure of gross domestic product (GDP), which includes monthly GDP.

For detailed information on the industries covered by the MBS and BICS, see our GDP(o) data sources catalogue. The following are some industries that are excluded from MBS and BICS:

• 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 Business Insights and Conditions Survey (BICS) QMI.

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.