Business Insights and Conditions Survey questions: 9 January to 22 January 2023

These questions are for Wave 74 of the fortnightly Business Insights and Conditions Survey (BICS) dispatched on the 9th of January 2023. These are the most up-to-date survey questions.

Which of the following statements best describes your business's trading status?

• Currently fully trading
• Currently partially trading
• Paused trading but intends to restart in the next two weeks
• Paused trading and does not intend to restart in the next two weeks
• Permanently ceased trading

How did your business's turnover in December 2022 compare with the previous calendar month?

• Turnover increased
• Turnover stayed the same
• Turnover decreased
• Not sure

Which of the following challenges, if any, are currently impacting your business's turnover?

• Competition
• Cost of labour
• Cost of materials
• Economic uncertainty
• Financial costs
• Insufficient domestic demand
• Insufficient international demand
• Lack of equipment
• Shortage of labour
• Shortage of materials
• Weather conditions
• Other (please describe)
• Not sure
• Not currently experiencing any challenges

What are your business's expectations for turnover in February 2023?

• Expect turnover to increase
• Expect turnover to stay the same
• Expect turnover to decrease
• Not sure

How did the prices of goods or services bought by your business in December 2022 compare with the previous calendar month?

• Prices increased
• Prices stayed the same
• Prices decreased
• Not sure
• Not applicable

How did the prices of goods or services sold by your business in December 2022 compare with the previous calendar month?

• Prices increased
• Prices stayed the same
• Prices decreased
• Not sure
• Not applicable

What are your business's expectations for the prices of goods or services sold in February 2023?

• Prices will increase
• Prices will stay the same
• Prices will decrease
• Not sure
• Not applicable

Which of the following factors, if any, are causing your business to consider raising prices in February 2023?

• Energy prices
• Finance costs
• Labour costs
• Raw material prices
• Other (please describe)
• Not sure
• Business is not considering raising prices

How did your business's domestic demand for goods and services in December 2022 compare with the previous calendar month?

• Demand increased
• Demand stayed the same
• Demand decreased
• Not sure
• Not applicable

How did your business's international demand for goods and services in December 2022 compare with the previous calendar month?

• Demand increased
• Demand stayed the same
• Demand decreased
• Not sure
• Not applicable

Has your business been affected by recent increases in energy prices?

• Yes, production has been affected
• Yes, suppliers have been affected
• Yes, both production and suppliers have been affected
• No, the business has not been affected
• Not sure
• Not applicable

In which of the following ways, if any, has your business been affected by price rises?

• Discontinued lines of sale
• Had to absorb costs
• Had to access more financial support
• Had to change suppliers
• Had to make redundancies
• Had to pass on price increases to customers
• Had to reduce staff work hours
• Unable to maintain workspaces
• Other (please describe)
• Not sure
• The business has not been affected by price rises

Approximately, what does your business think the current annual CPI inflation rate is in the UK?

• Current rate of inflation (%)
• Not sure

Approximately, what does your business expect the annual CPI inflation rate will be in the UK 12 months from now?

• Expected inflation in 12 months (%)
• Not sure

Approximately, what does your business expect the annual CPI inflation rate will be in the UK three years from now?

• Expected inflation in three years (%)
• Not sure

How did your business's stock levels of raw materials in December 2022 compare with the previous calendar month?

• Stock levels were higher
• Stock levels stayed the same
• Stock levels were lower
• Not sure
• Not applicable

How did your business's stock levels of finished goods in December 2022 compare with the previous calendar month?

• Stock levels were higher
• Stock levels stayed the same
• Stock levels were lower
• Not sure
• Not applicable

Is your business stockpiling any goods or materials?

• Yes
• No
• Not sure

What are your business's expectations for capital expenditure over the next three months?

• Capital expenditure will increase
• Capital expenditure will stay the same
• Capital expenditure will decrease
• Not sure
• Not applicable

Why is your business expecting to authorise capital expenditure in February 2023?

• For replacements
• To expand capacity
• To increase efficiency
• To provide new services
• To reach new customers
• To use new technology
• Other (please describe)
• Not sure
• Not applicable

Which of the following, if any, do you expect to limit your business's capital expenditure in February 2023?

• Inability to raise external finance
• Inadequate return on proposed investment
• Shortage of internal finance
• Shortage of labour
• Uncertainty about demand or business prospects
• Other (please describe)
• Not sure
• Not expecting any limits to capital expenditure

Did your business scrap any capital assets earlier than intended in December 2022?

• Yes
• No
• Not sure
• Not applicable

Please explain in more detail what type of assets your business scrapped early and why

• Comments

In December 2022, approximately what percentage of your business's workforce were:

• Using a hybrid model of working
• Working from home
• Working from a designated workspace
• On sick leave, or not working due to coronavirus (COVID-19) symptoms or self-isolation
• Made permanently redundant
• Other

How did the number of employees at your business in December 2022 compare with the previous calendar month?

• Number of employees increased
• Number of employees stayed the same
• Number of employees decreased
• Not sure

What are your business's expectations for the number of employees in February 2023?

• Number of employees will increase
• Number of employees will stay the same
• Number of employees will decrease
• Not sure

How has your business's staffing costs changed over the last three months?

• Costs have increased
• Costs have stayed the same
• Costs have decreased
• Not sure
• Not applicable

How does your business expect staffing costs to change over the next three months?

• Costs will increase
• Costs will stay the same
• Costs will decrease
• Not sure
• Not applicable

Did your business experience any difficulties recruiting employees in December 2022?

• Yes
• No
• Not sure
• Not applicable

Which of the following employees has your business had difficulties in recruiting?

• Clerical employees
• Professional or managerial employees
• Semi-skilled or unskilled employees
• Skilled, manual or technical employees
• Other (please describe)
• Not sure

Why did your business experience difficulties in recruiting employees?

• Business cannot offer an attractive pay package to applicants
• Increased number of vacancies
• Lack of qualified applicants for the roles on offer
• Low number of applications for the roles on offer
• Reduced number of applicants aged 16 to 24 years
• Reduced number of applicants aged over 50 years
• Reduced number of EU applicants
• Other (please describe)
• Not sure

In December 2022, how did your business's debt repayments compare with turnover?

• Repayments were more than 100% of turnover
• Repayments were between 50% and 100% of turnover
• Repayments were between 20% and 50% of turnover
• Repayments were up to 20% of turnover
• Not sure
• Not applicable

How much confidence does your business have that it will meet its current debt obligations?

• High confidence
• Moderate confidence
• Low confidence
• No confidence
• Not sure
• Do not have any debt obligations

What is your business's risk of insolvency?

• Severe risk
• Moderate risk
• Low risk
• No risk
• Not sure
• The business is insolvent

How long do you expect your business's cash reserves will last?

• Less than 1 month
• 1 to 3 months
• 4 to 6 months
• More than 6 months
• Not sure
• Business has no cash reserves

How would you describe your business's overall performance in December 2022, compared with this calendar month last year?

• Performance increased
• Performance stayed the same
• Performance decreased
• Not sure

How do you expect your business's overall performance to change over the next 12 months?

• Performance will increase
• Performance will stay the same
• Performance will decrease
• Not sure

Please tell us anything else about your business's current situation relating to topics covered in this survey

• Comments