Bank of England business surveys
The two monthly surveys of UK firms that the Bank of England's Monetary Policy Committee reads before every decision: the Agents' scores, distilled from hundreds of company visits, on output, investment, costs, prices, margins, hiring and credit; and the Decision Maker Panel of finance directors — realised and expected growth in sales, prices, jobs and investment, inflation and Bank Rate expectations, and uncertainty.
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Agents' scores5 | ||||||||||||||||||||||||||||||||||||||
| Output and turnover8 | ||||||||||||||||||||||||||||||||||||||
| Total manufacturing output | 0.25 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | 0 | 1 | 1 | 1 | 0 | -1 | -1 | -1 | -1 | -1 | 0 | |||||||||||||
| Volume of manufacturing output for export | 1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -1 | 0 | 0 | 1 | |||||||||||||
| Volume of construction output | -1.5 | -2 | -2 | -2 | -2 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | 0 | -1 | -1 | -1 | -1 | -1 | -1 | -2 | -3 | -3 | -3 | -3 | -3 | |||||||||||||
| Consumer goods turnover | 1.5 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 3 | |||||||||||||
| Consumer services turnover | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 3 | 3 | |||||||||||||
| Business services turnover | 1.5 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||
| Services exports turnover | 1.25 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | |||||||||||||
| Housing market activity | -2.25 | -2 | -2 | -2 | -1 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | -2 | -2 | -2 | -1 | |||||||||||||
| Investment and capacity2 | ||||||||||||||||||||||||||||||||||||||
| Investment intentions | 0.5 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | -1 | -1 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | |||||||||||||
| Current capacity utilisation | -1.25 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | |||||||||||||
| Costs, prices and margins6 | ||||||||||||||||||||||||||||||||||||||
| Material costs | 3.5 | 4 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | -1 | -1 | -1 | -1 | -2 | -2 | -2 | -1 | 0 | 1 | 2 | 2 | |||||||||||||
| Total labour costs per employee | 2.5 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | |||||||||||||
| Manufacturers' domestic prices | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 3 | 4 | 4 | |||||||||||||
| Consumer goods prices | 3.5 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 1 | 1 | 0 | 0 | 1 | 2 | 3 | 3 | 5 | 5 | 5 | 5 | |||||||||||||
| Consumer services prices | 2.5 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | |||||||||||||
| Profit margins | -1.5 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -3 | -3 | -3 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -3 | -3 | -3 | |||||||||||||
| Employment and recruitment2 | ||||||||||||||||||||||||||||||||||||||
| Employment intentions | 0 | 0 | 0 | 0 | -1 | -1 | -1 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
| Recruitment difficulties | -0.5 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||
| Credit availability3 | ||||||||||||||||||||||||||||||||||||||
| Credit availability — small firms | 1.5 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | -1 | -1 | -1 | -2 | -2 | -2 | -2 | -2 | -2 | -3 | -3 | -3 | -3 | -3 | -3 | -2 | |||||||||||||
| Credit availability — medium firms | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | -1 | -1 | -1 | -1 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | -2 | |||||||||||||
| Credit availability — large firms | 2.75 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -1 | -1 | -2 | -2 | -2 | |||||||||||||
| Decision Maker Panel3 | ||||||||||||||||||||||||||||||||||||||
| Sales, prices, employment and investment growth7 | ||||||||||||||||||||||||||||||||||||||
| Realised growth over the past year, latest month5 | ||||||||||||||||||||||||||||||||||||||
| Own output prices | 3.47 | 3.86 | 3.69 | 3.86 | 3.81 | 3.61 | 3.58 | 3.85 | 3.83 | 3.53 | 3.65 | 4.11 | 3.61 | 3.89 | 3.5 | 3.43 | 3.52 | 3.64 | 3.49 | 3.66 | 3.98 | 3.68 | 3.63 | 4.47 | 3.88 | 4.33 | 3.82 | 4.58 | 5.28 | 4.85 | 5.42 | 5.8 | 4.91 | 5.95 | 6.82 | 6.91 | 7.45 | |
| Wages | 4.03 | 3.86 | 3.97 | 4.28 | 4.07 | 4.34 | 4.42 | 4.22 | 4.34 | 4.58 | 4.23 | 4.63 | 4.7 | 4.57 | 4.56 | 4.88 | 4.52 | 4.87 | 5.18 | 5.09 | 5.3 | 5.46 | 5.4 | 5.69 | 5.71 | 5.65 | 5.94 | 6.09 | 5.95 | 6.08 | 6.51 | 6.55 | 7.02 | 6.98 | 6.81 | 7.05 | 6.89 | |
| Unit costs | 4.73 | 5.13 | 5.07 | 4.75 | 4.9 | 4.9 | 4.69 | 5.23 | 4.91 | 5.03 | 5.99 | 5.14 | 5.59 | 6.17 | ||||||||||||||||||||||||
| Employment | 0.01 | -0.11 | -0.6 | -0.54 | -0.62 | 0.19 | -0.71 | -0.33 | 0.53 | -1.81 | 0.14 | -0.34 | -0.57 | -0.69 | -0.13 | 0.55 | 0.41 | 0.78 | 0.95 | -0.45 | 1 | 0.57 | 1.02 | -0.01 | 0.86 | 0.61 | 0.47 | 1.53 | 1.09 | 1.66 | 2.3 | 1.94 | 2.66 | 2.6 | 3.01 | 3.03 | 2.58 | |
| Sales | 4.78 | 4.97 | 4.21 | 5.36 | 6.15 | 5.35 | 5.85 | 4.11 | 4.17 | 5.26 | 4.36 | 4.18 | 4.82 | 4.4 | 3.25 | 4.58 | 6.97 | 4.03 | 6.03 | 7.03 | 5.37 | 3.92 | 4.41 | 4.54 | 5.56 | 4.64 | 5.43 | 4.35 | 6.85 | 5.75 | 5.43 | 6.75 | 7.32 | 7.11 | 8.51 | 7.23 | 8.11 | |
| Realised growth, three-month average5 | ||||||||||||||||||||||||||||||||||||||
| Own output prices | 3.68 | 3.8 | 3.78 | 3.76 | 3.67 | 3.68 | 3.75 | 3.73 | 3.67 | 3.76 | 3.79 | 3.87 | 3.67 | 3.61 | 3.48 | 3.53 | 3.55 | 3.6 | 3.71 | 3.77 | 3.76 | 3.92 | 3.99 | 4.23 | 4.01 | 4.24 | 4.56 | 4.9 | 5.18 | 5.36 | 5.38 | 5.55 | 5.9 | 6.56 | 7.06 | 7.37 | 7.37 | |
| Wages | 3.96 | 4.04 | 4.1 | 4.23 | 4.27 | 4.33 | 4.33 | 4.38 | 4.39 | 4.48 | 4.52 | 4.64 | 4.61 | 4.67 | 4.65 | 4.76 | 4.86 | 5.05 | 5.19 | 5.28 | 5.38 | 5.51 | 5.6 | 5.68 | 5.77 | 5.89 | 5.99 | 6.04 | 6.18 | 6.38 | 6.69 | 6.85 | 6.94 | 6.95 | 6.92 | 6.87 | 6.89 | |
| Unit costs | 4.98 | 4.98 | 4.91 | 4.94 | 5.31 | 5.39 | 5.57 | 5.64 | ||||||||||||||||||||||||||||||
| Employment | -0.24 | -0.42 | -0.59 | -0.32 | -0.38 | -0.29 | -0.17 | -0.54 | -0.38 | -0.67 | -0.26 | -0.53 | -0.46 | -0.09 | 0.27 | 0.58 | 0.71 | 0.43 | 0.5 | 0.37 | 0.86 | 0.53 | 0.62 | 0.49 | 0.65 | 0.87 | 1.03 | 1.43 | 1.68 | 1.97 | 2.3 | 2.4 | 2.76 | 2.88 | 2.87 | 2.9 | 3.27 | |
| Sales | 4.78 | 4.85 | 4.85 | 4.85 | 5.78 | 5.78 | 5.78 | 4.51 | 4.51 | 4.51 | 4.45 | 4.45 | 4.45 | 4.07 | 4.07 | 4.07 | 5.68 | 5.68 | 5.68 | 5.44 | 5.44 | 5.44 | 4.84 | 4.84 | 4.84 | 4.81 | 4.81 | 4.81 | 6.01 | 6.01 | 6.01 | 7.06 | 7.06 | 7.06 | 7.95 | 7.95 | 7.95 | |
| Expected growth over the next year, latest month5 | ||||||||||||||||||||||||||||||||||||||
| Own output prices | 3.59 | 3.67 | 4.05 | 3.95 | 4.38 | 3.72 | 3.35 | 3.43 | 3.56 | 3.52 | 3.71 | 3.74 | 3.49 | 3.89 | 3.74 | 3.51 | 3.71 | 3.91 | 3.97 | 3.9 | 3.99 | 3.79 | 3.6 | 3.61 | 3.33 | 3.69 | 3.56 | 3.82 | 4.23 | 3.67 | 4.11 | 4.52 | 4.16 | 4.23 | 4.7 | 4.4 | 4.46 | |
| Wages | 3.42 | 3.32 | 3.49 | 3.45 | 3.45 | 3.36 | 3.52 | 3.48 | 3.66 | 3.64 | 3.82 | 3.83 | 3.47 | 3.57 | 3.65 | 3.57 | 3.54 | 3.94 | 3.99 | 3.88 | 3.94 | 3.85 | 4.12 | 4.08 | 4.1 | 4.09 | 3.97 | 4.12 | 4.62 | 4.71 | 4.91 | 5.15 | 5.43 | 5.09 | 5.09 | 5.22 | 4.98 | |
| Unit costs | 4.23 | 4.38 | 4.59 | 4.89 | 5.5 | 4.41 | 4.37 | 4.94 | 4.22 | 4.72 | 5.41 | |||||||||||||||||||||||||||
| Employment | 0.14 | 0.11 | 0.09 | -0.39 | -0.14 | -0.3 | 0.33 | 0.21 | -0.2 | -0.73 | -0.36 | 0.46 | -0.53 | -0 | 1.16 | 0.24 | 0.36 | 0.35 | 0.05 | -0.16 | 0.33 | -0.1 | 1.09 | 1.08 | 1.13 | 0.95 | 0.79 | 1.35 | 1.4 | 0.91 | 1.38 | 1.79 | 1.61 | 1.48 | 1.38 | 1.48 | 0.83 | |
| Sales | 5.65 | 5.16 | 5.84 | 4.08 | 4.86 | 5.56 | 6 | 5.83 | 5.69 | 6.24 | 5.7 | 5.42 | 5.61 | 5 | 5.35 | 6.09 | 5.86 | 5.88 | 6.44 | 6.13 | 6.77 | 6.26 | 5.43 | 6.79 | 5.82 | 5.77 | 6.75 | 7.2 | 7.26 | 7.39 | 7.89 | 8.35 | 6.87 | 8.09 | 7.59 | 7.55 | 7.36 | |
| Expected growth, three-month average5 | ||||||||||||||||||||||||||||||||||||||
| Own output prices | 3.77 | 3.89 | 4.13 | 4.02 | 3.82 | 3.5 | 3.45 | 3.5 | 3.6 | 3.65 | 3.64 | 3.7 | 3.71 | 3.72 | 3.65 | 3.71 | 3.86 | 3.93 | 3.95 | 3.89 | 3.79 | 3.67 | 3.51 | 3.54 | 3.53 | 3.69 | 3.87 | 3.9 | 4 | 4.1 | 4.26 | 4.3 | 4.36 | 4.44 | 4.52 | 4.81 | 4.97 | |
| Wages | 3.41 | 3.42 | 3.46 | 3.42 | 3.45 | 3.45 | 3.55 | 3.59 | 3.71 | 3.76 | 3.7 | 3.62 | 3.56 | 3.6 | 3.59 | 3.68 | 3.82 | 3.94 | 3.94 | 3.89 | 3.97 | 4.02 | 4.1 | 4.09 | 4.05 | 4.06 | 4.24 | 4.48 | 4.75 | 4.92 | 5.16 | 5.22 | 5.2 | 5.13 | 5.1 | 5.07 | 5.11 | |
| Unit costs | 4.4 | 4.62 | 4.99 | 4.57 | 4.79 | |||||||||||||||||||||||||||||||||
| Employment | 0.11 | -0.07 | -0.15 | -0.28 | -0.04 | 0.08 | 0.11 | -0.24 | -0.43 | -0.21 | -0.14 | -0.02 | 0.21 | 0.47 | 0.59 | 0.32 | 0.25 | 0.08 | 0.07 | 0.02 | 0.44 | 0.69 | 1.1 | 1.06 | 0.96 | 1.03 | 1.18 | 1.22 | 1.23 | 1.36 | 1.59 | 1.63 | 1.49 | 1.45 | 1.23 | 1.17 | 1.3 | |
| Sales | 5.65 | 5.02 | 5.02 | 5.02 | 5.47 | 5.47 | 5.47 | 5.92 | 5.92 | 5.92 | 5.58 | 5.58 | 5.58 | 5.48 | 5.48 | 5.48 | 6.06 | 6.06 | 6.06 | 6.38 | 6.38 | 6.38 | 6.02 | 6.02 | 6.02 | 6.58 | 6.58 | 6.58 | 7.51 | 7.51 | 7.51 | 7.77 | 7.77 | 7.77 | 7.5 | 7.5 | 7.5 | |
| Median firm, realised growth3 | ||||||||||||||||||||||||||||||||||||||
| Own output prices | 3.01 | 3.07 | 3.56 | 3.08 | 4 | 3.11 | 3.12 | 3.46 | 3.58 | 3.5 | 3.94 | 3.99 | 3.34 | 3.98 | 4 | 3.85 | 3.38 | 3.99 | 3.46 | 3.09 | 3.89 | 4 | 4 | 4 | 4.04 | 5 | 3.99 | 5 | 5 | 5 | 5.06 | 5 | 5 | 5.94 | 6 | 6.84 | 6.94 | |
| Employment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | -0.2 | 0.02 | 0 | 0 | 0.01 | 0.05 | 0 | 0.02 | 0.23 | 0.04 | 0 | 1.07 | 0.01 | 1.52 | 0.01 | 0 | 0.09 | 0.86 | 0.07 | 0.96 | 1.2 | 1.85 | 1.34 | 2.5 | 1.85 | 3.03 | 2.82 | 2 | |
| Sales | 3.22 | 5 | 3.46 | 3.26 | 4.61 | 4.41 | 4.14 | 3.15 | 3.16 | 4.56 | 3.49 | 3.43 | 4.47 | 4.7 | 3.64 | 4.51 | 5 | 4.7 | 4.71 | 5.02 | 4.72 | 4.67 | 4.02 | 4.33 | 4.67 | 4.25 | 4.23 | 4.68 | 5.43 | 5.33 | 5.46 | 5.02 | 5.24 | 5.27 | 7.76 | 7.38 | 7.4 | |
| Median firm, expected growth3 | ||||||||||||||||||||||||||||||||||||||
| Own output prices | 3 | 3 | 3 | 3.5 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3.5 | 3 | 3 | 3 | 3 | 3 | 3.5 | 3.5 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 4 | 4 | 4 | 5 | 4 | 5 | |
| Employment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0.63 | 0.1 | 0 | 0 | 0.37 | 0 | |
| Sales | 4 | 4.2 | 4 | 4 | 5 | 4 | 4.5 | 4 | 5 | 5 | 4 | 4 | 4 | 4 | 5 | 4.5 | 5 | 5 | 5 | 5 | 5 | 5 | 4 | 5 | 4.5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |
| Subjective uncertainty around each firm's own forecast5 | ||||||||||||||||||||||||||||||||||||||
| Own output prices | 1.56 | 1.65 | 1.73 | 1.63 | 1.73 | 1.8 | 1.46 | 1.6 | 1.78 | 1.58 | 1.68 | 1.77 | 1.53 | 1.75 | 1.91 | 1.61 | 1.59 | 2 | 1.7 | 1.8 | 1.93 | 1.75 | 1.81 | 2 | 1.68 | 1.82 | 2.1 | 2.02 | 1.99 | 2.15 | 1.99 | 2.03 | 2.22 | 2.08 | 2.29 | 2.35 | 2.24 | |
| Wages | 1 | 1.02 | 0.91 | 1 | 1.05 | 0.92 | 0.98 | 1.03 | 0.9 | 1.06 | 1.09 | 1.11 | 1.11 | 1.16 | 1.11 | 1.13 | 1.19 | 1.02 | 1.1 | 1.1 | 1.12 | 1.04 | 1.22 | 1.19 | 1.23 | 1.25 | 1.19 | 1.3 | 1.19 | 1.19 | 1.3 | 1.31 | 1.43 | 1.43 | 1.3 | 1.45 | 1.44 | |
| Unit costs | 1.6 | 1.62 | 1.83 | 1.83 | 1.81 | 1.55 | 1.66 | 1.84 | 1.8 | 1.9 | 2.1 | |||||||||||||||||||||||||||
| Employment | 5.16 | 5.26 | 5.41 | 5.6 | 5.84 | 5.2 | 5.11 | 5.62 | 5.18 | 5.71 | 6.05 | 5.45 | 5.81 | 5.95 | 5.17 | 6.02 | 5.88 | 5.03 | 6.08 | 5.92 | 5.26 | 6.03 | 5.53 | 5.28 | 5.58 | 5.43 | 5.04 | 5.74 | 5.44 | 5.19 | 5.19 | 5.42 | 5.98 | 5.3 | 5.99 | 5.87 | 5.57 | |
| Sales | 4.43 | 4.8 | 4.36 | 4.46 | 4.42 | 4.25 | 4.08 | 4.61 | 4.34 | 4.67 | 4.37 | 4.2 | 4.36 | 4.38 | 4.5 | 4.88 | 4.47 | 4.43 | 4.48 | 4.54 | 4.43 | 4.18 | 4.48 | 4.82 | 4.17 | 4.38 | 4.89 | 4.76 | 4.7 | 5.3 | 5.08 | 4.92 | 5.26 | 5.12 | 4.81 | 5.13 | 4.55 | |
| Inflation and Bank Rate expectations6 | ||||||||||||||||||||||||||||||||||||||
| Panel's perception of current CPI inflation | 2.87 | 2.97 | 3.08 | 3.34 | 3.16 | 3.25 | 3.36 | 3.34 | 3.6 | 3.76 | 3.79 | 3.75 | 3.69 | 3.45 | 3.48 | 3.11 | 2.96 | 3.18 | 2.87 | 2.76 | 2.68 | 2.34 | 2.57 | 2.77 | 2.64 | 2.61 | 2.99 | 3.52 | 3.84 | 4.37 | 4.42 | 4.62 | 5.37 | 6.28 | 6.87 | 7.12 | 7.74 | |
| CPI inflation expected in one year | 3.07 | 2.99 | 3.35 | 3.74 | 3.96 | 3.5 | 2.98 | 2.95 | 3.24 | 3.39 | 3.44 | 3.43 | 3.44 | 3.19 | 3.27 | 3.04 | 3.17 | 3.42 | 3.08 | 3.05 | 3.04 | 2.85 | 2.54 | 2.68 | 2.63 | 2.55 | 2.78 | 2.88 | 2.94 | 3.15 | 3.29 | 3.44 | 3.99 | 4.39 | 4.63 | 4.85 | 4.83 | |
| CPI inflation expected in three years | 2.75 | 2.63 | 2.88 | 2.88 | 2.82 | 2.82 | 2.72 | 2.69 | 2.93 | 2.98 | 2.92 | 2.98 | 2.99 | 2.79 | 2.89 | 2.74 | 2.7 | 3.02 | 2.67 | 2.7 | 2.92 | 2.68 | 2.51 | 2.69 | 2.69 | 2.54 | 2.71 | 2.62 | 2.61 | 2.71 | 2.71 | 2.69 | 2.89 | 3.19 | 3.08 | 3.26 | 3.16 | |
| Panel's perception of current Bank Rate | 3.75 | 3.75 | 3.76 | 3.75 | 3.75 | 3.78 | 3.76 | 3.75 | 3.99 | 4.02 | 4.01 | 4.01 | 4.03 | 4.25 | 4.23 | 4.25 | 4.48 | 4.5 | 4.5 | 4.74 | 4.71 | 4.73 | ||||||||||||||||
| Bank Rate expected in one year | 3.6 | 3.58 | 3.64 | 3.74 | 3.74 | 3.54 | 3.24 | 3.26 | 3.45 | 3.46 | 3.57 | 3.62 | 3.58 | 3.66 | 3.73 | 3.68 | 3.84 | 3.98 | 3.91 | 4.2 | 4.1 | 4.18 | ||||||||||||||||
| Bank Rate expected in three years | 3.28 | 3.2 | 3.22 | 3.16 | 3.12 | 3.15 | 3.06 | 3.05 | 3.19 | 3.2 | 3.27 | 3.23 | 3.22 | 3.31 | 3.36 | 3.32 | 3.43 | 3.51 | 3.44 | 3.62 | 3.63 | 3.65 | ||||||||||||||||
| Overall uncertainty5 | ||||||||||||||||||||||||||||||||||||||
| Firms reporting very high overall uncertainty | 15.79 | 14.68 | 13.44 | 15.77 | 17.84 | 14.62 | 12.79 | 13.95 | 18.18 | 18.63 | 18.7 | 19.12 | 11.27 | 17.93 | 15.68 | 15.98 | 22.96 | 16.77 | 17.84 | 18.91 | 16.67 | 17.47 | 12.81 | 12.11 | 10.12 | 12.18 | 11.73 | 13.8 | 9.08 | 9.56 | 10.6 | 10.26 | 12.75 | 11.77 | 13.5 | 10.99 | 11.82 | |
| Firms reporting high overall uncertainty | 38.27 | 35.28 | 43.88 | 45.13 | 42.89 | 42.81 | 34.61 | 36.99 | 35.16 | 38.58 | 40.35 | 36.23 | 48.72 | 40.8 | 37.57 | 38.11 | 36.77 | 37.39 | 38.43 | 38 | 36.44 | 35.3 | 37.5 | 35.01 | 35.48 | 40.42 | 38.61 | 40.46 | 37.59 | 35.73 | 36.69 | 39.18 | 38.88 | 41.59 | 36.55 | 39.89 | 41.48 | |
| Firms reporting medium overall uncertainty | 40.46 | 44.21 | 36.88 | 36.15 | 34.45 | 36.96 | 48.48 | 44.04 | 40.54 | 36.64 | 36.33 | 40.84 | 37.13 | 34.56 | 41.69 | 39.42 | 35.44 | 41.48 | 39.62 | 38.81 | 43.08 | 43.79 | 42.04 | 44.61 | 47.86 | 42.39 | 44.2 | 41.7 | 44.6 | 47.36 | 46.48 | 43.73 | 41.19 | 42 | 44.64 | 43.19 | 40.94 | |
| Firms reporting low overall uncertainty | 4.74 | 4.64 | 4.87 | 2.23 | 4.47 | 4.93 | 4 | 4.75 | 5.35 | 5.4 | 4.02 | 3.77 | 2.84 | 5.74 | 4.87 | 6.49 | 3.67 | 4.05 | 3.8 | 3.33 | 3.04 | 3.31 | 6.26 | 7.8 | 5.58 | 4.39 | 4.51 | 3.84 | 7.88 | 6.98 | 5.54 | 6.33 | 5.82 | 4.42 | 4.75 | 5.61 | 3.97 | |
| Firms reporting very low overall uncertainty | 0.75 | 1.2 | 0.94 | 0.73 | 0.36 | 0.67 | 0.12 | 0.28 | 0.77 | 0.75 | 0.6 | 0.05 | 0.05 | 0.97 | 0.19 | 0 | 1.17 | 0.3 | 0.31 | 0.96 | 0.77 | 0.12 | 1.39 | 0.47 | 0.97 | 0.62 | 0.96 | 0.19 | 0.85 | 0.36 | 0.69 | 0.5 | 1.36 | 0.21 | 0.55 | 0.32 | 1.79 |
Latest reading
Total manufacturing output stood at 0.25 Score (-5 to +5) in Aug 2026. That is +1.25 Score (-5 to +5) from Jul 2026 and +1.25 Score (-5 to +5) from a year earlier. The series on this page is monthly and runs from Oct 2017 to Aug 2026. Source: Bank of England — statistical and research datasets; Bank of England — Decision Maker Panel survey.
- Latest
- 0.25 Score (-5 to +5)
- Aug 2026
- vs previous period
- +1.25 Score (-5 to +5)
- Jul 2026
- vs a year earlier
- +1.25 Score (-5 to +5)
About this data
The two monthly surveys of UK firms that the Bank of England's Monetary Policy Committee reads before every decision: the Agents' scores, distilled from hundreds of company visits, on output, investment, costs, prices, margins, hiring and credit; and the Decision Maker Panel of finance directors — realised and expected growth in sales, prices, jobs and investment, inflation and Bank Rate expectations, and uncertainty.
Frequently asked questions
- What datasets are included in the Bank of England business surveys table?
- The table combines the Bank of England Agents' scores—covering output, investment, employment intentions, costs and prices—with the Decision Maker Panel survey tracking sales, unit costs, uncertainty and inflation expectations.
- How far back do the Bank of England business survey records extend?
- Monthly series in the table date back to 1997, sourced from Bank of England research datasets and the Decision Maker Panel survey.
- How are the Bank of England Agents' scores structured?
- Agents' scores are graded on a scale from -5 to +5, capturing monthly business conditions, turnover, prices and hiring intentions across UK sectors.
- What topics does the Decision Maker Panel cover for the UK?
- The Decision Maker Panel captures UK firms' expectations for CPI inflation, Bank Rate, realized and expected growth in sales and wages, and percentages of firms reporting high, medium or low uncertainty.
