Thanks to the commitment of our participants, the size of the panel has been steadily increasing since the DMP was launched in August 2016. Approximately 8,000 businesses were part of the panel as of June 2019 and we are grateful to all panel members who have agreed to be part of the project. To minimize the time commitment required to respond to the questions, each month we send one of three sets of questions to one third of the panel members.
Our panel is comprised of Financial Officers from small, medium and large UK companies operating in a broad range of industries and is designed to be representative of the population of UK businesses.
We would be very happy to answer your questions about our early findings and we welcome feedback on any aspect of DMP membership. We are very grateful to you for taking the time to answer our questions and are keen to make it as easy and as useful for you to participate as we can. Please feel free to call the programme director, Phil Bunn, on 020 3461 3096 or email Philip.Bunn@bankofengland.gsi.gov.uk anytime with questions or concerns.
The motivation behind establishing the Decision Maker Panel (DMP) was to collect more detailed information on business expectations than is currently available from other sources. The results have proven valuable to the Bank of England, both in terms of informing policy decisions and in creating opportunities for high quality research. Improving our understanding of the decisions that companies are likely to make over the coming years will be critical in helping the Monetary Policy Committee to assess the prospects for the UK economy. This is particularly relevant in current circumstances when trying to understand the implications of the UK leaving the EU and how that is affecting firms is highly uncertain.
The questions have been designed in partnership with Professor Nicholas Bloom of Stanford University, Professor Paul Mizen of the University of Nottingham and colleagues from HM Treasury. The information provided will create opportunities to produce world class research in assessing the links between uncertainty and company behaviour – Professor Bloom is the world expert in this area.
The DMP monitors firms’ future expectations and associated uncertainties regarding changes in their prices, level of employment, capital investment and sales revenue, with questions each month focussing on one or more of these topics on a rotating basis. Over the medium term, we aim for the survey to become part of the Bank’s regular surveillance of the UK corporate sector. The survey complements existing Agency intelligence by asking structured questions to a randomly selected sample of firms; this allows the Bank to gather quantitative data about firms’ expectations and the distribution of those expectations.
DMP members are providing their responses on the understanding that the data they supply will be handled in the strictest confidence. Individual responses will not be made available to anyone outside of the DMP Project Team, consisting of Bank of England staff and Professors Bloom and Mizen. Confidentiality agreements are signed by all individuals who have access to the data.
All published results are aggregated so that individual responses cannot be identified.