Record breaking year for companies in Milton Keynes

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A string of economic records were broken in Milton Keynes last year, according to a recent report.

There were a total of 2,725 company formations, more than any other year in the history of the city and a 13 per cent rise on the previous year.

This, combined with a drop in company closures, led to a record year for net company growth, according to research from company formation agent Duport.co.uk.

More than the fact that it may be signalling an economy that is doing well in the face of tough financial conditions is that MK also broke its own record for UK company share, reflecting its growing importance in the wider UK economy.

Duport.co.uk managing director Peter Valaitis said: “Milton Keynes is becoming a very significant economic hub, as the statistics in our report attest.

“The record number of new companies setting up here will diversify and strengthen the economic base, helping the area gain further momentum in years to come.”

Duport.co.uk reckons 2013 looks set to be just as successful, with accountancy firm PwC predicting GDP growth in the region to reach 1.8 per cent this year, the highest growth outside Greater London and the South East where the recovery is strongest.

More information at www.duport.co.uk/miltonkeynes.