Business environment in Milton Keynes is "one of the most difficult in living memory", study reveals

In introducing the Quarterly Economic Survey (QES) report, chamber chief executive Louise Wall said: " There is no good news".

She added: "By every measurable metric businesses in Milton Keynes are suffering, not unexpectedly, from the onset of Covid-19. The business environment is clearly one of the most difficult in living memory."

Ms Wall said the survey's finding were in stark contrast to the optimistic note revealed in the survey carried out for the first quarter of 2020.

The Chamber found overall that businesses in Milton Keynes saw a "gigantic" decrease in domestic activity compared to the first quarter.

The number of businesses recording an increase in domestic sales was down from 59 per cent in the first quarter to just 6 per cent in quarter two.

Some 82 per cent of businesses saw a decrease, compared to 12 per cent in the first quarter.

Businesses experiencing an increase in domestic orders dropped from 40 per cent to nil, while the number recording a decrease in orders rose from 10 per cent to 88 per cent

There was also a large drop in firms reporting constant sales and orders, dropping from 59 per cent to 12 per cent for sales and 50 per cent to 12 per cent for orders

No businesses reported an increase in UK advanced orders, with 71 per cent reporting a decrease

The report states: "Milton Keynes based businesses saw a vast drop in overseas activity, falling back to significantly decreased demand in overseas sales and overseas orders".

Business confidence also fell "precipitously" between the two quarters, with 58 per cent of businesses believing turnover will worsen over the next year.

Ms Wall said: "There is no good news in the latest Quarterly Economic Survey (QES)...However, I believe that the results of this survey are hugely important both in comparison with previous quarters and as we look forward to any future economic recovery.

"Being a Chamber member means that your voice can be heard at the very heart of government... Although we cannot predict the future and we must remain vigilant against the possibility of a second wave of the Coronavirus, as I write the very beginnings of measures easing the lockdown are coming into place.

"In the coming weeks firms will hopefully be able to turn their minds from just surviving towards stabilising and finally growing again. Now more than ever the Milton Keynes Chamber will champion and represent the voice of local business. I am sure our members will do all they can to rise to the challenges posed by Coronavirus."