Milton Keynes firms feeling positive as overseas trade is up

Businesses in Milton Keynes have reported a significant increase in overseas trade, according to the latest Quarterly Economic Survey from Milton Keynes Chamber of Commerce.

Thursday, 1st November 2018, 3:44 pm
Updated Thursday, 1st November 2018, 4:50 pm
Optimistic outlook as international sales figures rise

Export sales were up by 34 per cent for Q3, showing a totally different picture to the previous Q2, which had shown negative growth.

More than two thirds of respondents to the Chamber’s regular business barometer also expect an improvement in turnover over the next 12 months, which is a rise in business confidence compared to the last quarter.

Both figures go against the trend being seen nationally, which is of a downgrade in export growth and a fall in business confidence due to Brexit uncertainty, although Milton Keynes has seen volatile export figures since the Brexit announcement.

Despite this, almost half of those firms questioned expected to grow their workforce during the next quarter and 87 per cent of respondents anticipate employment growth or no change for the coming months.

Milton Keynes Chamber of Commerce chief executive Paul Griffiths said: “The optimism shown by the Milton Keynes business landscape is refreshing at such an uncertain time for our country. The positive economic indicators are probably due to the insulating effect of this quarter’s strong international operations.

“Business confidence going forward now relies upon a long-term strategy for the forthcoming Government changes to ensure adequate support and an optimum trading environment for businesses.”