Business confidence increases in Milton Keynes, according to QES

Business confidence is on the increase in Milton Keynes
Business confidence is on the increase in Milton Keynes

There has been a significant increase in business confidence in Milton Keynes according to the latest Quarterly Economic Survey (QES) from Milton Keynes Chamber of Commerce.

In the next 12 months, almost half of respondents, 47%, expect an improvement in turnover – a considerable jump compared with just 15% in the first quarter of the year.

In another positive move, 32% of the companies questioned expect to grow their workforce over the next three months – again indicating improved confidence as compared to the first quarter of the year.

However fewer thought their staff level would stay the same and 5% of those surveyed anticipated having to lose employees, which could be down to lack of clarity over Brexit.

Firms are also concerned about investment in training because of the Brexit uncertainty, with just 5% of respondents planning to put money into upscaling staff.

But 35% of MK business taking part in the survey said domestic sales had improved in the second quarter of 2018, a positive change from just 14% in Q1.

Widely recognised as a key economic indicator by Government, the Bank of England, the Office of Budget Responsibility, the EU Commission and independent economists alike, the QES provides both central and local policymakers with an important source of feedback of the performance, concerns and views of businesses across Milton Keynes.

Milton Keynes Chamber of Commerce chief executive Paul Griffiths said: “It is encouraging to see some positive results for this quarter, with improvement in business confidence, increase in domestic sales and a tentative upwards trend in employment expectations.

“But the continued uncertainty over Brexit and its implications is still raising question marks over progressive future planning.”