BUSINESS REPORT


BUSINESS REPORT


The Quarterly Economic Survey was conducted between 17 February and 9 March and results reveal that at the time business confidence in Milton Keynes remained high, with a majority of firms expecting an increase in profitability over the next year. The most common concern


among respondents was the uncertainty of the UK’s trading relationship with the EU following the end of the transition period. At the time of surveying the Covid-19 Coronavirus outbreak was in the early stages, and yet was already being stated as a significant concern to businesses in the region. Milton Keynes Chamber of


Commerce chief executive Paul Griffiths said: “The findings of our QES showed despite the more settled political situation following the result of the UK General Election in December the most common worry was still Brexit, with uncertainty regarding trading arrangements following the end of the transition period still weighing on businesses. The outbreak of the Covid-19 was also a significant concern along with changes to tax and national insurance payments to off-payroll workers as a result of rule changes known as IR35. “Since the survey was


conducted, we’ve seen the introduction of a range of social distancing measures to combat the spread of coronavirus. This has had a huge impact on businesses and we’re working closely with our members to support them.’’


4 inbusiness JUNE/JULY 2020 The QES for Q2 will be open


from Monday 18 May – Monday 8 June, and we encourage all members to take part. The results for Q2 will be published on Wednesday 1 July on www.chambermk.co.uk


Snaphot: Domestic demand: This quarter saw increases in both domestic sales and orders.


Overseas sales and orders: Business reported that both overseas sales and orders had remained constant.


Employment: Three in ten businesses reported an expanding workforce over the past three months with 45% anticipating an increase in the next three months. Half of businesses reported recruitment difficulties in finding suitable staff.


Business confidence and investment: Business confidence remained high with a majority of firms expecting an increase in profitability over the next year. Recent training investment also rose.


For the full report visit: chambermk.co.uk/representation/ quarterly-economic-surveys


MILTON KEYNES CHAMBER keeps its members up to date with all the latest business news. Whether it’s through the pages of this magazine, our website or regular email updates, we will always endeavour to keep you in the picture and informed


QES REVEALS THE BIGGEST CONCERNS FOR THE REGION


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