‘This is not yet a time to celebrate’

Oct 05, 2020

THE FIGURES are improving but businesses are continuing to struggle, according to the results of the latest Quarterly Economic Survey carried out by Milton Keynes Chamber of Commerce.

The findings for Q3 of this year reveal a broad upswing across the measurable metrics, with most key indicators showing an improvement from the historic lows recorded in the last survey. 

Around 62% of businesses in Milton Keynes expect no change to their workforce in the next three months, and although there was an improvement from the -70% reporting an increase in overseas sales in Q2, that metric rose only to -36% in Q3.

As the true scale of the impact Covid-19 has had on the economy is revealed, it is vital businesses turn to the Chamber for support as they have been doing throughout this crisis, said Louise Ward, interim chief executive of Milton Keynes and Northamptonshire Chambers of Commerce. 

With lockdown gradually easing and relief measures continually adapting to business needs, it is hopeful that the green shoots of improvement will further flourish as the final quarter of 2020 begins, she added.

“Although it is heartening to see a broad improvement in the results reported for Quarter three, we must be mindful that this is in contrast to the worst results ever reported in Quarter two and sadly many businesses continue to struggle with the challenges posed by the Covid-19 lockdown. 

Louise Ward, interim CEO of Milton Keynes Chamber of Commerce

“If the economy was fully bouncing back, we would expect to see a more significant rise than we have – sadly, this is not yet a time to celebrate. 

“As a Chamber we are aware of the damage uncertainty wreaks on the amazing businesses we proudly represent and we fully support the British Chambers of Commerce call on the government to provide further support and the strengthening of measures that underpin business confidence.”

To read the Quarterly Economic Survey in full click here.

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