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Confidence remains strong among city firms, says Chamber survey
BUSINESS confidence remained healthy across Milton Keynes during the third quarter of 2016, according to the latest Quarterly Economic Survey from Milton Keynes Chamber of Commerce.
All the manufacturing firms surveyed said their turnover had increased during the period in question – from July to September 2016 - and 90% of the service sector companies that responded stated that their turnover had either increased or remained the same during the same timeframe.
They also reported that investment plans for plant and machinery had increased or remained consistent with the previous quarter for Q3.
Training investment plans also remained in robust health with all manufacturing companies and 93% of the service sector citing investment in training went up or stayed the same in the same period.
There was a stark turnaround in cashflow for the manufacturing firms, showing a net balance figure improvement from -11% in Q2 to 20% in Q3.
But the service sector experienced the opposite, with the net balance figure dropping from 27% in Q2 to 11% for Q3.
Price pressures also increased, with rises in energy costs and other overheads forcing companies to increase their prices.
Exchange rates were also an area of concern this quarter, following the EU Referendum vote in June.
Chamber chief executive Paul Griffiths said: “It is fantastic to see the borough’s continued optimism in the face of current economic uncertainty in the UK following the Brexit result at the end of the last quarter.
“It is positive to see that so many businesses are investing in machinery and in training their staff at this time to give their companies and their employees that edge for greater opportunities in future.
“We will continue to monitor both sectors through our QES and we encourage as many businesses as possible to take part in the next survey for Q4.”
The findings from the report contains responses from 35 businesses, employing 2,538 people from across Milton Keynes.
It covers the period from July to September and gives companies a chance to have their say on their performance, concerns and experiences of trading in Q3 of 2016.
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