North West Businesses Call For Greater Certainty To Stimulate Growth Ahead Of Next Week’s Budget
Image by Gerd Altmann from Pixabay
With one week to go until the Autumn Budget, and the anticipated publication of the Government’s business tax roadmap, companies in the North West are calling for more certainty on taxes to help stimulate growth within the region.
According to the latest research from accountancy and business advisory firm, BDO LLP, two-fifths of businesses in the North West want assurances from the Chancellor that full expensing capital allowances will remain for the life of this Parliament.
Skills are also high on the agenda, as regional businesses continue to tackle workforce pressures, with one in six urging the Treasury to replace the apprenticeship levy with a more simple growth and skills levy. Nearly a quarter (23%) stated that a long-term partnership between the education system, local government and businesses – one that enables young people to connect with local employment and training – is a policy that would have a positive impact on their business over the next six to 12 months.
BDO’s bi-monthly Economic Engine survey of 500 mid-sized businesses, also revealed that regulatory changes to improve access to capital or simplify the listing process for the London Stock Exchange would also be beneficial for more than a third of companies (37%).
Looking ahead to future growth ambitions, the survey reveals that nearly a quarter of North West businesses (23%) intend to prioritise investment in research and development over the next six to nine months, in a bid to achieve their growth targets, with one in five planning to invest in new technologies, such as artificial intelligence (AI) and automation.
BDO’s survey showed that the top workplace issues affecting businesses in the region include: changes to policy or regulation, which are creating uncertainty around skilled worker visas and employment contracts and difficulty recruiting staff due to wage demands.