Nearly half of West Country business leaders would like to see the Chancellor prioritise a competitive tax system in the Budget on Wednesday.
The region’s firms would also like to see Rachel Reeves address skills shortages and the training needs of companies, according to the latest data from Lloyds’ Business Barometer.
The research by the bank also found that 42% of West Country firms would like the government to prioritise support for businesses to introduce or expand waste reduction and recycling programmes to help them align with the UK national target of net zero by 2050. More than a quarter (28%) also want improved access to quality housing.
Amanda Dorel, regional director for the South West at Lloyds, said: “Firms across the region have said that they are hoping that their priority areas of a competitive tax system that incentivises growth and addressing skills shortages are supported in the Budget.
“These priority areas are seen by businesses as crucial to help drive their operations. At Lloyds, we remain committed to supporting our customers to help to help them reach their growth aspirations.”
Reeves will present her first Budget to the House of Commons tomorrow, October 30. She is expected to announce a number of tax hikes and spending cuts to fill a hole of £40bn in the UK’s public finances.
A cabinet minister said on Monday that this year’s Autumn Statement would be the “most honest” than in “some years”. The prime minister has already said measures announced tomorrow will prevent “devastating austerity”. He has also said Britain “must embrace the harsh light of fiscal reality”.
There has been a lot of speculation about what will be in the Budget, with suggestions the chancellor could increase employers’ national insurance contributions and extend the freeze on income tax thresholds.