A COMPETITIVE TAX SYSTEM AND SUPPORT WITH SKILLS SHORTAGES: THE WEST MIDLANDS’ BUDGET WISHLIST REVEALED

28 Oct 2024

Published in: Member News
Businesses in the West Midlands are calling on the Chancellor to prioritise ensuring a competitive tax system when she delivers her first Budget, according to the latest data from Lloyds’ Business Barometer.

• To support their businesses and the region’s prosperity, West Midlands firms want the Chancellor to prioritise a competitive tax system at the Budget

• Businesses seek support to expand waste reduction programmes to help them align with the UK’s 2050 net zero target

Businesses in the West Midlands are calling on the Chancellor to prioritise ensuring a competitive tax system when she delivers her first Budget, according to the latest data from Lloyds’ Business Barometer.

When asked what areas they’d like to see prioritised to support their business, 44% said ensuring a competitive tax system that incentivises growth. An additional 43% said they were hoping for support to address skills shortages and training needs, while 33% wanted more incentives for businesses to invest in new products, services and innovations.

To support the prosperity of the West Midlands’ economy more generally, firms most want the Chancellor to again prioritise the delivery of a competitive tax system (38%), improve access to housing (37%), and addressing skills shortages (32%).

And, with the UK pressing ahead with decarbonisation, 55% would like the government to prioritise support for businesses expanding their waste reduction and recycling programmes, to help them align with the UK national target of net zero by 2050.

Dave Atkinson, Regional Director for the West Midlands 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.”

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.

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