Chancellor urged to ensure fair and competitive tax system to boost business growth

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 per cent said ensuring a competitive tax system that incentivises growth.

An additional 43 per cent said they were hoping for support to address skills shortages and training needs, while 33 per cent 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 per cent), improve access to housing (37 per cent), and addressing skills shortages (32 per cent).

And, with the UK pressing ahead with decarbonisation, 55 per cent 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 (pictured), 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.