In the first major survey of business sentiment since the General Election, the British Chambers of Commerce’s (BCC) Quarterly Economic Survey – the UK’s largest and longest running independent business survey – shows taxation is now the main area of concern for businesses.
Following the national results released by the BCC, Thames Valley Chamber of Commerce (TVCC) have released the comprehensive Thames Valley report, which is sponsored by James Cowper Kreston.
While inflation was still the top worry of 47 per cent of business owners, taxation has entered the race at number two, with 42 per cent of respondents to the survey saying they were concerned about new or higher taxes.
Businesses across the regions took place in the Q3 survey, which ran between August 19 and September 16 – after Labour won the general election but ahead of the upcoming Budget.
Paul Britton, CEO of TVCC, said: “Taxation has emerged as a key external pressure, signalling the importance of fiscal policy adjustments to support business resilience.”
Sue Staunton, managing partner at James Cowper Kreston, said: “It is therefore not surprising to see concern from respondents about taxation and the impact of measures that might be introduced by the government.”
The Chamber called on the government to deliver a “comprehensive package of measures designed to boost confidence, address cost pressures, and remove the barriers holding businesses back.”
Paul Britton said: “With a new government holding a strong majority and a clear mandate for growth, it is essential that they focus on addressing these economic challenges in both the short and medium term.
“The Chamber will remain steadfast in advocating for our members and seeking answers that reflect the needs of the business community, ensuring that their voices are at the heart of policymaking.
“The region’s growth potential is immense, and we must capitalise on this opportunity to ensure long-term economic recovery and expansion.
“Our hope is that the optimism reflected in this report translates into tangible growth, helping businesses, and our wider economy to flourish.
The local figures fed into the national BCC Quarterly Business Survey, which as a leading indicator, often picks up changes in the economy long before other surveys and official statistics and consistently mirrors trends in official data. It remains closely watched by both UK Government and the Bank of England.
