Business leaders in the East of England have expressed low confidence in Parliament’s ability to understand and deliver on their needs, with 44% of businesses in the region feeling this way. * 44% of businesses in East Anglia express low confidence in Parliament. * 48% express low confidence in Parliament’s ability to understand the needs of their businesses. * 39% express low confidence in Parliament’s ability to deliver on the needs of their businesses. These findings represent some of the lowest confidence levels in the country. Agricultural expertise at Price Bailey, Gary Frear, stated that the East Anglian economy is heavily reliant on agriculture, with many family-owned farms and agri-businesses in operation across the region. The recent changes to Inheritance Tax reliefs, particularly reductions in Agricultural Property Relief (APR) and Business Property Relief (BPR), have created challenges for family-run farm businesses. Many now face substantial tax liabilities. “The Sustainable Farming Incentive (SFI), which pays farmers to manage their land through more environmentally friendly methods, and progressive reductions to delinked payments,” could further ostracise groups of Business Leaders in rural and agricultural communities, contributing to the reduced confidence in Parliament across the region,” said Frear. The report also delves into the business and tax reform priorities for British businesses. In the East of England, investment incentives are a top business priority, with 41% of Business Leaders citing it. When looking at tax reform, 61% of Business Leaders in the region cited taxes on business sale as a top priority. In contrast, just 32% of MPs said the same. Chand Chudasama, Partner at Price Bailey, commented: “Changes announced in last Autumn’s Budget have affected Business Leaders across the UK. Reductions in Business Property Relief (BPR) and Agricultural Property Relief (APR) alongside increases in Capital Gains Tax, National Insurance Contribution and the Minimum Wage have created pressure. Now, as energy prices continue to rise, operational costs for businesses across the country are increasing with some struggling to stay afloat. “Our new report reveals the consequences of this; Confidence in Parliament’s ability to both understand or deliver on the needs of businesses, is dwindling. “There is also a gap in alignment around some of the business and tax reform priorities between the two groups. “To successfully achieve growth and encourage innovation and development, this needs addressing.”
The findings of the report highlight the need for better alignment between business leaders and MPs. Price Bailey’s report is based on a survey of over 700 UK Business owners and C-level executives in businesses with a turnover of between £10m and £100m, and more than 100 Members of Parliament. The survey aims to understand the level of alignment between the two groups. The report provides valuable insights into the business and tax reform priorities of British businesses. This lack of confidence is a concern for the East Anglian economy, which is heavily reliant on agriculture. Changes announced in last Autumn’s Budget have affected Business Leaders across the UK. The report highlights the need for better alignment between business leaders and MPs. It also highlights the need for MPs to better understand the needs of their constituents and to deliver policies that support businesses. Price Bailey’s report is a valuable resource for businesses and policymakers looking to understand the needs and priorities of British businesses. It provides a comprehensive understanding of the business and tax reform priorities of British businesses. The report is based on a survey of over 700 UK Business owners and C-level executives in businesses with a turnover of between £10m and £100m, and more than 100 Members of Parliament. The Sustainable Farming Incentive (SFI) has the potential to make a positive impact on the agricultural sector, but it may be further undermined by progressive reductions to delinked payments. The report is a valuable resource for businesses and policymakers looking to understand the needs and priorities of British businesses.
Business Confidence in Parliament Declining in East Anglia
