Support with skills shortages and a competitive tax system – London Business News | Londonlovesbusiness.com

London businesses are calling on the Chancellor to prioritise skills and tax 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, addressing skills shortages and ensuring a competitive tax system that incentivises growth came out joint top (44%).

An additional 36% were hoping for research and development support to incentivise investment in innovation, and measures to ensure businesses have access to finance and lending to grow.

To support the prosperity of London’s economy more generally, firms most want the Chancellor to prioritise addressing skills shortages (51%), improving access to quality and secure housing (46%), and ensuring a competitive tax system incentivising local growth (42%).

And, with the UK pressing ahead with decarbonisation, 53% would like the government to introduce and expand waste recycling programmes to help firms align with the UK national target of net zero by 2050.

Kirsty Sadler, regional director for London at Lloyds, said: “Firms across the region have said that they are hoping that their priority areas of addressing skills shortages and a competitive tax system that incentivises growth 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.