Business Leaders in the East of England have some of the country's lowest levels of confidence in Parliament, according to new survey data obtained by Price Bailey.
A study, conducted by Price Bailey through research providers YouGov and Censuswide, surveyed 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, to understand the level of alignment between the two groups.
The findings reveal on average, 44% of businesses in East Anglia expressed low confidence in Parliament. 48% of businesses in East Anglia, expressed low confidence in Parliament’s ability to understand the needs of their businesses, while 39% expressed low confidence on Parliament’s ability to deliver on the needs of their businesses. These findings represent some of the lowest confidence levels in the country.
Commenting on the report, Gary Frear, Partner and Agricultural expert at Price Bailey, said: “The East Anglian economy is heavily reliant on agriculture, with many family-owned farms and agri-businesses in operation across the region. 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.”
He adds: “Further announcements around the decision to close funding schemes such as 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.”
The report goes on to investigate the business and tax reform priorities for British businesses. The findings reveal that in the East of England, investment incentives are a top business priority, with 41% of Business Leaders citing it compared with 30% of MPs. When looking at tax reform, 61% of Business Leaders in the region cited taxes on business sale as a top priority, while just 32% of MPs said the same.
Chand Chudasama, Partner at Price Bailey, also comments: “Recent changes announced in the 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 Contributions 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.”
Find more information on our regional findings, here.
To view the full report, click here.
