Ed Dwan, partner and head of North West at BDO LLP, said:
“North West businesses are looking towards Liz Truss and her new Government for a five-year plan for business taxes to allow them to invest in the future as we head into a tough winter and an anticipated recession. When asked what single tax change would help them the most, 28% of North West business leaders said the roadmap was key. Another 28% are calling for an overall simplification of the current tax system and three quarters of businesses in the region believe employment and payroll taxes are in the greatest need of reform.
“Chancellor Kwasi Kwarteng has set a UK economic growth target of 2.5%, and while businesses in the North West have an ambition to grow, they are calling for targeted support to do so. According to BDO’s poll, 41% of companies in the North West stated that only the abolition of the rise in corporation tax from 2023 would give them enough confidence to invest for growth in the current backdrop. Another 22% said they would commit to capital investments if the super deduction continued.
“Right now, businesses in the region are being forced to take drastic action in response to spiralling costs and supply chain challenges, whether it’s reducing their physical footprint, cutting operating hours, or reassessing their headcount, and they are looking at the Government to back them up with decisive action, clarity and simplification.”
