West Midlands businesses confidence in government 'among lowest in the country'

A study conducted by accounting firm Price Bailey 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 that on average, 40% of businesses in the West Midlands expressed low confidence in Parliament. 38% of Business Leaders in the West Midlands expressed low confidence in Parliament’s ability to understand the needs of their businesses, while 42% expressed low confidence in Parliament’s ability to deliver on the needs of their business. 

These findings represent some of the lowest confidence levels in the country, behind the East of England and South East (both averaged at 44%) 

“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 Contribution and the Minimum Wage have created pressure," said Chand Chudasama, Partner at Price Bailey. 

"Now as energy prices continue to rise, operational costs for businesses across the country are increasing with some businesses 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. To successfully achieve growth and encourage innovation and development, this needs addressing”. 

In the East Midlands, findings were more positive, with fewer business leaders reporting low confidence. The data shows an average 33% of Business Leaders in the East Midlands expressed low confidence in Parliament - though confidence levels on understanding were closer to the West Midlands, with 32% of Business Leaders in the East Midlands expressing low confidence in Parliament’s ability to understand the needs of their businesses. 

A total of 34% of Business Leaders in the East Midlands expressed low confidence in Parliament’s ability to deliver on the needs of their businesses.  

The report goes on to investigate the business and tax reform priorities for British businesses. Despite lower levels of confidence in Parliament, Business Leaders and MPs are more aligned on business priorities in the Midlands, than other UK regions.  

In both the West and East Midlands, Business Leaders recorded employment as a top priority, with 35% of Business Leaders in West Midlands and 49% in East Midlands citing it. According to the data, 42% of MPs answered the same.