Lloyds Bank

British businesses state priorities ahead of Budget

10 March 2020

  • Greater reforms to business rates cited by 20% of businesses as top Budget priority
  • Highway and road improvements are top of infrastructure spending for 68%
  • Incentives for decarbonisation on 43% of business’ agenda

British Businesses want Chancellor Rishi Sunak to prioritise business rate reform in his first Budget, according to insight from the Lloyds Bank Commercial Banking Business Barometer. 

Focusing specifically on the Budget, one fifth (20%) of all businesses stated they would most like greater or more immediate reforms to business rates, A further 13% favoured greater investment in apprenticeships.

In terms of infrastructure, UK firms want to see the Government prioritise improvements to highways and roads (68%).That was followed by improved local rail services (50%), devolved powers for cities to run their own transport routes (45%) and investment or incentives to promote decarbonisation (43%).

 

UK businesses will hope that the Chancellor uses his first Budget as an opportunity to show that the Government will do all it can to help boost the economy and implement measures to stimulate investment that will support growth. Easing taxation, improvements to infrastructure, while attracting and maintaining skilled talent would no doubt go some way to ensure businesses continue to feel supported.

Hann-Ju Ho, senior economist for Lloyds Bank Commercial Banking

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