London, 14th March 2023 – iResearch Services surveyed 250 business leaders across financial services, corporate finance, professional services, TMT and energy for their views on tomorrow’s Spring Statement. Key findings include:
- 39% believe there will be announcements made in the Chancellor’s statement that will have a negative impact on the UK economy
- 40% think the Spring Statement will have a negative impact on their industry
- While 48% believe the Government has the best interests of UK businesses in mind, 41% do not
- 64% of business leaders are concerned, or very concerned about the Spring Statement tomorrow
- The cost of living in the UK is the leading source of concern for businesses over the next few months with 48% citing this as a short-term risk
- Looking ahead, the three leading medium-term risks identified were regulation and legislative requirements (64%), ESG (57%), and the labour market (57%). The international tax agenda was also identified as a significant medium-term concern (56%)
Commenting on the findings, Yogesh Shah, CEO of iResearch Services says:
“It’s a turbulent time for British businesses and it’s worrying that there is so much concern surrounding what will be announced in the Spring Statement. Businesses need clarity and we urge the Chancellor to take bold and decisive action to tackle these escalating concerns.
“Thousands of UK businesses will be released from EU reporting requirements following Brexit negotiations and these will in turn be replaced by UK laws and requirements. The Government must recognise that the process towards achieving this is driving a medium-term risk for businesses.
“Many businesses are taking a short-term view where the cost-of-living crisis is perceived as the biggest threat to survival over the next few months. It’s important that business leaders look beyond this at emerging medium-term risks and ensure there is a plan in place to manage these.”