A recent survey has revealed optimism among North West businesses regarding the new Labour government.
Many companies believe this change will enhance business prospects and growth.
Survey Insights
A poll conducted among 400 companies in the North West has shown a positive outlook towards the new Labour government. About 36% of these businesses believe the government will be beneficial for their operations.
Comparison with Previous Government
Interestingly, 55% of the respondents think Labour will be better or at least as good as the previous Conservative government for business growth. This sentiment contrasts sharply with pre-election predictions of a backlash against Labour.
Concerns About Capital Gains Tax
Despite potential concerns over higher Capital Gains Tax, only seven per cent of those considering selling their businesses are accelerating their plans. It seems companies are willing to wait and see the actual policies before making significant decisions.
Growth Drivers
Additionally, 21% desired more support and advice on how technology can aid growth, while 14% looked for increased backing in research and development (R&D).
International Trade Concerns
Additionally, 10% want more assistance on how to enter new international markets, highlighting the need for comprehensive trade support.
Expert Opinions
Herricks noted that the Labour hierarchy had been quite reserved before the election regarding tax issues. This had led to expectations of a negative reaction from businesses, which did not materialise.
Future Prospects
This wait-and-see approach indicates a balanced perspective, combining optimism with caution in the face of political change.
Key Areas for Government Support
Additionally, resolving international trade issues remains a significant concern for many businesses in the region.
Conclusion
Overall, the survey reflects a cautiously optimistic view of the new Labour government among North West businesses.
Companies are prepared to give Labour a chance, hoping for policies that will support growth and stability.
By understanding and addressing the needs highlighted in the survey, the government can foster a positive business environment.