Home Business NewsBusiness London SMEs call for reduction in red tape and corporation tax

London SMEs call for reduction in red tape and corporation tax

by LLB Reporter
23rd Nov 16 9:57 am

What do London’s local businesses what to see come out of the Autumn Statement?

London small and medium-sized enterprises (SMEs) are calling on the government to slash red tape in the Autumn Statement, to help boost the region’s economy.

New research by Lloyds Bank Commercial Banking found that 47 per cent of the capitals SMEs put reducing the burden of bureaucracy on the top of their list of things that need to be prioritised by chancellor Philip Hammond.

A huge 40 per cent of those surveyed said cutting the corporation tax is of huge importance to support businesses, showing the strength of locality.

The third biggest priority, cited by 39 per cent of firms in London was the need of more support from the government when it comes to trading overseas.

Paul Evans, regional director for Central London at Lloyds Bank Commercial Banking, said: “Despite moves by the Government, red tape is clearly still a burden for SMEs in the capital.

“They are calling on the Government to ease the regulatory pressures that they say are holding them back, as well as slashing corporation tax and increasing support when it comes to trading overseas.”

“We are playing our part to help London businesses to start up, grow and export – for example, by increasing our net lending and supporting big infrastructure projects as part of the Government’s National Infrastructure Delivery Plan.”

“However, it is clear that firms are calling for the Government to do more to give them the confidence to invest for the long-term.”

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