The UK government has made it clear that its top priority is to enable growth and its much-anticipated industrial strategy is currently being drafted.

ICAEW, in its response to the draft strategy, called on the government to ensure long-term policies to boost growth with a focus on developing the skills needed to grasp the opportunities offered by technology and the transition to net zero.

Following the latest results of its quarterly Business Confidence Monitor (BCM) – which revealed a dramatic drop in confidence after the Budget – ICAEW is wanting to hear more from its members on their experiences of what is hindering growth in the UK.

Iain Wright, ICAEW Managing Director, Reputation and Influence, urged members to get involved: “Our members are at beating heart of UK businesses and industry, whether running enterprises or advising clients on the best actions to take. They have first-hand experience of what it takes to start, scale-up and run successive businesses. Members also know what is holding business back and what it takes to unleash growth.

“We need your insight to help us inform the government what action it should be taking to secure the growth it seeks.”

Tell us what the biggest barriers to growth that you are seeing via LinkedIn or by emailing business@icaew.com.

Understanding the tax burden

One area that was particularly highlighted in the BCM as hitting confidence was the impact of tax changes. Tax worries were the challenge most cited by businesses for the first time in the BCM’s history.

The number of businesses reporting it as a growing challenge hit a record high at 41% in Q4 2024, a significant increase on the previous quarter’s 29%.

To delve deeper in to this worry, ICAEW is asking whether there is a particular area of tax that is seen as a burden. Is it:

• employment taxes discouraging organisations from hiring staff;
• business rates discouraging organisations from opening new premises;
• VAT constraining sales growth; or
• Another tax issue?

Complete our survey to share what you believe is the biggest impact of the tax burden on growth and help inform policymakers of the realities of doing business in the UK.