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Regional insights

The view from the West Midlands mid-market

Every two months, we ask business leaders across the country to share their expectations and priorities for the future. We want to track how sentiment is changing in the market and get insight on timely issues: from tax to ESG.

Read the latest views from business leaders in the West Midlands.

What’s changed since August 2021?

  • Business revenue optimism reduces by only 5%, compared to 12% nationally
  • Profit expectations fall by 12%
  • 43% cite the increased tax burden as the top threat to their business growth, compared to 31% nationally

120x120-david-hillian.pngDave Hillan, Partner and Practice Leader, Grant Thornton UK LLP in the Midlands, said:

“When it comes to tax rises, the level of concern among businesses in the West Midlands is striking. With mid-market firms already facing a perfect storm of challenges, not least the current high profile disruption to supply chains and rising energy prices, it is clear business confidence is fragile.

There is also the potential for things to get worse for businesses before they get better. Many businesses may not be aware that they are currently benefitting from a range of phased Brexit implementations measures, including grace periods around rules of origin. With this set to change from 2022, when further border measures come into force, businesses need to ensure that they are prepared and ready, to avoid a shock and even further disruption.”

Mid-market business leaders profit predictions for the next 6 months

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