Government financial policies will have a major impact on business growth in London over the next five years warns a survey carried out by London First, on behalf of Avanta Managed Offices.
The survey of more than 500 office space clients at Avanta business centres across central and greater London, asked questions on topics ranging from taxation, transport and immigration to determine the greatest challenges to Londons ongoing success over the next five years.
Whilst the mood of respondents was fairly positive in relation to their own business expectations, 44% singled out government spending cuts as well as high levels of taxation as being the biggest challenges facing businesses located in the capital. The second biggest challenge facing Londoners during the next five years is transport (25%), with the fiscal and ongoing costs of rising employment (18%) and the on-going costs of employment (12%) being singled out.
In addition, 15% singled out the availability of qualified or experienced staff as being an ongoing issue facing London-based businesses, whilst tighter immigration controls (11%) were also highlighted as an issue.
The survey also probed issues that are seen to be important to the success of the respondents own business and not surprisingly, some 27% cited planning policies which support business growth and development as being the main issue. However, whilst 21% said that effective employment laws were important, another 21% said that they want to see health & safety regulations that are not overly restrictive.
Ă˘â‚¬Ĺ›The respondents taking part in this survey are not only a typical cross section of the types, and sizes, of businesses located in Avanta business centres, but also a typical cross section of businesses residing in the Capital,Ă˘â‚¬ĹĄ comments Geraint Evans, Avantas Sales and Marketing Director. Ă˘â‚¬Ĺ›So, whilst they are cautiously optimistic about their own future it is clear from the responses that ongoing Government financial, transportation and immigration policies are perceived as being the biggest challenge facing London-based businesses during the next five years.Ă˘â‚¬ĹĄ
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