Bureaucracy and tax top business concerns

Companies across the UK are most worried about the impact of red tape and the impact of taxation, a survey has found.

A report by the Telegraph has found that, rather than the price of oil, a survey by the Institute of Directors (IoD) has found that tax and bureaucracy are the two topics that more than 80 per cent of executives would like to discuss with the prime minister.

The findings of the study are based upon the responses of 1,750 of the organisation's members, which currently number around 53,000.

Miles Templeman, director general of the IoD, said: "The future prosperity of Britain depends on liberating business from the yoke of excessive taxation and regulation."

It was also noted by the survey that although approximately 63 per cent of respondents believe the UK to be a less attractive location for conducting business than previously, 82 per cent consider the country to be a sufficiently positive place for business activities.