More than three quarters of businesses (77%) expect to pay the same or higher taxes after the next general election, while just under a quarter (23%) expect business taxes to reduce, found a BDO survey of 500 mid-market businesses.

The mood has shifted quickly, after a similar BDO survey in July suggested that a majority of businesses (61%) thought that the UK’s business tax environment would improve after a general election.

This change in sentiment may reflect a growing appreciation of the state of the public finances, the outlook for interest rates and the prospects for political change.