(Bloomberg) — One in seven UK business leaders would consider moving their company operations abroad if Chancellor of the Exchequer Rachel Reeves raises their tax burden at the budget later this month, according to a survey by pollster Savanta.

Business leaders are more likely to be pessimistic than optimistic about the new Labour administration’s impact on the economy, according to the survey published on Monday, which was based on interviews with 1,000 corporate decision-makers. The poll found 46% were pessimistic, compared to 37% who were optimistic.

The survey is the just the latest data point to underscore the challenge facing Reeves at her budget on Oct. 30, where she’s committed to plug a hole in Britain’s public finances while also trying to encourage growth and investment. Expectations that she will hike taxes on capital gains, wealth and property have coincided with a hit to consumer confidence and warnings from the ultra-rich that they will leave Britain.

“There is clearly a real concern among UK business leaders about the autumn budget and what it will mean for them and their companies,” said Chris Hopkins, political research director at Savanta. “The only good news for the chancellor is that the business community are at least expecting to be hit hard in October, so it is unlikely to come as a surprise to them.”

–With assistance from Alex Wickham.

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