Commercial property news
Bromwich Hardy
Midlands commercial property specialists - nine time winners of EG Most Active Agent and Dealmaker of the Year
Market matters with Tom Bromwich
The details of the Chancellor’s Autumn Statement?will have come as little surprise to anyone and it’s clear that the economy is in for a tough time over the next 18 months or so.?
Of course, some of this is outside the Government’s control. The dreadful events in Ukraine, global climate crisis and financial fallout from the pandemic are issues which every Government around the globe faces.?
But there remains action which Rishi Sunak could take now which would have a positive effect over the coming months.?
A thorough review of business rates, rather than the piecemeal approach successive governments have taken, would give the commercial sector a firm foundation from which to plan.?
We welcome the announcement that the multiplier is to be frozen for another year and that some two-thirds of businesses will see no increase in their rates next year. But everyone knows that the current system is outdated, and until it is properly reformed will continue to act as a deterrent to investment.?
We’d also hoped to see some movement on planning. This is another area where unnecessary bureaucracy and an outdated system are holding back supply. The West Midlands in particular is crying out for new building stock and until the system is reformed to make is quicker and easier to bring to market, growth will be stifled.?
It is to be hoped Mr Sunak will address these matters – and more - in the months to come. In the meantime, we can only hope that the Autumn Statement at least brings a degree of stability to what has been a turbulent time.?