CHARTERED SURVEYOR APPROVED The measures announced in the Chancellor of the Exchequer’s Autumn Statement of 22 November were realistic in the current economic circumstances and, more obviously, the political climate as we end 2023 and face a General Election, in all likelihood, in 2024.
However, there was very little to assist the commercial property market directly, according to Julian Welch, Director of our Peterborough office.
The extension of the small business rates relief discount of 75 per cent for retail, hospitality & leisure sector operators for another year is welcome, as is the freezing of the small business multiplier for the same period.
However, along with many commercial property agents, Julian Welch would have liked to have seen more action taken to tax online retailers more heavily in order to level up the playing field for high street operators.
The proposed reform of the planning system – particularly in the matter of large scale commercial and infrastructure development – sounds attractive, but only if it delivers schemes.
It is difficult to see how a money-back guarantee, alone, will speed-up the planning process when the whole system is under such strain through the lack of planners at local authority level.
Faced with a refund of the increased fees if a local authority cannot fulfil its planning commitment to an applicant to an agreed or a timely decision from planners in the first instance, most developers would favour the latter.
Making permanent the expensing scheme, whereby a quarter of the purchase costs of equipment & machinery can be offset as a relief against tax, will be well received.
But we would welcome the extension of this scheme to cover the costs of premises and building improvements too.
In conclusion, Julian Welch said, “Inflation is still affecting the economy so it is difficult to see how, potentially, putting more money in play through National Insurance cuts and living wage increases will do anything to alleviate that situation.
“And the downgrade of the growth forecast is bad news too.
“But the Chancellor of the Exchequer has delivered a headline-grabbing Autumn Statement and that is entirely understandable.”
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