The billions of pounds spent by the government on staging the 2012 Olympics would have been better invested elsewhere, according to a panel of property professionals.
Close to 50% of the 140 people who took part in the Estates Gazette/Colliers International Big Question, said the government should have given more priority to investment in the built environment over the past few years. Just 1.5% of respondents said the Olympics deserved government funding.
Members of the panel – which includes occupiers, advisers, investors and developers – said the money could have been put to better use in improving public sector efficiency, investing in green technology, improving transport infrastructure, or reducing taxes.
Bailing out the banks was regarded as worthwhile, however, with 37% of the Big Question panel believing the government was right to do this.
Panel members also hit out at the government’s use of empty business rates.
Rick Parisi, of self-storage provider Armourstore Paragon Group, said: “Empty business rates is a totally unreasonable and unfair charge which is dissuading investment and not helping the plight of the high street. How can it be right that the government earn more from an empty shop than from one occupied by a local trader who can claim small business rate relief?”
Join the Big Question panel >>
damian.wild@estatesgazette.com
