LISTEN: CBRE UK head of research, Miles Gibson, and Colliers senior property economist, Oliver Kolodseike, share their views on Philip Hammond’s Budget speech.
See also: Dear chancellor: five property demands for the Budget
See also: UK connectivity: Whose line is it anyway?
From business rates cuts, to infrastructure spending and potentially “radical” new planning legislation, what were the most significant announcements in Hammond’s speech for property? Gibson and Kolodseike argue that this was a spending-focused Budget as the chancellor treads carefully to avoid sharp tax rises ahead of the UK leaving the EU next year.
But while the ‘Amazon tax’ has been well trailed as a possible equaliser for online retailers versus physical stores, how much difference will it actually make? And although business rates cuts for SMEs will be received well, there was little on offer to ease the woes faced by larger, beleaguered stores such as House of Fraser and Debenhams.
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