The property industry has put together a wish list ahead of the chancellor’s Autumn Statement, including calls to back down on plans to hike business rates by the highest level in 20 years.
Property groups have submitted demands to George Osborne ahead of Tuesday’s growth review statement, which has replaced the pre-Budget report.
The British Council for Shopping Centres said the government’s plans to set a uniformed business rate from April 2012, using September’s historically high retail price index as a guide, could seriously harm retailers.
The BCSC fears a 5.6% rise in business rates will cost retailers around £350m and push struggling ones out of business.
The British Property Federation meanwhile has set out a five-point plan calling for more immediate introduction of tax increment financing and the removal of empty property rates.
The BPF also calls for further changes to REIT reform which would widen the investor base as well as providing tax relief on capital expenditure and simplifying climate change policy.
Liz Peace, chief executive of the British Property Federation, said: “With little money in government coffers the Autumn Statement must look at ways it can deregulate to promote growth and job creation, and while the property industry already plays a vital role in the UK economy, its contribution could be even greater with just a few minor policy changes.”
Nick.whitten@estatesgazette.com
