In response to the Chancellor’s autumn statement this afternoon, Jeremy Richards head of Jones Lang LaSalle’s Bristol office said:
“Today’s autumn statement offers some much needed warmth and comfort for Bristol businesses still braced against the chilled winds of recession. Measures such as cutting corporation tax, increasing investment allowances and cancelling the fuel duty rise are very welcome.
New infrastructure investment in roads, transports and schools also offers significant relief, along with investment for 9000 much-needed new homes in the South West.
And in science and technology, a high growth area for Bristol, the £28 million funding for the National Composites Centre, alongside wider support for scientific research infrastructure will further boost the region’s credentials as a world leader in science and research-led industry.
It’s encouraging to hear the government intends to follow Lord Heseltine’s recent recommendations by further devolving regional economic growth spending. However the devil will be in the detail and we are facing a further wait until the 2013 spending review to see exactly how this will work. The key will be in ensuring funds are allocated quickly and efficiently where they can have greatest impact, and not tied up in numerous local organisations and lengthy processes.
Finally for the property industry in particular, the decision to exempt new buildings from empty property rates is good news, helping to reduce risk from developers tentative about speculative projects. For the rest of the industry though, empty stock remains a significant burden when rates kick in after 18 months, which the government has chosen to ignore.”
