Senior Specialists from Colliers International’s Bristol office made the following comments regarding the Chancellor’s Autumn Statement:
Colliers International Head of Office Tim Davies, said:
“There was much focus on a ‘Northern Powerhouse’ in the Budget Statement, but the National Infrastructure Plan shows investment spread across the whole of England. This investment alone will not be sufficient to re-balance the regional economies.
“The Chancellor’s Autumn Statement revealed a significant overhaul of Stamp Duty. This will be welcomed by housebuilders and will encourage housebuilding, however, the key question arises, with an existing and significant under provision of new homes, there is now a greater responsibility for Local Authorities to meet their housing needs in full.”
Colliers International Business rate specialist Ben Batchelor-Wylam said:
“The announcement on business rates amounts to merely a tinkering around the edges of the problem, when a revaluation in 2016 could have been delivered.
“A reform of the business rates system is all well and good but this just kicks the problem into the long grass – the measures announced add to the confusion and bureaucracy that exist today.
“Retailers in New Bond Street may be raising a toast to the Chancellor – however, most retailers won’t be.”
Colliers International Retail specialist Nick Turk said:
“Retailers will have not been expecting any real help on the business rates burden. Nevertheless, the announcement of a vague review of the rates system will be a depressing continuation of the on-going and ever increasing pain that many retailers are experiencing, particularly in the areas that are least able to cope – the North, The Midlands and the South West.
Colliers International Senior Sustainability Advisor David Eynon said:
“De-carbonisation of the UK economy didn’t make it onto the Chancellor’s agenda for this year’s Autumn Statement and to many in the energy and sustainability sectors it was conspicuous by its absence, even as pre-Statement hopes for significant announcements were limited.
“Increased investment in flood defences confirmed prior to the Statement, to improve the resilience of the UK’s building stock to extreme weather events, are welcome.
“ The freeze on fuel duty will also assist in reducing the burden of whole energy costs; but the announcement of further incentives or commitment to improve the energy efficiency of built assets, both domestic and commercial, would have worked towards helping individuals and businesses to reduce their exposure to the long term trend of rising energy prices.
“Now that the Statement has fired the starting pistol on the General Election campaigning, it will be interesting to see over the next 6 months how significant a role the sustainability agenda will play in the major political parties’ manifestos.”
Finally Walter Boettcher, Chief Economist at Colliers International said:
“The Autumn Statement 2014 will be remembered for the return of Stamp Duties and a commitment to regional economic rebalancing, devolution of business rates to Wales and the abolition of the death tax, all of which have substantial impacts on property.”
