Keith Hardman, Head of DTZ’s Leeds office on the impact of the Budget on Yorkshire and the North of England:
“There have been number of welcome initiatives and further investment in support of the Northern Powerhouse announced in the Chancellor’s Budget, including the interim report of Transport for the North, building on the HS3 concept to develop a network of high quality rail connections across the north, the electrification of the Hull to Selby line and extending Enterprise Zones in Humber, Manchester, Mersey Waters, Tees Valley; amending the Leeds Zone; and developing a Zone in Blackpool
“Several of these are business rates based, most notably the powers extended to Greater Manchester and Cheshire East to retain 100% of additional business rates growth and the extension of the EZs. The announcement earlier this week however, to comprehensively review the non-domestic rates system with proposals to be tabled in April 2016, will make a meaningful assessment of the benefits very difficult. The uncertainty could lead to some local authority and LEP investment decisions being deferred.”
