Responding to the Budget, Jeremy Richards, head of JLL’s office in Bristol, said:
“The headline act for the West of England in today’s budget was the announcement of a new West of England mayoral authority which will lever £900m of investment. As ever with these things, the devil is in the detail but broadly any move which encourages greater joined up thinking among the local authorities is a positive step for our region.
“The investment of £14.5million in extending broadband coverage in the South West will be welcomed by businesses, and is particularly good news for Bristol & Bath’s thriving digital technology sector. The Government has said that it wants our region to be a world leader in 5G and this will be crucial in attracting international companies to the South West.
“The Government has made an encouraging first step towards exploring the possibility of a new junction, 18a, on the M4 that would link with the Avon Ring Road, near the Bristol & Bath Science Park. But past experience shows that, even if this study finds there is a need for a new junction, it will be a long time before it comes to fruition.
“We welcome the commercial stamp duty changes but would have liked to have seen the Chancellor take the reforms a step further. In reality, the vast majority of smaller properties affected by the stamp duty change are leasehold, rather than freehold, so the material impact of this change may be minimal.
“The increase of the small business rate relief threshold will be met with delight by businesses and especially in the smaller, more rural areas, which have a greater concentration of small businesses. The continued shift towards the devolution of business rates revenue to Local Authorities could be something of a poisoned chalice. While it’s good that the local authorities will have control over this revenue, the reduction in business rates could result in councils facing a funding shortfall for public services.”
