Commercial property specialists at Bruton Knowles’ Bristol office have come up with a three-point wish list for Chancellor Phillip Hammond as he crunches the numbers ready for his Autumn Budget.
Setting out revised plans for the economy based on the latest figures from the Office of Budget Responsibility, the Chancellor will aim to steady the ship in the face of increased uncertainty over Brexit.
Paul Matthews, head of the firm’s Great George Street Office, said Bristol’s creaking transport network would be top of his wish list.
“Fast-tracking investment in transport infrastructure at a local and regional level is essential to stimulate development, both commercial and residential.
“Bristol has high hopes for the major investment in the city centre and improvements being made to motorways and trunk roads on the southern and eastern routes into the city.
“Bristol is booming as a regional, technical and employment hub but it is important to ensure we have the proper range of infrastructure in place to support the opportunities offered.”
Paul Matthews said it was also vital to maintain and increase grants for start-ups
“Bristol and the wider South West is a hot bed for independent entrepreneurial businesses which have really put the city back on the map. We need more businesses like this in Bristol, and supporting start-ups with investment programmes is necessary to maintain this growth.”
Paul Matthews went on: “We also need to stabilise business rates to encourage investment.
“Retail Price Inflation (RPI) is currently at 3.9pc and this could rise further next year if business rates aren’t frozen. When coupled with Brexit uncertainty which has slowed decision making, this begs the question is now the time for the Chancellor to intervene on business rates to encourage investment?
“Since we’ve already had key changes in property taxation this year we’re not expecting any major announcements in the Autumn Statement to affect the property market. Despite this, confidence in Bristol’s economy remains strong and we are pleased to confirm businesses are continuing to invest in the region.”
