Search

RICS calls for business rates cut in budget

PUBLISHED: 06:00 25 October 2018 | UPDATED: 06:50 25 October 2018

General view of an empty shop on the high street in Newmarket, Suffolk, as the UK has avoided an unprecedented triple-dip recession after the economy grew by a better-than-expected 0.3% at the start of the year, official figures revealed today. PRESS ASSOCIATION Photo. Picture date: Thursday April 25, 2013. See PA story ECONOMY GDP. Photo credit should read: Chris Radburn/PA Wire

General view of an empty shop on the high street in Newmarket, Suffolk, as the UK has avoided an unprecedented triple-dip recession after the economy grew by a better-than-expected 0.3% at the start of the year, official figures revealed today. PRESS ASSOCIATION Photo. Picture date: Thursday April 25, 2013. See PA story ECONOMY GDP. Photo credit should read: Chris Radburn/PA Wire

Archant

The ongoing uncertainty surrounding the Brexit negotiations is taking its toll on the UK commercial property market, say surveyors.

And with the budget just around the corner, the Royal Institution of Chartered Surveyors (RICS) is calling for a government review of business rates.

In its quarterly survey RICS found that occupier demand fell slightly, with a net balance falling to 9% (from -8% in Q2).

Demand from businesses looking to take up retail space fell for the sixth successive quarter and demand for office space saw a marginal decline in interest.

Once again, industrial was the only sector to see growth, with increasing demand extending a run of uninterrupted growth going back to 2012.

Hew Edgar, head of policy at RICS, said: “Brexit uncertainty and competition from online retailers means small independent businesses are finding it harder to stay afloat.”

Hew Edgar, head of policy at RICS, said: “The combination of Brexit uncertainty and competition from online retailers means small independent businesses, in particular, are finding it harder to stay afloat. We are calling on the government to review business rates, with the aim of improving the whole system and provide a shot in the arm for our ailing high streets.”


If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Eastern Daily Press