Reaction to the Autumn Statement

Fergus Laird, Investment Partner at commercial property consultancy Naylors Gavin Black and President of the Commercial Property Network, said: “While there is still much more that could be done to reform business rates in a way that encourages investment and supports businesses hard pressed by rising operation costs the Chancellor’s announcement overall is to be welcomed.

“The package on offer, we understand, means generally the total increase in rates bills will be less than 1%, rather than the predicted 20% rise should the Chancellor not have intervened, and this extra cost would have landed on the shoulders of property owners, investors and businesses at a time when rising costs elsewhere are already squeezing margins.

“In fact, most commercial properties won’t see any increase in their business rates, which is especially good news for the high street, which has struggled with falling footfall and high costs for a number of years.”

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