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The 2014 budget has unfortunately not made much change to business rates this year round, although names such as Paul Easton who is head of rating at ES Group and commented that he is not disappointed that the chancellor had not mentioned the business rates profession today as they had not expected any significant in the 2014 budget anyway.
However, there was one significant announcement which was in regards to a three year extension to business rate incentives until 2018 for Enterprise Zones in the UK.
There are mixed reviews on the outcome of the budget announcement, for example the regional director of rating specialist CVS, David Ford’s opinion is that the chancellor had made the right move in avoiding short term fixes and therefore standing by their commitment to review the business rates structure in 2017.
Christina Weguelin, one of the acquisition agents here at Morgan Pryce also commented that “Even though it feels like companies could do with assistance with their business rates, especially in this economy where some areas such as Mayfair have business rates that are creeping up to the value of the rent. It can be said that however, good policy making suggests that changes should be implemented once an all-inclusive view can be taken of the system. So in this case, it would be the end of the rating list in 2017”
When 2017 does come, there will need to be a lot taken into consideration, such as the current limited period of rate relief that is attained on empty properties, there is a lot of talk requesting there be an extension to this. Small to medium businesses in London require as much help as possible in a recovering economy.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.