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How Will the Upcoming General Election Effect Commercial Real Estate?

5 Jul 2024

Its election time!  The commercial real estate sector already faces many challenges, such as the Energy Efficiency Regulations, seemingly endless rising costs, and continued threats from online retail.  With the prospect of change around the corner, we look at the Royal Institution of Chartered Surveyors (RICS) response to the political parties’ manifestos on all things commercial property….

Business Rates, Small Business and the High Street

Everyone agrees that business growth is good for everyone.  One major issue is Business Rates – created with the aim of funding local services and promoting community development these taxes are essential, but they are criticised for their high costs, disproportionate burden on small business, often incorrectly calculated figures, and negative impacts on the high street, investment and property values. Primarily, the business rates system is no longer doing what it was intended to do and is, arguably, blighting towns.  The Government has been aware of this issue for years… but reform is yet to be introduced.

Conservative Party’s Approach

The conservative manifesto aims to stimulate development and streamline processes.

Labour Party’s Approach

Labour intends to make the business environment more equitable, sustainable, and conducive to investment and development:

Liberal Democrats’ Proposal

The Lib Dems want to focus on creating a more business-friendly environment and promote sustainable urban development.

RICS Response and Recommendations

RICS acknowledges the shared objective among political parties to reform business rates to reduce burdens on businesses and stimulate economic growth. However, the scale and approach of these reforms vary. RICS advocates for:

About SMC Brownill Vickers

SMC Brownill Vickers are the region’s largest independent multi-faceted firm of Chartered Surveyors and Commercial Property Agents, currently celebrating their 140th year in business and are proud of their Sheffield roots.  If you are looking for expert commercial property advice, or are seeking commercial premises, then get in touch with our team.

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