[Re: Kwasi Kwarteng’s mini-budget, September 23]
Retailers and the hospitality sector will be wondering whether the chancellor’s creation of more than 40 new “investment zones” in England does anything more than scratch the surface to revitalise the high street.
The “factsheet” issued by the government confirms the zones will apparently be allowed to relax planning rules and reduce business taxes for new build or refurbished properties to encourage investment. In respect of “business taxes” the devil will inevitably be in the detail but the bulk of the retail and hospitality sector may be looking at the chancellor’s “investment zones” and thinking the proposition remains thin.
The energy cost protection will be undoubtedly welcome. But it remains uncertain what sectors will be specifically targeted in January for support. The reduction of “business taxes” in specific investment zones does not address the problem of what many perceive to be the punitive nature of the system for existing properties all across the UK.
Partner at Eversheds Sutherland