British Property Federation response to the Spring Statement
Melanie Leech CBE, Chief Executive of the British Property Federation, today responded to the Chancellor’s Spring Statement.
On VAT relief for energy-efficient materials:
“We welcome the move to cut VAT for the installation of energy efficient materials such as solar panels, but we would urge the Chancellor to consider more radical action. The energy crisis has placed households across the country under severe pressure and has brought into sharp focus the need for homes that are more efficient and resilient. Cutting VAT on all home improvements would have a more meaningful impact, incentivising home owners to modernise their homes and make them more energy efficient. We all need to fully commit to the decarbonisation of the built environment if the UK is to achieve its net-zero ambitions."
On business rates relief:
“The BPF has campaigned hard for business rates relief for energy efficient plant and machinery, and we are pleased to see the Chancellor bring forward this relief encouraging early investment into making commercial buildings greener.
“The business rates relief for small businesses is welcome, but once again an opportunity has been missed for more decisive action. The move to annual revaluations and an end to transitional phasing would deliver a really meaningful saving to thousands of businesses, but instead Government chooses to tinker around the edges. High streets and town centres are the heart of communities and support diverse employment and must be protected for future generations."
On levelling up funding:
“Following the publication of the white paper in February it is important Government maintains momentum on ‘levelling up’. Alongside the announcement of the next wave of public sector funding, the Chancellor could have done much more to reinforce the importance of attracting the private capital that will enable long-term, sustainable regeneration including through our proposal for Town Centre Investment Zones.”