Initial reaction - Spring Budget 2023

Melanie Leech, Chief Executive, British Property Federation, said, “The Chancellor is right to have used today’s Budget to remove obstacles that prevent businesses investing and to set out a plan to deliver on growth. The announcement of ‘trailblazer’ deals with Greater Manchester and the West Midlands is welcome, both regions understand the critical importance of real estate to delivering better outcomes for communities and we look forward to working with them to unlock new opportunities for investment.

"Taken together with the Chancellor’s announcement for 12 new ‘Canary Wharf’ inspired investment zones and further levelling-up funding, towns and cities across the country will move towards a more strategic and targeted framework of interventions.

"The Government is right to forge ahead with investment zones and give local leaders the tools they need to drive growth and reinvigorate places across the country. They must make sure that the clarity of vision in today’s announcement - to deliver transformation at scale - is not lost in the detail and that the projects are able to proceed at pace. The built environment is at the heart of that vision and our sector stands ready to play its part.

“The changes to capital allowances are much needed as a counter-balance to the increase in corporation tax and the ending of the super-deduction. By providing full tax relief in one year, called for the by the British Property Federation, it will better support businesses and encourage long-term investment into carbon reduction and energy efficiency measures.”