TfL has pledged today to make London the world’s ‘most walkable city’ and will programme 18 pedestrian crossings to show green walking signal until traffic approaches.
City A.M.
“Many over 65s move with substantial housing equity in their pockets, which will generate spend and offer a welcome boost to footfall for local shops.”
And with demand for office space falling, there is no shortage of need for new homes, Audley Group CEO, Nick Sanderson, told
City A.M., as “city centre living will transform the high streets of our towns and cities as the country rebuilds from the pandemic.”
“The view that city centre living is the preserve of the young is outdated and many older people too want bars, restaurants, cafes, museums and galleries moments from their doorstep.
By Steve Farrell2021-05-14T08:50:00+01:00
Source: Unsplash
Business rates are so ‘far removed from the commercial reality’ that ‘in historical terms, this is going to look like a window and chimney tax,’ said Colliers’ David Fox
Plummeting rents mean business rates are now the biggest property expense faced by many shopkeepers, according to British Land.
Business rates are currently based on the open market rental value of property in 2015. For large businesses, the tax is set at 51.2p on every £1 of rent payable at that time, and for small businesses 49.9p. However, because retail rents have fallen so much during the pandemic, instead of being about 50% on top of the rent bill, the tax can now be over 100%.
In the Budget on 3 March, chancellor Rishi Sunak announced the current 100% business rates holiday for the retail and hospitality sector will be extended to the end of June, and will then be discounted for the remaining nine months of the financial year by two thirds, up to a value of £2m for closed businesses.
It means that many medium and large-sized retailers, which typically pay well above £2m in business rates, will be slapped with hefty bills.
Several fashion retailers did not realise the £2m cap was being placed on businesses as a whole, instead of per premises.
“Implementing the cap per business rather than per property feels unfair, and retailers are likely to suffer the most from this,” the managing director of one fashion multiple said. “Rates are an overinflated cost that is payable regardless of how well they are doing.