British Property Federation comments on the Autumn Budget 2024

Melanie Leech, Chief executive of the British Property Federation (BPF), comments on the Autumn Budget 2024.

“With no concessions on the overall business rates burden, today’s announcements on this are just robbing Peter to pay Paul.

“However, the Chancellor has at least recognised the business rates system is broken and has signposted the direction towards a reformed system.

“In the meantime, recognition of the unsustainable burden on retail, leisure and hospitality sectors and measures to continue to support them are welcome, but alongside the employer tax increases announced don’t go far enough to provide our high streets with the protection they need today.

“Measures to support the delivery of more homes are welcome but the Chancellor knows that much more is needed if the Government is to deliver on its 1.5 million homes pledge.

“The promised housing strategy needs to be much bolder and go much further.

“This includes unlocking the billions of pounds of investment into the build-to-rent sector, so it is particularly disappointing that Rachel Reeves did not take the opportunity to reverse the previous Government’s decision to abolish multiple dwellings relief announced in Spring.”

Kindly shared by The British Property Federation (BPF)