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News Release

London

JLL calls for announcements on business rates, housing and infrastructure in Autumn Statement 2014

JLL has put together its business ‘wish list’.


​London, 1st December 2014- Commenting ahead of the Chancellor’s Autumn Statement on Wednesday, JLL has put together its business ‘wish list’.

 

Business rates

Guy Grainger, UK CEO at JLL said: “There is an immense amount of pressure from organisations such as the British Property Federation and the British Retail Consortium on the Chancellor to use his final Autumn Statement to announce a shakeup of the current business rates system. This is the biggest issue facing retailers and our own research has shown that 40 per cent of UK retail locations are losing out on the back of the deferred rating revaluation; areas such as the North West, the Midlands and East England that were hardest hit by the recession. We need to bring forward valuations and ensure future valuations are undertaken on a more frequent basis as structural change is playing out and the retail landscape is changing before us. A fundamental overhaul of the rates system is needed.” 

 

Infrastructure projects

Jon Neale, Head of UK Research at JLL added: “The UK’s infrastructure is still a major weakness when it comes to attracting international investment and we know that the statement will have a strong focus on improving road and rail networks. The Government also needs to help support the flow of funding to developers so new workplaces and office space can be built, allowing UK plc to offer the workspace and connectivity needed to facilitate business growth.

“In terms of the overall economic picture, wage growth and productivity are still low. This, combined with jitters about the health of the global economy will mean that the interest rate rise guessing game may continue long into 2015.”

 

Housing

Adam Challis, Head of residential research at JLL said: "It is disappointing that Government has not acted decisively to solve Britain's housing crisis. Grant funding for affordable housing was dropped by 60% in 2010, but this has immediately lumped costs onto welfare spending instead.

"Identifying long-term housing supply solution not only provides badly needed new homes delivery capacity but also supports jobs growth. A lack of housing affordability is a drag on social mobility and puts increased pressure on the working poor. Without targeted housing solutions for the squeezed middle, the UK's economic recovery is being placed at unnecessary risk.

"We wholeheartedly agree with Government investment plans that attempt redistribute wealth creation to the rest of the UK outside of the South East. The regional cities need to be strong enough not to compete with London, but with the rest of Europe and the World. Government investment can be the catalyst to strong, independent UK regional growth."