Search

Norwich Weather

Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 2°C

RICS calls for business rates cut in budget

PUBLISHED: 06:00 25 October 2018 | UPDATED: 06:50 25 October 2018

General view of an empty shop on the high street in Newmarket, Suffolk, as the UK has avoided an unprecedented triple-dip recession after the economy grew by a better-than-expected 0.3% at the start of the year, official figures revealed today. PRESS ASSOCIATION Photo. Picture date: Thursday April 25, 2013. See PA story ECONOMY GDP. Photo credit should read: Chris Radburn/PA Wire

General view of an empty shop on the high street in Newmarket, Suffolk, as the UK has avoided an unprecedented triple-dip recession after the economy grew by a better-than-expected 0.3% at the start of the year, official figures revealed today. PRESS ASSOCIATION Photo. Picture date: Thursday April 25, 2013. See PA story ECONOMY GDP. Photo credit should read: Chris Radburn/PA Wire

Archant

The ongoing uncertainty surrounding the Brexit negotiations is taking its toll on the UK commercial property market, say surveyors.

And with the budget just around the corner, the Royal Institution of Chartered Surveyors (RICS) is calling for a government review of business rates.

In its quarterly survey RICS found that occupier demand fell slightly, with a net balance falling to 9% (from -8% in Q2).

Demand from businesses looking to take up retail space fell for the sixth successive quarter and demand for office space saw a marginal decline in interest.

Once again, industrial was the only sector to see growth, with increasing demand extending a run of uninterrupted growth going back to 2012.

Hew Edgar, head of policy at RICS, said: “Brexit uncertainty and competition from online retailers means small independent businesses are finding it harder to stay afloat.”

Hew Edgar, head of policy at RICS, said: “The combination of Brexit uncertainty and competition from online retailers means small independent businesses, in particular, are finding it harder to stay afloat. We are calling on the government to review business rates, with the aim of improving the whole system and provide a shot in the arm for our ailing high streets.”

Search hundreds of local jobs at Jobs24

Hot Jobs

Show Job Lists

Most Read

Management Jobs

Show Job Lists

Digital Edition

cover

Enjoy the Evening News
digital edition

Subscribe

Newsletter Sign Up

Norwich Evening News daily newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy