The 50% business rate cut for retail, leisure and hospitality firms will bring relief to high streets and their small, independent shops, according to property consultants Cushman & Wakefield’s South West managing partner Tim Davis.
“It will have a real impact on businesses that are still recovering from the economic turmoil caused by the pandemic. It supports the mission to revitalise our highstreets and regenerate towns and cities,” said Mr Davis, pictured. 
He also welcomed the £540m for investment in infrastructure across the West of England, describing it as a big boost towards improving local transport in terms of new segregated bus lanes, cycling and walking routes.
“In fact, it’s more money per head than any other city region,” he added. “The funding will allow more people to use sustainable modes of transport, ease local traffic concerns and help the region meet our collective net zero targets for 2030.”
The £2bn extra funding announced by the Chancellor to encourage new housing development on brownfield land was promising as such schemes were typically more complicated to bring forward and involved longer lead times, he said.
“It is questionable whether the focus on brownfield alone will help meet the ambitious annual target of 300,000 new homes per annum. In the end the private sector will not look to oversupply the market,” he said.
He also welcomed the investment in ‘pocket parks’ in urban areas as a step in the right direction towards much-needed place-making for the area’ s towns and city centres if they are to become sustainable places to live and work, and locations that attract top talent.
