BCSC calls on Government to address future retail development in Pre-Budget Report
Published: 01 December, 2009
The credit crunch has resulted in what could be a lag of around four years in sufficient levels of new retail development, according to new BCSC research.
Based on the research, carried out in partnership with Lunson Mitchenall, industry body BCSC has set out key recommendations to be addressed in next week’s Pre-Budget Report. The research paper highlights the importance of maintaining an active retail development pipeline to encourage investment in town centres, as well as creating a new source of floor space for retailer expansion.
In his letter to HM Treasury, president of BCSC Jeremy Collins set out the industry’s priorities. These included the rollout of a UK variation of Tax Increment Financing (TIF); a review of its ineffective policy on empty rates; and support measures to ensure local authorities work with developers to aid the panning process for the benefit of local communities.
Edward Cooke, executive director at BCSC, said: “Next week’s Pre-Budget Report is a timely opportunity for the Government to show it is serious about facilitating town centre regeneration.
“We strongly support the introduction of TIF in the UK for several reasons, including its more efficient approach to infrastructure financing than the current public sector approach and its very significant capital raising potential.
"Once the pipeline recovers there must be an effective working relationship between local authorities and developers to ensure inefficiencies in the planning system do not stifle the progress of economic recovery.”
