Budget must deliver on pro-growth agenda, says BCSC
Published: 18 March, 2011
The BCSC has called for Government action as shopping centre development pipeline hits 18-year low.
The BCSC has outlined a number of key recommendations, supported by a research paper it published yesterday in partnership with Lunson Mitchenall.
The recommendations include the introduction of the Local Tax Re-investment Programme (LTRIP) form of Tax Increment Financing (TIF), a review the implications of its policy on taxing empty property, and measures to ensure local authorities work together with their development partners to aid the processing of planning applications and delivery of development opportunities.
Specifically, BCSC would like reassurance from Government that its new National Planning Policy Framework will genuinely support well-planned, sustainable development.
Akers said: “The coalition Government has been talking a good game on pro-growth, however, more needs to be done to help the private sector deliver much-needed physical, social and economic regeneration in towns and cities across the country.
“Parts of the retail and leisure sectors are continuing to grow, and these expanding businesses will be key drivers of employment over the coming years, yet the level of development required to meet their needs is unlikely to return without Government intervention. That is why we are calling for further simplification of the planning system and the promotion of development finance mechanisms such as LTRIP.
“The issue of taxing empty property is still very relevant in today’s market, even more so given the Government’s retrograde changes announced at the end of last year. We are also seeing significant regional inequalities being entrenched as a result of the Government’s refusal to budge on this ineffective policy, in spite of unanimous industry support for its dissolution.”
A copy of the BCSC/Lunson Mitchenall Shopping Centre Development Pipeline research is available from Davinder Jhamat at BCSC, email: davinder.jhamat@bcsc.org.uk
