Revo welcomes CPI indexation, calls for further reform as part of digital review

Revo welcomes CPI indexation, calls for further reform as part of digital review

22 November 2017

We have responded to the Budget today by welcoming the Chancellor’s announcement to move business rates indexation to CPI in April 2018 and commit to 3-yearly revaluations.

Towns and cities are at the heart of everything we do, from business right through to community. The UK will only flourish if we protect, invest and nurture our urban landscape and meeting the challenges and opportunities posed by the digital economy.

Revo will continue to press the case for our industry just as the acute challenges created by European withdrawal, a challenging retail market, and online competition coalesce into a perfect storm.

 

On business rates, Ed Cooke, Chief Executive of Revo, said:

“Despite a lower than anticipated increase in business rates, something we have been campaigning for, being a positive move, and an early move to CPI being welcome, the system is still not fit for purpose for modern retail.

We encourage the Chancellor to look at the business rates system in its entirety as part of the review of digital economy taxation to ensure we protect our high streets and the built environment, thereby delivering on the promises in the Conservative manifesto.”

 

On Housing and Infrastructure:

“We strongly believe investing in retail-led placemaking should be a priority for Government and welcome significant investment in housing, a new Transforming Cities Fund, digital infrastructure such as 5G and broadband, and the National Productivity Investment Fund.

Housing and connectivity are essential ingredients for creating successful and sustainable places, along with a vibrant retail and hospitality sector, to create the towns and cities people wish to work, live and play.”

 

On the Apprenticeships Levy:

“Whilst we continue to support the aims of the Apprenticeships Levy, we believe there is still a long way to go to ensure the system is fit for purpose for retail and retail property. 

Ensuring we have the skills to compete in a global market is of critical importance and we will continue to press for reforms that enable industry to use levy funds in a way that supports business need in the face of revolutionary changes to the market brought by both evolving technology and changing consumer behaviour.”

 

The full budget submission is available online here