New West End Company CEO: Healey’s Budget must give High Streets room to grow
The West End supports more than 350,000 jobs, attracts visitors from across the world and generates significant economic activity and tax revenue for the wider UK. If the cost of operating here continues to rise, the consequences will be felt well beyond London, says Dee Corsi Two years of Autumn Budgets have heaped costs on [...]
The West End of London, a thriving hub for commerce and tourism, employs over 350,000 individuals and draws visitors from around the globe. However, rising costs are threatening its economic stability. Dee Corsi, CEO of the New West End Company, stresses that the upcoming Autumn Budget must provide relief to high streets to ensure continued growth.
Since April 1st, the higher business rates multiplier has been in effect, causing an average increase of £183,000 per property for the 335 stores in the West End exceeding the £500,000 rateable value threshold. Despite previous reliefs, many businesses still face a 20% rise in their bills. The total cost for the retail sector now exceeds £2.3 billion annually, factoring in increased employer national insurance contributions, higher National Living Wage, and new Employment Rights Act obligations.
Retailers and property owners have unanimously expressed concern over the current rates environment, with 75% indicating business rates as their biggest challenge. They argue that the existing system, particularly the slab-based multiplier, creates arbitrary limits that hinder growth. Corsi calls for the freeze of the higher multiplier in the short term and a shift from a slab-based to a slice-based multiplier system in the medium term.
Additionally, she advocates for a longer-term review of the three-year business rates review cycle to give businesses certainty for long-term planning.
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