Councillors must start working with local builders and developers to make better use of the existing town centre buildings, advised the Federation of Master Builders (FMB). Following the recent announcement of Budget 2018, FMB CEO Brian Berry was speaking on the development of space above shops. “It is important that
Mixed in with some of the aforementioned concerns perceived with the latest budget set out Chancellor George Osborne, it is noteworthy that so too can positives be taken from the budget, especially for businesses and enterprises which have been struggling amidst shaky economic conditions. Although the Office for Budget Responsibility
BDC 319 : Aug 2024
Councillors must start working with local builders and developers to make better use of the existing town centre buildings, advised the Federation of Master Builders (FMB). Following the recent announcement of Budget 2018, FMB CEO Brian Berry was speaking on the development of space above shops. “It is important that the Chancellor has recognised the importance of investing in our high streets. He has announced a £675 million Future High Streets Fund to allow councils to rejuvenate town centres. It is estimated that as many as 300,000 to 400,000 new homes alone could be created by making use of empty spaces above shops on our high streets. This is space just waiting to be turned into residential accommodation. There is a pressing need to re-invent many of our town centres in light of changing patterns of retail and leisure. The Government should be applauded for its ambition to safeguard the life of our high streets,” said Brian Berry. “A recent report titled Homes on our High Streets from the FMB puts councils at the heart of the solution and suggests some practical ways for them to facilitate the development of wasted space above shops. Retail will always be an important element of vibrant high streets, but there is plenty we can do on a small scale to help convert unused and under-used space in to attractive residential units. This will both boost the supply of new homes and help breathe new life back into our high streets. What we must avoid is perfectly good space lying empty and achieving nothing in terms of boosting the local economy or housing individuals,” he added. The FMB CEO has also welcomed the Chancellor’s announcement of £1 billion to guarantee capacity to support lending to the SME housebuilding sector. “Many small-scale house builders continue to experience real difficulty in accessing the finance they need to build homes, and it is often the smallest scale builders that experience the greatest problems. This new funding will help to speed up the delivery of homes and lead to a more diverse and resilient housing supply,” Berry concluded.
Mixed in with some of the aforementioned concerns perceived with the latest budget set out Chancellor George Osborne, it is noteworthy that so too can positives be taken from the budget, especially for businesses and enterprises which have been struggling amidst shaky economic conditions. Although the Office for Budget Responsibility has highlighted the present economic position and future prospects are markedly weaker, hopes are still held for economic growth and prosperity should the correct policies be put into place to support that growth. And while a struggling economy is by no means something the majority of people are to receive well, it Is also key to highlight that notably slower growth in China and across the developed world has also been reported, landing many other countries in a similar, if not even worse economic position. Of such details highlighted in the budget, one of the most important aspects is to be the number of tax changes for businesses and enterprises, as well as the additional commitment of the government to infrastructure; effectively serving as part of the government’s pledge to put the UK’s economic stability first and foremost. Looking to make the government “fit for the future”, planned investment is expected to support a greater degree of social mobility, as well as also assisting youths in saving up money for their future – a key aspect of consideration when considering the increasing difficulties for youths to enter onto what is considered the primary mode of investment into the future, the housing market. Yet, for changes made to tax, well received is the cutting of corporation tax, presently sitting at 20%, which will fall by three points to 17% by April, 2020. Additionally, Small Business Rate Relief is also planned to rise by considerably from its present value, increasing up to £15,000 for the smallest of organisations, and then from anywhere between £18,000 and £51,000 for the higher rate. This, effect implying that some 600,000 SMEs will not feel the need to pay business rates from next year, and another 250,000 seeing a marked depreciation in these rates also.
