The Business Centre Association (BCA) has welcomed George Osborne’s decision to review Empty Property Rates (EPR) legislation, following a hard fought campaign with the property sector and MPs.
York Outer MP Julian Sturdy, who led a cross-party lobby group on behalf of the BCA, has been asked by the Chancellor to form a working group with six other MPs to examine how the EPR regime can be changed to help struggling small businesses.
The group is expected to back the BCA’s proposals for a three-year exemption period for new developments and full rate relief for low rateable value properties.
BCA executive director Jennifer Brooke said:
“This is a very welcome development. Empty Property Rates have stifled investment in the flexible space sector, which plays a vital role in nurturing small businesses
and entrepreneurs. An easing of this burden will stimulate regeneration projects and is a positive step for the economy as a whole.
“We are delighted that the Chancellor has listened to small businesses, the property sector and MPs from across the political divide
and look forward to collaborating with the working group of MPs.