Real moves needed to address land supply, says Bromwich Hardy
The founding partner of one of the region’s most successful commercial property firms says today’s Budget contained little in the way of surprises – and marked the continuation of the Chancellor’s ‘steady-as-you-go’ philosophy.
Tom Bromwich, of Coventry agency Bromwich Hardy, said the Government’s commitment to economic stability in the wake of Liz Truss’s short-lived regime meant Chancellor Jeremy Hunt had little room to produce any spectacular surprises.
But Tom said it was disappointing that the Chancellor has retained a planned rise in Corporation Tax to 25 per cent – and announced little in the way of incentives to open up the supply of employment land.
“Considering what has gone before, we have no issue with the Chancellor taking a modest and cautious approach to the handling of the economy. We need as much stability as we can get, with plenty of signs that the next few months could remain challenging.
“But the rise in Corporation Tax may well act as a disincentive to investment and actually end up costing the Treasury more than it will receive by hiking the rate.
“And we know beyond doubt that a lack of suitable employment land is one of the great issues facing our region at the moment and is holding back the growth ambitions of very many companies.
“We would like to see real moves to start tackling this longstanding problem rather than just measures which tinker around its edges.
“Despite the national challenges, there is still plenty of activity in the commercial property market, but a long-term supply pipeline is essential if the region is to remain successful.
“As ever with these statements, the devil will very much lie in the detail, which we will study in depth over the coming days so that we can offer the highest quality advice to our clients.”
Bromwich Hardy is one of the country’s largest independent commercial property agencies, regularly featuring in independent lists of the most active firms in the industry.
It was named this month as the most active agent for Warwickshire for the ninth year running as part of the 2022 Annual EG Radius awards and won four awards from industry data experts CoStar for its work in Coventry and Warwickshire. For more information about Bromwich Hardy visit www.bromwichhardy.com