Future Cities Forum and the Budget's high street fund
Aviva Investors has been speaking to Future Cities Forum about the Autumn Budget 2018, reacting to the Chancellor's promise of new funding to help boost our high streets in the UK.
Senior Director, Helen Rainsford, who contributed to our forum at White City Place earlier this month, said:
'In our view a reduction in the rates levy for small firms will clearly be welcome and may alleviate some pressure on the smaller businesses but unless there is a widespread restructuring of rates it is highly unlikely to have a significant impact on retailers' expansion plans and thus will not have a demonstrable impact on our current redevelopment or asset management activities,'
Aviva Investors has been in extensive pre-planning discussions with the GLA and Southwark Council on its plans to transform the Cantium Retail Park in the Old Kent Road, London, with 1,113 new residential units as well as retail, office and flexible commercial space.
The Chancellor, Philip Hammond, has earmarked £900 million in business rate relief for small businesses and £690 million to rejuvenate High Streets.
The Ministry of Housing, Communities and Local Government's Rachel Fisher, also presented at our October forum stating that it was strong local leadership that would make a difference to the survival of the UK high street.
Additionally, it was announced in the budget that a new tax on plastic packaging which does not contain 30% recyclable material is being brought in and £10 million given to deal with abandoned waste sites.
A further £675 million fund is being introduced to help councils transform their main retail zones.