In the news

London’s Oxford Street bus routes cut by 40%

Fri 21 April 2017

BBC News – Jace Tyrrell, Chief Executive – This week Transport for London confirmed it will implement a number of changes to bus routes in central London, which will lead to a 40% reduction in buses on Oxford Street.

New West End Company welcomes the proposal, which will  help deliver essential traffic reduction ahead of the opening of the Elizabeth Line in 2018, which is expected to bring 60 million more visits to the West End annually. The changes, which will start being implemented this summer, will greatly help reduce congestion and improve air quality in the West End, helping to strengthen our position as a world-class retail destination.

Find out more about the route changes and read the full announcement here.

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West End prospers amid global change

Mon 13 March 2017

Property Week – Jace Tyrrell, Chief Executive  Jace Tyrrell writes for Property Week’s Talking Shops: It would be an understatement to say last year presented the consumer market with significant change.

Across politics and markets – from financial, foreign exchange, retail and investment – the past 12 months have been centred around the ability to adapt. And, as the recent Mishcon de Reya pre-Mipim party proclaimed, 2017 is also set to be a year of change.

We should embrace and harness change and nowhere is this more true than in London’s West End, where the retail market never stands still. As the world’s leading retail destination, with more than £3.3bn spent by tourists each year alone, the

West End is influenced by global markets and consumer trends. In order to remain a global retail destination, it is necessary to adapt.

Read the full piece here

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Philip Hammond faces fresh criticism over business rates hardship fund

Mon 13 March 2017

Evening Standard – Sir Peter Rogers, Chairman – The business rates “hardship fund” unveiled in the Budget was dismissed as “peanuts” today after it emerged that the 10 worst-hit London boroughs will receive an average of just £2.1 million a year. The capital, which will have by far the biggest rises of any region in the country, will get a total of £124.3 million, or 41 per cent of the relief fund, over four years up to 2021.

Sir Peter Rogers, chairman of the New West End Company, said: “The fact the Government has had to come up with yet another transitional scheme to give some marginal help to a few companies just shows how broken the business rate system is. This does nothing to help the hundreds of thousands of London businesses about to receive massive business rate increases. And it will be a nightmare for local government to administer. Business rates might be easy for civil servants but they are bad for business and bad for local government.”

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Businesses accuse chancellor of ignoring rate concerns in budget

Thu 9 March 2017

Guardian – Sir Peter Rogers, Chairman – Business leaders have responded to the budget by accusing the chancellor of not listening to their concerns about business rates, despite Philip Hammond announcing a £435m relief package.

Sir Peter Rogers, the chairman of New West End Company, which represents businesses in the West End, said: “The short-term relief he announced will have no impact on the majority of the companies in London and the West End that will suffer massive tax increases on 1 April. This will mean closures and job losses.”

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Philip Hammond tackles business rates row with £435m Budget relief

Thu 9 March 2017

Financial Times – Sir Peter Rogers, Chairman – British companies facing a sudden rise in business rates have been offered a £435m package to soften the blow. 

In many regions, businesses will enjoy a decrease in business rates, or will see them stay flat. However, in London and the south-east of England, there will be an overall rise, with some companies facing up to a quadrupling of payments. But Philip Hammond said in his Spring Budget on Wednesday that the levy could not simply be abolished, as many campaigners had called for, because it raises £25bn a year for the Treasury.

Sir Peter Rogers, chairman of the New West End Company, which represents high-end retailers in central London facing some of the country’s highest business rates bills, said on Wednesday that he was “disappointed” by the chancellor’s announcement. “The short term relief he announced will have no impact on the majority of the companies in London and the West End which will suffer massive tax increases on April 1,” he said. “This will mean closures and job losses.”

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Business Rates and its Impact on West End Businesses

Fri 24 February 2017

BBC London – Jace Tyrrell, Chief Executive – Jace Tyrrell talks about how Brexit and business rates will affect West End businesses during this uncertain period over the next couple of years.