As the Autumn Budget 2024 approaches, New West End Company has submitted a comprehensive set of recommendations aimed at supporting and enhancing London’s iconic West End. Representing over 600 businesses in the UK’s largest retail, leisure, and hospitality Business Improvement District (BID), New West End Company is calling for crucial reforms to remove barriers to growth and ensure the West End continues to excel as a leading global destination.
Addressing Challenges
The West End is a cornerstone of the UK’s retail, leisure, and hospitality sectors, generating 3% of the UK’s overall economic output. Despite its success, the area faces significant challenges that need to be addressed to maintain its competitive edge:
- Business Rates: The current system is outdated and burdensome, especially for high-value areas like the West End. New West End Company is advocating for a comprehensive review and reform to create a fairer system that supports investment and growth.
- Tax-Free Shopping: The removal of tax-free shopping has led to a notable decline in international visitor spending. Reinstating this policy would be a simple and effective way to attract tourists and reinject growth into the national economy.
- Skills Shortages: Chronic shortages in skilled labour are impacting business performance and customer experience. Increased funding for adult skills training is crucial to addressing these gaps.
- Policing and Safety: Crime rates affect consumer confidence and business operations. New West End Company is calling for enhanced investment in street-level policing, a review of devolved policing funding, and stronger public-private partnerships to tackle these issues effectively.
- Planning System Reform: The current planning system is inflexible and hinders investment in sustainable development. New West End Company supports reforms to create a more adaptable system that balances environmental and economic considerations.
Dee Corsi, Chief Executive of the New West End Company, said:
“The upcoming Budget is Labour’s first chance to deliver on its election promises and prove it is the party of business.
Our submission, informed by insights from the 600 U.K. and international businesses that New West End Company represents, calls for a long-term approach to injecting growth back into the economy. This will mean tackling unwieldly business rates, encouraging innovation by reforming the rigid planning system, keeping streets safe by remodelling devolved police funding and reinstating tax-free shopping to restore the U.K.’s competitive edge
These actions will boost investment in high streets nationwide and demonstrate Labour’s recognition of the critical role that retail, hospitality, and leisure play in delivering growth for the UK economy.”
Read the full submission here
New West End Company believes that addressing these key areas will not only enhance the West End’s status as a premier global destination but also drive significant economic growth and investment across the UK.
For further details on our recommendations, please contact Nathan Parsad-Wyatt at [email protected]
