New West End Company

Dee Corsi, Chief Executive of the New West End Company, said:

“The Budget was a crucial opportunity to unlock the economic potential of the UK’s retail, hospitality, and leisure sectors. However, the pro-growth measures promised to businesses before the election are notably absent.

“For our members in the West End, this Budget appears to add to, rather than alleviate, financial pressures. Retail, leisure, and hospitality providers now face a steep increase in National Insurance for employers, coupled with the upcoming rise in the National Living Wage, both of which could hinder future job creation and investment in these essential growth sectors.

“The government’s business rates discussion paper is a positive start, but it’s crucial that any reform does not inadvertently impact retail, hospitality, and leisure businesses in high-value areas like the West End. The proposed multiplier increase for properties with a rateable value above £500,000 risks placing additional strain on these businesses, which are already key contributors to the UK’s economy. Operating costs in the West End are already inequitable and significantly higher than in other areas, making it far more challenging for businesses here to thrive.

“Therefore, we must go further to unlock the full growth potential of the retail, leisure, and hospitality sectors. We urge the Chancellor to work closely with industry on swift and comprehensive business rates reform and to establish a national tourism strategy with the return of tax-free shopping as a central pillar. 

“Policies like these, if implemented thoughtfully, would not only revitalise the UK’s economy—enabling businesses to invest, expand, and create jobs—but would also enhance the country’s competitive edge globally, driving vital inward investment.”

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