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What it means for West End businesses
Chancellor's Autumn Statement 2022
What it means for West End businesses
Please see below for key updates for West End businesses from the Chancellor's Autumn Statement made earlier today in the House of Commons. Click here to read the full Statement.
The statement focussed on three key areas: stability, growth and public services. With forecasts predicting the economy will shrink by 1.4% next year, the Chancellor acknowledged that the UK is in recession, and that things will get worse before they improve.
Commenting on the Statement, Chief Executive Dee Corsi commented:
“Whilst we’re expecting a strong Christmas trading period, with £1.55 billion set to be spent in London’s West End alone, rising operating costs and in particular business rates, are squeezing already tight margins. We are concerned that the business rates package may not benefit all high street businesses, particularly those in the West End.
“We appreciate that the Chancellor needs to steady the economy, if we want to further our recovery in the face of a recession, we also need new growth measures.
"Reintroducing tax-free shopping for international visitors and lifting Sunday trading restrictions in London's two International Centres are simple ways to give retailers and the tourism sector a much-needed boost in the difficult times ahead. We urge the Chancellor to consider these seriously as part of a future growth package."
If you would like further information, please contact our interim Head of Communications Paul Barnes at pauldavoutbarnes@gmail.com.
BUSINESS MEASURES
BUSINESS RATES
WIDER BUSINESS MEASURES
STABILITY MEASURES
GROWTH MEASURES