London Property Alliance submission: Representations to the Spring Budget 2024

25 Jan 2024

On behalf of CPA and WPA members, London Property Alliance has submitted its representations to Chancellor of the Exchequer, Rt. Hon. Jeremy Hunt MP, ahead of the Spring Budget on 6 March 2024.

In the submission the Alliance calls for the extension of Business Rates relief and further fiscal devolution for London to help improve the capital’s economic, social and environmental outlook, acting as a catalyst for UK growth. Our key asks include:

  1. Ring-fence income for planning departments to ensure the recruitment and retention of planners needed to support development.
  2. Extend Business Rates (NNDR) relief via sector-specific multipliers for retail and hospitality businesses beyond 2025 to help support shops and pubs.
  3. Consider an Online Sales Tax (OST) as part of your NNDR review to provide a fairer system for bricks and mortar retail and to protect our high streets.
  4. Further fiscal devolution for London to align it with other metropolitan areas, enabling it to plan and deliver over the longer-term.
  5. Provide a long-term sustainable funding framework for Transport for London as improved connectivity is proven to drive economic activity.
  6. Undertake a comprehensive, independent assessment of the full impact of ending tax-free shopping for international visitors.
  7. Provide tax incentives and grant funding to support public /private partnership, and a more sustainable built environment.
Read our full submission here

Further reading:

Policy response: LPA reaction to 2023 Autumn Statement

Submission: Representations to the 2023 Autumn Statement

Press Release: London Property Alliance calls for reinstatement of tax-free shopping as part of growth plan for central London