The CEO of a property technology infrastructure specialist firm, has criticised the Chancellor, Jeremy Hunt, for once again overlooking the commercial real estate sector in the Spring Budget.
Thomas Proctor, CEO at NCG, said: “Another budget, another example of the government overlooking the commercial real estate sector. As an industry that supports as many as one in 12 UK jobs, it’s surprising that time and again it has been left out in the cold when it comes to support through public policy.
“While it’s understandable that the residential market attracts a lot of attention as the Chancellor looks to woo voters, it should not be a case of one or the other – this was a missed opportunity to offer support to commercial real estate.
“Axing April’s poorly timed business rate hike would have been a step in the right direction. Incentivising investment in improving the energy efficiency of commercial properties would have been another welcome step.
“Between market volatility and eye-watering interest rates, the sector has enough on its plate to be dealing with. It’s time the government recognised the value of the industry – and, critically, actually took action to protect it.”