An Open Letter: A Budget for Recovery

19 Feb 2021

In advance of next week’s budget, London Property Alliance (CPA + WPA) has written to the Chancellor calling for a ‘budget for recovery’ which provides much-needed support for Central London, as well as commercial centres and high streets across the UK.

The submission asks HM Treasury to extend the business rates holiday, especially for the retail, hospitality and cultural sectors – which have effectively been mothballed in the interests of public health; create an ‘Emergency Cities Fund’ to help major cities which have lost out from the Additional Restrictions Grant; re-introduce tax-free shopping; and stop bank foreclosures to help landlords show flexibility to their tenants.

The open letter, signed by the Chairs of CPA and WPA, and Board members from across the two associations, states:

“Whilst we recognise the Government’s commitment to levelling-up those parts of the UK suffering from an underlying lack of economic opportunity, we call on HM Treasury to also provide the financial support and flexibility needed to enable London to recover and rebuild, so it can maintain its unique and important role as the nation’s ‘shopfront’.”

Read the full letter or a summary of our key asks, and coverage in EG and the Evening Standard.

Read a summary of the Budget for Recovery