Dr Walter Boettcher, Colliers’ Head of Research and Economics responds to the Chancellor’s Spring Statement:-
“The Chancellor’s Spring Statement had little to offer for commercial property directly other than a comforting sense of confidence and competence in budgetary matters. The Chancellor offered emergency support for households squeezed by inflation. A nod to the green agenda was welcome. If there was disappointment, it was related to the suggestion that revisitation of research and development incentives would not occur until the Autumn Budget.
“Especially disappointing was no acknowledgement of an impending consultation on Solvency II and other insurance and pension fund reforms that have the potential to release billions of pounds for investment in infrastructure and regional development. In fact, ‘levelling up investment’ was not mentioned at all. It may be that the Chancellor is keeping his powder dry until the proposals are examined further by the Bank of England, the Prudential Regulation Authority, HM Treasury and effected UK funds, and the details fleshed out further. This is a theme that is very likely to surface sooner, rather than later.”