The key announcement for the commercial property industry was the focus on the nation’s high streets. Changes to planning laws and a £900m fund for business rates relief will, the Government hopes, help to alleviate the current issues with the high street.

Planning laws relaxed to enable more retail to residential conversions

The Government has introduced a relaxation in planning rules to enable shops to be more easily converted into homes or for alternative uses. This could have a real impact on the high street and could encourage alternative uses such as leisure, community or healthcare occupiers into town centres. It could also help to relieve the housing shortage by allowing the conversion of retail units to residential.

There needs to be a balance so that not all high streets are turned into leisure or housing areas. The Government needs to work to support retailers to encourage them to prosper and not just allow changes of use once the shops are empty. The Budget also detailed a trial brokerage service to connect community groups to empty shops and for the local authorities to keep a register of empty shops. This more connected approach could improve the fortunes of the British high street.

£900m business rates relief

The Budget also included £900m of business rates relief for nearly 500,000 small businesses. The small business rates relief would be extended to retailers with a rateable value up to £51,000. It is estimated that this could be an annual saving of up to £8,000 for up to 90% of independent shops, restaurants and cafes. However, some commentators feel that these changes don’t go far enough and that on many high streets prominent retail units have a rateable value of more than £51,000 and so would not benefit.

Many retailers feel that there needs to be a fundamental change in the business rates system and not just a reduction for smaller retailers.

Future High Streets Fund

The Government also announced £675m of co-funding to create a Future High Streets Fund to draw up plans to rejuvenate high streets.

Many feel that in order to improve the high street, the Government and local authorities should look at improving public transport, better parking and making the shopping experience more attractive.

Read the Buckinghamshire Business First Budget round-up

Get the full overview of the Budget 2018 from Buckinghamshire Business First's Head of Economic Research, Rupert Waters.