Budget Reaction


Leading commercial property agency Bromwich Hardy welcomed the extra support for business announced in today’s Budget.

Founding partner Tom Bromwich said Chancellor Rishi Sunak’s £5 billion package of support for the hospitality and tourism industries – as well as the extension of VAT and business rate support - would help some of the businesses hardest hit by the pandemic.

Tom said other measures to support the business community as the country began to emerge from the pandemic – such as the extension of the furlough scheme – would also help retain confidence in the economy.

“The Chancellor’s measures to support businesses which have borne the brunt of the pandemic will be helpful to the wider economy, particularly in the coming months as we hopefully begin to put the crisis behind us.

“We will keep an eye on earlier promises to review the structure of business rates – something which is long overdue – and as ever with these statements the devil will be in the detail.

“We also have concerns that some of the extra taxation measures announced might run the risk of choking off the recovery before it has had chance to really establish itself. Businesses need the freedom to make their own commercial and investment decisions without the fear that the Treasury will be waiting for them as soon as they start to turn a profit.”

The Coventry-based agency has worked throughout all the lockdowns of the last 12 months and has not had to place any staff on furlough.