The founding partner of one of the region’s most successful commercial property firms says he welcomes the focus on business growth in today’s Autumn statement.
And Tom Bromwich, of Coventry agency Bromwich Hardy, said moves to start to reform the planning system were a step in the right direction, as was the creation of a West Midlands Investment Zone.
Tom said changes to the way businesses are taxed and the move to make full expensing permanent – meaning businesses would be able to offset capital expenditure against profits – were welcome.
“The focus on business growth in today’s statement was certainly welcome and something we would hope marks the start of a new strategic drive from the Government.
“The creation of a new West Midlands Investment Zone, two per cent cut to employee National Insurance and long-term commitment around full expensing will help businesses and their people invest and plan for the future.
“We welcome the move to speed up infrastructure and business planning applications announced today, but we want to see considerably more action on planning reforms. There is a lack of suitable employment land across our region as a result of the current out-dated planning system and unless that changes we simply won’t have the legroom to grow.
“If the Government is as serious as it says about working with business to drive growth and productivity, this is a key area where action must be taken.”
Tom said the regional commercial property market remained resilient despite some of the prevailing economic challenges.
“The industrial market has remained strong and there remains reason for quiet optimism in the office market, with a steady increase in both sales and lettings across 2023. There is a significant flight to quality in the office market as employers recognise that workplaces must be modern, attractive buildings to which staff are happy to travel.”
Bromwich Hardy is one of the country’s largest independent commercial property agencies, regularly featuring in independent lists of the most active firms in the industry.
Earlier this year Bromwich Hardy was named the best commercial agency team in the Midlands at the inaugural Midland Property and Investment Awards. The agency was also named the most active agent for Warwickshire for the ninth year running as part of the 2022 Annual EG Radius awards and won four awards from industry data experts CoStar for its work in Coventry and Warwickshire.