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RICS: property rate decision 'will boost economy'

The Royal Institute of Chartered Surveyors says that the decision to extend the empty property rate exemption for new build commercial premises from October next year will help the economy.

“We are delighted that the government have acted on our recommendations,” said Simon Rubinsohn, chief economist at RICS.

“This will help take the break off speculative development, provide a badly needed boost to the wider economy and help to repair our struggling high streets.

“While the LEP single fund and small business bank are very welcome, this money needs to be targeted at regional level by LEPs to deliver growth. LEPs need to prioritise construction and infrastructure.

“We are also pleased that the government have set aside an addition five billion pound investment to assist badly needed ‘shovel ready’ infrastructure development across the UK, particularly in areas of the country outside of the South East.

“The pressure is now really on to make delivery happen and the government clearly acknowledge the key role that construction can play in wider economic recovery. More development means more housing, more jobs and better infrastructure.”

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