Budget ‘more about the election than the economy’ says Bromwich Hardy
The founding partner of one of the region’s most successful commercial property firms says today’s Budget was more about a looming general election than kickstarting the economy.
Tom Bromwich, of Coventry agency Bromwich Hardy, said many of the measures announced by Chancellor Jeremy Hunt could be consigned to history when the nation goes to the polls in an election expected later in the year.
Tom said moves to put more money in people’s pockets through a cut in National Insurance were welcome, but the Chancellor failed to address some significant issues affecting business.
“We had hoped there might be some moves to build on the planning reforms announced in the Autumn Statement to really help get the country building in both residential and commercial sectors.
“There are simply too many barriers to investment in development, too much red tape and not enough planning resources to make the current system efficient.
“As a result we have a continued lack of commercial space across the country – and certainly in the West Midlands – which is throttling businesses’ ability to expand and grow.
“Once again there was little mention of the need to reform the business rates system which is another significant barrier to business success.
“But we know there is an election looming, and if the polls are anything to go by the current Chancellor’s announcements are likely to be overtaken by events, and I suspect we will have to wait until later in the year to see what will really happen.”
Tom said the regional commercial property market continued to remain resilient, with plenty of deals being done in both the industrial and office sectors.
“We have had a very strong start to the year both in Coventry and Warwickshire but also further afield. There is an appetite for both industrial and office space but we need the powers that be to sweep away some of the obstacles facing developers in delivering new opportunities.”
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.
This month the firm lifted the 2024 CoStar title for the most office disposals in Coventry and being the most active single branch agency for sales and acquisitions in the city, and also came top for most office disposals in Birmingham and being that city’s most active single branch agency.
Bromwich Hardy was also named number one for the number of office disposals in the West Midlands and for being the region’s most active single branch agency across office acquisitions and disposals by both number and size.
To add to the success, the agency has also been named EG’s 2023 county winner for Warwickshire to reflect its ‘exceptional contribution’.