London,
18
March
2015
|
15:19
Europe/London

CBRE response to March 2015 Budget

Miles Gibson, Head of UK Research, CBRE: “Any changes to income tax that puts more money in the pockets of hardworking Brits is good news for the wider economy, and retailers in particular are set to benefit. Thanks to growing confidence among shoppers, we expect to see improved spending power across the country, with activity likely to increase further.

"But it’s not just traditional retailers that will benefit. Investment in warehouses, logistics and distribution centres has grown 60% over the last year culminating in £2.9bn of investment in 2014 partly thanks to the growth in online retailing. With more money to spend online, demand for this type of commercial space will continue to grow.

“It’s also welcome news for businesses across the UK that the Chancellor is pledging to increase investment available to UK regions through new enterprise zones and improved transport links. The announcement that Greater Manchester and Cambridge will receive 100% of the increase in business rates, will further help the businesses in our key cities prosper.

"The benefits to regional economies should stimulate a new wave of economic growth that will capitalise on rising business confidence. Our research shows that office space demand from SMEs in Britain’s cities outside of London has reached the highest level since the start of the economic downturn, up 15% year on year. This announcement could bring local and regional economic acceleration.”

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Miles Gibson is the head of CBRE's 18-strong UK Research team, whose mission is to provide unrivalled insights into the UK property market for CBRE clients. CBRE is the world's largest integrated property services firm.Prior to joining CBRE Miles was a senior civil servant for 10 years in HM Treasury, the Cabinet Office, and the Department for Communities and Local Government.

He has worked with and for most of the leading politicians of our generation in roles which have made him a recognised and high-profile real estate expert, particularly in housing, land use planning, infrastructure and property taxation. In 2014 Lord (Simon) Wolfson of Aspley Guise appointed Miles as Director of the Wolfson Economics Prize on garden cities. Miles is a fully qualified town planner and also has a degree in architecture.