Press release

EMPTY PROPERTY RATES HOTLINE: FIGHT CONTINUES

Date

10th August 2008

Description

The BPF's hotline info@emptyrates.com is for anyone affected by empty property rates.

In recent weeks the BPF appeared on the Today Programme to discuss the issue. Download the clip below.

We also appeared on Bloomberg this week. Copy and paste this link to watch on YouTube:

http://www.youtube.com/watch?v=wUfnsaaevbk&feature=related

The BPF wants specific examples of the impact on businesses so that it can build as big a picture as possible of the way the relief cut is hitting regeneration and speculative development, and burdening occupiers with massive tax increases.

PLEASE CALL US ON 020 7828 0111 OR EMAIL INFO@EMPTYRATES.COM

FOR ANY MEDIA QUERIES CALL ANDREW TEACHER, HEAD OF MEDIA, ON 07968 124545.

The BPF wants property owners and tenants to email info@emptyrates.com with anything that can help support the fight over empty rates.

The removal of the relief has also resulted in the early demolition of older buildings that might otherwise have been available at more affordable rents.

While the original rates legislation that was passed a year ago came in without any consultation, it did allow for the relief to be partially reintroduced at up to 50%, giving the government flexibility to react to changing economic conditions. The BPF argues that now is the time for that power to be used.

Peter Cosmetatos, BPF director for finance and investment, said:

“We need evidence to prove what a disastrous move this has been and that’s why we’ve set up this hotline. We need people to get in touch and tell their story and they can do this in total confidence. We want people to email us so that, with enough concrete examples of the impact of this change, we can campaign more effectively for a workable solution. Nobody could have predicted the credit crunch when the rate relief cut was first set out in the 2007 Budget, but since the cut actually took effect in April we have been in a dire situation that could be made much worse should the industry continue to be unfairly penalised in this way.

“There is no value in keeping a property empty – particularly in a downturn. We have seen numerous examples of buildings being demolished a few years earlier than they may have otherwise been, and we have heard of many developments and regeneration projects being shelved because of the risk of higher costs during vacant periods. This harms the secondary market and restricts supply, both now and for years to come, making things even worse for small business occupiers as well as bigger property companies. It is vital that those affected contact the BPF with their details and any evidence they have.”

Companies can contact the BPF by phone on 020 7828 0111

For more information, contact Andrew Teacher (ateacher@bpf.org.uk), head of media, on 07968 124545.

Downloadable documents

Today Programme interview with Liz Peace - 10 July 2008 - 4MB.