Property tax expert – Autumn Statement reaction

Kersten Muller, Head of Real Estate and Managing Director at Alvarez & Marsal said: “For the real estate sector the commitment to capital projects is helpful as it will provide confidence and so encourage developers and investors to proceed with projects.”

“The key will of course be the cost of financing – a key factor in the industry. This requires stability in the economy and inflation to come down. Let’s hope that the Autumn Statement has the desired effect.”

Kersten on the Autumn Statement more widely:

Kersten Muller, Head of Real Estate and Managing Director at Alvarez & Marsal said: “The business rates support is certainly welcome and needed; as the UK is entering a drawn out recession, certain sectors such as retail, hospitality and leisure do need that support to weather the succession of events that have taken place.

“Businesses will be relieved there were no surprises this time around. Tax rises have come through freezing of thresholds and generally increasing the tax for everyone. Crucially, higher earners have to contribute more (in stark contrast to before).

“It is also good to get further reassurance that large capital projects will still go ahead. This will undoubtedly have knock-on benefits to the private sector as well and hopefully encourage investment.”