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Budget 2010 decisions welcomed by Rics

Wednesday, 23 June 2010 4:00 PM

The government's decision not to reduce capital spending beyond March Budget cuts have been welcomed by the Royal Institute of Chartered Surveyors (Rics).

Rics had previously indicated that further cuts in capital spending could have stunted the construction industry and undermined the economic recovery.

The commercial market is also expected to benefit from the reduction in corporate tax rates over the next four years, which will encourage greater business investment.

Commenting on the implication of chancellor George Osborne's Budget for the property industry, Rics director of external affairs Mark Goodwin added: "Rics had warned that a significant rise in CGT would threaten the supply of development land and deter new investors from entering the private rented sector.

"This risk will be tempered by the lower than expected increase."

Meanwhile, figures released by Scottish Widows Investment Partnership indicate that long-term prospects for the UK commercial property market remain encouraging.

In the five years from the beginning of this year, forecasts indicate that the commercial asset class will deliver returns of 8.5 per cent per annum, outperforming equities and bonds.

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