Economy

Tower Hamlets Council is set to agree a business rates discount for the planned 3m sq ft tower, which would be the largest and most expensive office building in London.

As I write, rainclouds have evaporated on the second day of Mipim, but the outlook remains far from sunny.

Law firm BCLP, which obtained the data from the Valuation Office Agency, said the surge in cases point to a system "under significant pressure" and could affect investment decisions.

The relief package for pubs does nothing to help the wider hospitality and retail sector in the longer term.

Support offered to mitigate high street rate rises only highlights how poorly thought out the policy was.

After a year of stabilisation, conditions are ripe for renewed activity in 2026.

Further news from the government on the pub business rates package is expected in the next few days.

Appealing against their 2023 valuation could be the best strategy for businesses.

Mayfair, Kensington, Fitzrovia and Paddington are set for average increases of 33%, 29%, 24% and 20%, respectively.

The Budget confirmed that many firms across the country will face higher business rates from next April, with the overall take due to rise 10.2% from £33.6bn in 2025-26 to £37.1bn in 2026-27.

New planning terms for British Land's Canada Water scheme reveal the viability challenges faced by residential developers in London

The report found that the complexities of service charges and ‘staircasing’ – where customers increase the proportion of the property they own rather than rent - make the product hard for consumers to understand.

Steve Clegg will oversee plans to increase the planning and land promotion company's holdings from 62 to 85 sites in the next six months.

The joint venture partners proposed major amendments to their masterplan for the 53-acre mixed-use development in early 2025, including changes to the heights, massing and uses of several buildings.

Plans to let regions retain slice of business rates and other taxes may boost development.

BPF chief executive Melanie Leech said government's planned ban on retention payments, sums withheld from construction contractors until a job is completed, would be using "a sledgehammer to crack a nut".

Experts welcomed the certainty provided by the standard, but warned it could make schemes less viable, especially for SME builders.

The measures will come into effect before the end of the month in revisions to the National Planning Policy Framework.

All new-build homes will have to include heat pumps or be connected to a heat network and solar panels, rather than the gas network, from 2028, cutting greenhouse gas emissions by 75%.

Experts have questioned whether the schemes can be completed to the government's deadline and whether some sites are still viable.