We welcome the recent figures from Savills showing Oxford Street is on the brink of a generational change, with 1.32m sq ft of office schemes proposed in the next five years – driven by market demand and the West End’s attraction to workers as a destination in itself.

Oxford Street is evolving thanks to sustained investment in best-in-class, sustainable offices, which, post-pandemic, are more important than ever. Companies are attracted to areas with a wide array of leisure and cultural experiences, which Oxford Street and the wider West End has in abundance, but we cannot take future success for granted.

The Elizabeth line has been truly transformational, complemented by new theatre and entertainment venues, with the recent openings of @sohoplace and Outernet at one end of the street. But we need to see ambitious, bold plans, along with significant business rates reform, to make Oxford Street and the surrounding district a place we can all be truly proud of, and drive the economic activity and jobs needed to deliver social prosperity across the city.

The abolition of downwards business rates transitional relief caps, which should benefit those in the retail sector, where valuations have fallen since 2017, is welcome. But the Treasury is tinkering around the edges and missing a crucial opportunity to completely reform business rates, so it is simpler and fairer for the high street. A move to annual revaluation would make business rates more reflective of market conditions. The system is not fit for purpose and is crippling shopping and entertainment districts.

The WPA, our members and our partners, particularly the BIDs, will continue to make this case, which, combined with bold action, is so crucial in shaping the future of the nation’s most iconic high street.

Paul Williams, chair, Westminster Property Association, and chief executive, Derwent London

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