Revo has written to the Chancellor, Rishi Sunak, calling for urgent financial aid for retail landlords who have been impacted by retailers’ demand for rent cuts.
In the letter Revo calls for more clarity on how the business rates freeze will be implemented, more stimulus for consumer spending and direct financial support for landlords facing drastic rent cuts.
Household expenditure makes up 66% of UK output, with retail alone accounting for around 33% of that. Therefore, Revo is urging the government to bring in more interventions to stimulate the economy.
The letter also addressed the need for more support from the banking sector so property owners are able to keep retailers trading and jobs secure.
“We need urgent clarification on how the rates holiday will be implemented, more stimulus for consumer spending as we awaken from this nightmare, and support retail property owners, faced with drastic rent cuts, who will bear a huge amount of the financial pain,” said Ed Cooke, chief executive at Revo.
“The owners of retail property, many of which are pension funds, invest in the fabric of our towns and cities and also need direct financial support from the Treasury if we want shops and other crucial infrastructure to survive and to prevent the rapid decline of our urban centres.”
The letter has been endorsed by retail landlords including British Land, Hammerson, intu and Landsec.