Statement gave little help to city property market

Chancellor of the Exchequer, George Osborne, walks with Chief Secretary to the Treasury, Danny Alexander, as he leaves the Treasury to deliver the half-yearly budget statement to parliament in London. PRESS ASSOCIATION Photo. Picture date: Wednesday December 5, 2012. See PA story BUDGET Lead . Photo credit should read: Andrew Winning/PA Wire

Chancellor of the Exchequer, George Osborne, walks with Chief Secretary to the Treasury, Danny Alexander, as he leaves the Treasury to deliver the half-yearly budget statement to parliament in London. PRESS ASSOCIATION Photo. Picture date: Wednesday December 5, 2012. See PA story BUDGET Lead . Photo credit should read: Andrew Winning/PA Wire

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COMMERCIAL property company Vail Williams has said the chancellor’s autumn statement has failed to deliver the boost that the property sector needs.

Vail Williams, which has an office at 1000 Lakeside in North Harbour, added that it welcomed Portsmouth’s inclusion on a scheme that would see it becoming one of the most technologically advanced cities in the UK, as reported in yesterday’s News.

The firm’s regional partner, Martin Tice, said: ‘We’re delighted by the government’s commitment to improving Portsmouth’s connectivity – fast broadband and internet access are key issues for businesses when looking for office space; gone are the days for the need for under-floor voids in offices to accommodate metres of cables.

‘The increased speeds will improve Portsmouth’s reputation as a destination for business, increasing the city’s national and global competitiveness.

‘With businesses such as Wiggle and IBM in the area, this news can only serve to help grow their businesses further.

‘Generally, however, the chancellor failed to deliver enough detail in his statement to genuinely cheer the property sector.

‘The majority of the statement was a reiteration of Office for Budget Responsibility’s financial statements, and the commentary provided by George Osborne largely deferred details until the 2013 Budget occurs in spring next year.’

The firm did praise empty property rates relief being extended, but said it was ‘too little too late’.

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