Heart of London Calls on Government to Unlock Growth Ahead of Autumn Budget

HOLBA has submitted its Budget Representation to the Treasury ahead of the Autumn Budget on 26 November. 

Submitting a Budget Representation is an important opportunity to present and influence policy proposals that shape the Government’s fiscal priorities and national policy decisions.  

HOLBA has submitted three key proposals to Government aimed at unlocking growth in the West End, across London and nationwide: 

1. Reform Business Rates 

HOLBA are campaigning for Real Rates Reform after research it commissioned shows that businesses in London with a property RV over £500k are likely to be disproportionally impacted by a proposed hike in business rates coming into effect in April 2026. 

The current business rates system is outdated and unfairly burdens high street businesses. 

HOLBA is urging the Government to Introduce an effective transitional relief scheme to ease the financial shock of revaluation; and continue its rates reform programme by exploring HOLBA’s new Combined Business Rate proposal.  

This would broaden the tax base by introducing a 2% levy on all online sales (with some key exemptions). This would raise £6 billion annually to fund a 40% cut in business rates for all bricks and mortar businesses. 

These reforms would help modernise the tax system, ensure that all businesses paid their fair share and support the West End and other city centres and high streets that underpin the experience economy. 

2. Restore Tax-Free Shopping to Boost International Visitor Spending 

Ending tax-free shopping has made the UK less competitive as a global shopping destination, costing London an estimated £1.6 billion in lost international spending in 2024. 

HOLBA is urging the Treasury to review the economic impact of reinstating tax-free shopping, and to consider extending eligibility to EU visitors. This would make the UK the only European destination offering VAT-free shopping to 450 million EU residents, potentially unlocking £3.4 billion in additional spending and creating 68,000 new jobs in London alone. 

3.Invest in Safety: Increase Police Resources for the West End 

Rising crime and anti-social behaviour are putting pressure on businesses and threatening the West End’s reputation as a safe, welcoming place. 

The Mayor and Met Commissioner committed to fund 80 additional police personnel for the West End earlier this year, but additional resourcing is still needed given the years of underinvestment. HOLBA is calling for: 

• Increased Metropolitan Police resources for the West End;
• Police allocations that reflect the area’s economic importance and high footfall; and
• Action to protect the district’s reputation as a secure, world-class destination for culture, retail, and hospitality. 

When London Succeeds, the UK Thrives 

The Heart of London area contributes over £12.8 billion to the UK economy, supports over 100,000 jobs, and attracts more than 83 million visitors every year. By reforming business rates, restoring tax-free shopping, and investing in safety, the Government can unlock new growth, jobs, and global competitiveness, strengthening both London and the UK economy, ensuring it remains a world-leading destination for business and tourism.