Government's riot recovery strategy welcomed

12 August 2011

Written by Jeni Browne

Commercial mortgage holders may benefit from the recovery strategy the government has unveiled to assist businesses harmed by the recent rioting.

These include an extra 28 days for firms to claim for damages caused in the incidents, even if they have no insurance.

The worst-affected properties will be exempt from business rate liability, the speed of the planning system will be increased and £30 million has been set aside to repair high streets.

Liz Peace, chief executive of the British Property Federation, said: "Landlords will play their part in helping their communities to recover."

The extra time will provide "valuable breathing space" and allow them to "work with tenants to take stock of the damage and disruption" caused by looters, she added.

Ms Peace argued that overseas investment in commercial real estate will not be significantly hampered after this event, "contrary to the somewhat apocalyptic voices from some quarters".

The government's measures were similarly welcomed by the Federation of Small Businesses, as national chairman John Walker called them "absolutely crucial".

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