Whilst growth remains at the centre of the Government’s agenda, for it to take hold, it must be underpinned by policies that enable businesses to succeed – particularly those on flagship high streets like the West End, which drive jobs, investment, and economic activity.The Treasury’s proposed increase to the business rates multiplier for properties with a rateable value of over £500,000 would be a huge blow to businesses in flagship destinations – who are already burdened with increases in National Insurance and National Living wage from tomorrow.

Research from High Streets UK – the nationwide partnership co-founded by New West End Company – shows that businesses in prime retail locations, like the West End, are 5 times more likely to be impacted than those elsewhere. The analysis also shows that, if implemented, this policy could put 600 retail units in flagship locations from Liverpool to London at risk, leading to 5,500 job losses, and driving up prices for consumers.

These findings shaped discussions at High Streets UK’s inaugural forum in Liverpool earlier this month, where we met with businesses from Edinburgh to Bristol to explore solutions. High Streets UK’s policy recommendations have been shared in an open letter to the Chancellor and submitted as evidence to the Treasury. In addition, New West End Company will be submitting a formal response to the Business Rates consultation, outlining the specific impact on the West End and setting out our key asks of government – including an exemption for retail, hospitality, and leisure businesses.

Meanwhile, we continue to participate in key conversations about the Mayor of London’s proposal to establish a Mayoral Development Corporation (MDC) for Oxford Street. We were pleased to host a breakfast seminar on 24 March, where we were joined by the Deputy Mayor of London for Business and Growth, Howard Dawber and London’s Walking & Cycling Commissioner, Dr. Will Norman, who are spearheading the project at Greater London Authority. Both also attended our Board Meeting a few days later, alongside the Mayor, Sir Sadiq Khan, to give an update on current plans to revitalise the street.

Your views on the proposals will help shape New West End Company’s formal response to the consultation – if you haven’t yet shared your thoughts, I encourage you to do so through our short survey.

Oxford Street also continues to evolve with new investment and retail openings. On 1 May, IKEA Oxford Street will officially open its doors following an extensive environmental renovation of the Grade II listed former Topshop building. To its right, Space NK is set to unveil its biggest flagship yet, while to the left, Nike will temporarily occupy another unit at Oxford Circus, as it invests in updating its iconic NikeTown store.

Our Security & Operations team remains focused on promoting a safe trading environment for our members. Just this week, it successfully detained a prolific offender on Regent Street – responsible for around £30,000 worth of stock losses – recovering stolen goods and working with the police to secure an arrest. This is the direct impact we are delivering for West End businesses.

In addition, we are currently in the process of becoming a Business Crime Reduction Partnership (BCRP). This decision is driven by a commitment to greater accountability, enhanced services, and a stronger focus on tackling prolific offenders in the district. We have always worked closely with the police, and this new approach will allow us to further tailor security operations to the specific needs of West End businesses. To this end, we encourage members to share intelligence, relay any suspicious activity and continue to follow their own security measures.

As we enter the final year of our current term and prepare for our BID renewal later this year, the team at New West End Company and I are focused on strengthening our partnership with members and supporting the long-term success of the West End. Our Members Survey has given us further insights into your business priorities, which are being reflected in our next 5-year business plan and I look forward to sharing this with you formally in the coming months.

Dee Corsi, Chief Executive