Autumn Budget 2026: what it means for Fitzrovia

The Chancellor, John Healey, delivered the first Budget of Andy Burnham's Labour government this afternoon. We've gone through it to pick out what matters for the businesses, property owners, and people who work in and visit Fitzrovia.

Here's what we found.

High streets and pubs

From April 2027, qualifying retail, hospitality, and leisure businesses in England will see their business rates frozen in real terms, cut, or scrapped. In Fitzrovia that covers around 430 shops, restaurants, cafés, pubs, and salons.

• More small businesses pay nothing. Full Small Business Rate Relief now applies up to £18,000 of rateable value (from £12,000), with tapered relief up to £21,000. Around 30 of our independent shops, cafés, salons, and restaurants could pay less or nothing.
• Bills frozen for two years. No qualifying retail, hospitality, or leisure businesses will face an above inflation rise in 2027 to 2028 or 2028 to 2029.
• A bigger cut for pubs. Pubs, social clubs, and most live music venues get an extra 20% off, taking their total relief to 35%, worth over £3,000 a year for the average pub. More than 20 Fitzrovia pubs benefit, from the Fitzroy Tavern to the Crown and Sceptre

This is paid for partly by making online marketplaces collect VAT for larger UK sellers from October 2027, and by higher duty on high--stakes gaming machines. Vape shops and adult gaming centres lose their rate reliefs.

A first step on business rates reform

The Budget accepts a principle we've long argued for, alongside the Real Rates Reform campaign: online sales should help pay for the high street. The VAT raised from online marketplaces will go into rates relief, and the government has committed to explore how the rates system could better target online retailers. It's a welcome first step, but fundamental reform that brings lower rates for every business on our streets, offices included, is still needed. 

Safer, cleaner streets

The Government launched its High Streets Strategy alongside the Budget, including a commitment to reform Business Improvement Districts. We'll push for changes that help BIDs like ours do more for every business that funds us, office and high street alike. The strategy also commits to cleaner high streets, a crackdown on organised crime run through high street businesses, and easier licensing for outdoor dining. 

On rough sleeping, the government has added £432 million across 2027 to 2029 so anyone sleeping rough has a route off the streets every year, on top of £442 million committed since July. Through our street wardens and our work with Camden, Westminster, the police and outreach teams, we're ready to help make sure this reaches people on our streets. 

Growth, investment, and talent

Fitzrovia is home to almost 9,000 active companies, from start-ups to established headquarters, with software, film and TV, and advertising leading the way. This Budget puts new money behind firms like these: £5 billion more for the British Business Bank, a new tax relief for founders, and easier routes for international talent.

Investment and finance

• Founders relief. From April 2027, founders pay a 10% Capital Gains Tax rate on up to £10 million of lifetime gains
• Bigger share options. The new EMI2 scheme doubles the value of tax advantaged options employees can hold, from £60,000 to £120,000, so growing firms can attract and keep staff. 
• More capital for growing firms. The British Business Bank gets £5 billion of extra capacity, including £1.4 billion for equity funds backing high growth firms and £450 million for a new venture debt product. A new Scale UK service brings support for fast-growing firms into one place.
• Easier R&D and investment reliefs. R&D tax reliefs will be simpler to claim, venture capital schemes will be improved, and the First Year Allowance rises from 40% to 50%. Full expensing stays and Corporation Tax remains capped at 25%.
• Promoting London to investors. The government and the GLA will develop a global city productivity plan to keep London a leading destination for talent, investment, and tourism. The next International Investment Summit takes place in spring 2027.
• Life Sciences. With UCLH, Sainsbury Wellcome centre, and UCL in our neighbourhood, life sciences are an important part of our ecosystem. The Budget announces over £1 billion of new private investment in life sciences across the UK, faster approval routes for new medicines, and medical services through the Regulating for Growth Bill, and £100 million for a new AI Biosecurity Lab, partnering with London's Basecamp Research. 

Acces to talent

• Easier routes for international talent. The High Potential Individual visa will open to graduates of the world's top 150 universities. The Graduate visa will run for two years for the graduates of high compliance universities. The most highly skilled sponsored workers will get up to six months to find a new job if theirs ends. 
• Freeing up hiring. New laws will stop non-compete clauses getting in the way of hiring by start-ups and scaling firms
• Young people into work. A Jobs Guarantee for eligible 18 to 24 year olds and £100 million for local apprenticeship services.

Less red tape, more opportunity

• The government says regulation cuts will save businesses almost £800 million a year, overseen by a new Better Regulation Executive.
• Small firms will find it simpler to bid for public contracts, with new action on late payments.
• An extra £80 million will help British AI companies win government contracts, and local pilots will help small businesses adopt AI.
• For financial services firms, the burden of the Senior Managers and Certification Regime will be cut by half.

London and our area

• More local control of business rates. From April 2027 the Mayor will keep 20% of locally retained business rates, rising to 100% local retention by the end of the decade.
• Euston Station. The government will back a funding model at Euston. led by the GLA and Camden, to pay for Underground upgrades and wider regeneration on our northern edge.
• Elizabeth line. The Mayor will be able to set up a successor to the Elizabeth Line Business Rates Supplement, which larger London ratepayers pay, to fund future transport schemes. We'll make sure our office occupiers have a say as this takes shape.

Costs to plan for

• Office occupiers don't get the new rates relief, which appliers only to retail, hospitality, and leisure companies.
• The National Living Wage rises 3.9% to £13.21 an hour from 1 April 2027.
• The Business Asset Disposal Relief limit halves from £1 million to £500,000, and the main writing down allowance falls to 12% from April 2027.
• Banks pay a higher Corporation Tax surcharge, 6% instead of 3%, from January 2027 to March 2028.
• On energy, no new policy costs will be added to bills until a cost control framework is in place in 2027, and gas standing charges will be abolished.
• Headline rates of income tax, National Insurance, VAT, and Corporation Tax are unchanged.

What happens next?

Most of these changes start in April 2027. If you're a growing company wonder what the new reliefs, via routes, or finance options mean for you; a shop, cafe, restaurant, pub, or salon checking whether you qualify for rates relief; get in touch and we'll help. 

We'll keep making the case to the Government, the Mayor, and both councils for Fitzrovia, where businesses of every size can invest and grow.

You can read the full Budget on GOV.UK. For help or questions, contact us.