Rob Perrins, executive chairman of housebuilder Berkeley Group, has urged the Bank of England to reduce interest rates to 3% by March. He argues that the current rates are too high and hinder economic growth. Mr Perrins noted that speculation around tax hikes ahead of the recent Budget had dampened demand for new homes. He said the tax surcharge on homes worth over £2m has fuelled fears that the threshold could be reduced down the line, saying: “The worry is this won’t be it.” On higher stamp duty and development levies, he said: “These taxes keep on coming and hit the level where people can’t invest because they can’t make a return.”
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