// The UK high street faces a £90bn upgrades bill due to the government’s new net zero rules
// Around 91% of current retail space does not meet the new criteria
The UK high street could be hit by a £90bn bill for building upgrades due to the government’s new net zero rules.
The new standards will make 91% of all retail space, including the high street and shopping centres, unlettable by 2030 unless urgent and costly action is taken, according to property specialists Savills.
The government will ban commercial properties from being rented out unless they carry a minimum energy performance rating of C by 2027 and a B rating three years later.
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Savills forecasts it will cost between £55bn and £90bn to upgrade the retail space in the UK, with £10bn needed for London alone.
Commercial research director Tom Whittington told The Telegraph: “It’s a disaster waiting to happen. There’s not enough money or enough time.”
“The Government does not have a real handle of the significance of forcing through these regulations.
“What you can’t do is have a deadline in 2030 that is unviable and leaves you unable to lease around 80% of shops nationally.”
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