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| Author: | Cheshire, P. C. Hilber, A. L. |
| Title: | Office space supply restrictions in Britain: The political economy of market revenge |
| Journal: | Economic Journal
2008 : JUN, VOL. 118:529, p. 185-221 |
| Index terms: | office location property tax regulations tax impact United Kingdom |
| Language: | eng |
| Abstract: | Due to the regulatory constraints, office space in Britain is the world's most expensive. This paper estimates the 'regulatory tax' for 14 British and 8 other European office locations showing that regulatory taxes are considerably greater in Britain than in other locations. Using panel data, the authors test the hypothesis that local prosperity affects the level of regulatory taxes and that the responsiveness of regulatory tax is determined by whether a location is controlled by business interest or residents. The results support the hypotheses and suggest that the cost of change of commercial property taxes from a local to a national basis resulted in higher than any plausible rise in property taxes. |
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