Croydon town centre has thrived since Tramlink opened in 2000. But now the retailers there are asking for a "rates holiday" and the foolish council seems as if it is going to take notice. Evidently, they have no understanding of a fundamental principal in economics, Ricardo's Law of Rent. One implication of this natural law is that as tenants, they will only be able to hold on to the benefit of their "rates holiday" tuntil the next upwards-only rent review comes round. "Upwards only", an evil institution that ignores the fact that rental values can go down as well as up, is something that retailers' organisations would do better to get their teeth into than the business rate.
In digging into the matter, Robin Smith has uncovered the Russian Doll reality that lies behind what looks like a normal department store, Allders, the shop on the left of the picture, with a tram stop outside the main entrance.
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