
There’s some good news on the business rates front today for hospitality, leisure and retailers in the Chancellor’s Autumn Statement.
He announced in the last hour that there will be a new 50% business rates discount for companies in the retail, hospitality, and leisure sectors, lasting for 12 months.
Sunak says he wants to help those businesses hardest hit by the pandemic, stating: “Pubs, music venues, cinemas, restaurants, hotels, theatres, gyms, any eligible business can claim a discount on their bills of 50%, up to a maximum of £110,000,”
Alongside the Small Business Rates Relief, the chancellor claims his measures mean more than 90% of all retail, hospitality and leisure businesses will see a discount of at least 50%.
“Apart from the Covid reliefs, this is the biggest single-year cut to business rates in 30 years,” he adds. “We’re unleashing the dynamism and creativity of British businesses with a simpler, fairer, more competitive tax system.”
Expect a warm welcome of the news from the sectors included in the discount, but protests from those left out.