New business rate discounts announced in Chancellor’s Autumn Statement

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.