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Hospitality sector ‘not prepared’ for business rates rise
14/02/2017 - 09:10
The owners of PizzaExpress, Greene King, wagamama, All Bar One and Slug & Lettuce have written to the Chancellor to warn that Britain’s high streets could lose big pub and restaurant names because of the rise in business rates.
Written by Andrew McClean
According to The Times, the Chancellor Philip Hammond has been asked to rethink a plan that could see some outlets hit with a 42% increase in their rates this year.
Companies in the hospitality sector are “not prepared for the significant rises resulting from the latest revaluation,” the letter states.
“We have already seen evidence of outlets closing as a result of the planned increase. Modern pubs, bars and restaurants are valuable social, economic and community assets — they contribute to our thriving tourism sector, high street regeneration and attract and support significant inward investment.”
The new business rates will apply from April.