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Pubs to benefit from business rates discount
08/03/2017 - 13:01
The Chancellor Philip Hammond MP has announced a £1,000 discount on business rates for pubs with rateable value less than £100,000 - a move that the Chancellor expects to benefit 90% of British pubs.
Written by Andrew McClean
The ALMR's chief executive Kate Nicholls, said: “It is very encouraging to see the Government acknowledge and back the valuable work being carried out by the UK’s hardworking pubs, bars and restaurants. Sector-specific relief will help those businesses hardest hit by the revaluation.
"This much-needed Government support will save the sector over £24m and will help safeguard investment and jobs. We are pleased to see the Government acknowledge the issue and act positively to support a crucial growth champion and a sector with turnover of £60bn employing over 1.5 million."
It was also announced that there would be no changes to planned duty on alcohol. However, the British Beer & Pub Association (BBPA) noted that as no freeze to beer duty was announced, it will, by default, rise with inflation. The BBPA estimates that the predicted inflation increase in September of 3.9% could cost pubs £130 million in the coming financial year.
Brigid Simmonds, BBPA's chief executive, said: “Britain’s beer taxes are three times the EU average, and an astonishing thirteen times higher than those of the largest producer, Germany. If we are to compete in the future and as we move towards the challenges of Brexit, action must be taken on tax, to ease the burden on a beer and pub industry that supports around 900,000 UK jobs.”
The announcements were made during the Spring Budget, which took place this afternoon.