Our local pubs, cafes, and restaurants play a vital role in the fabric of our communities nationwide. Supporting the UK’s thriving hospitality sector, we are implementing lasting changes to business rates. In a landmark move, pubs, restaurants, bars, and retail stores will receive a permanent tax reduction, departing from the temporary adjustments of previous years. Additionally, property values are undergoing a comprehensive reassessment by independent assessors for the first time since the onset of the pandemic.
Recognizing the concerns of many business proprietors regarding potential bill increases in April, we have taken proactive measures to safeguard those facing higher property valuations. Most businesses will see their bill hikes capped at either 5% or 15% compared to their current rates for the upcoming year. While some pubs and hotels have experienced substantial increases in their independently assessed property values, the government has allocated substantial financial aid to mitigate bill escalations for these establishments.
Without this crucial intervention, the pub sector was at risk of facing a staggering 45% spike in their total bills for the next fiscal year. Thanks to the support measures in place, this increase has been significantly reduced to just 4%. The majority of impacted pubs will have their bill increments limited to £800 or increases of 5% to 15% in the upcoming year.
In a show of commitment to businesses, the Government has allocated £4.3 billion to a comprehensive support package aimed at shielding enterprises from sharp bill hikes in the following year. This financial relief strategy aligns with broader government initiatives aimed at alleviating the cost of living and curbing inflation. Notably, families can expect a reduction of £150 on their energy bills starting in April, enabling them to allocate more disposable income towards supporting local businesses on the high street.
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