There was a lot of discussion before the budget about how the business rates recalculation impacts on certain businesses, especially pubs. Although generally across our area most local businesses would actually benefit.
I think that supporting pubs is really important, they are a significant part of our communities and too many are forced to close across the country each month.
However the Chancellor Phillip Hammond announced a package of measures to support pubs stating:
‘We have listened to the concerns raised by business about the effects of the business rates revaluation. The Government has already committed to a £6.7 billion package to cut business rates, and £3.6 billion in transitional relief.
‘But we will go further with a £435 million package, meaning businesses coming out of Small Business Relief will have their increases capped at £50 per month in 2017-18; all pubs with a Rateable Value of under £100,000 – 90 per cent of all pubs – will see a £1,000 discount on their 2017 Business Rates bill; and local authorities will receive a further £300 million to target individual hard cases in their areas.’