Budget 2020: Leisure and Hospitality receive business rates boost from Budget
Budget 2020: Leisure and Hospitality
Will Hawkley comments on the leisure and hospitality business rates boost announcement in today’s Budget.
Commenting on the announcement in today’s Budget that leisure and hospitality proprietors are to receive business rates relief for the upcoming year, Global Head of Leisure and Hospitality, Will Hawkley said:
“With doctors and the NHS rightly recommending isolation for all those affected by the coronavirus, and with all UK organisations being encouraged to take the necessary precautions to slow down the spread of the illness, those businesses who mainly trade on experiences and social interactions are likely to be some of the hardest hit.
“Publicans that rely on the repeat custom of their clients have no doubt been concerned that the ongoing impact of the coronavirus on the spending habits of UK consumers will have a swift and serious impact on their bottom line. These operators will no doubt greatly appreciate the announcement today that UK pubs will receive a business rates discount of £5,000, an increase from £1,000 the previous year, as well as a price freeze on beers, wines and ciders.
“Leisure proprietors for businesses with a rateable value of less than £51,000 will also receive a 100% reduction in business rates over the course of the next year as they battle to overcome the aftermath of the coronavirus.
“It is encouraging to see the Chancellor taking steps to assist companies. However this is not a quick fix, and proprietors must also put into place their own contingency plans to minimise costs and seek opportunities to maximise the services they are still able to provide.”
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