Hospitality business rates set to quadruple without government intervention in spring

"Without action from Chancellor Rachel Reeves in the upcoming budget, business rates will quadruple when relief ends on 31 March, costing the sector an additional £914 million."

"Kate Nicholls, chief executive of UKHospitality, warned that the increase would lead to more closures, leaving high streets with shuttered venues and rising vacancy rates."

"The current cap on business rates relief has discouraged expansion, with many venues deeming the cost of opening additional locations too high."

"The hospitality sector has benefited from business rates relief since it was introduced in 2020 as part of the government's pandemic response."

Read at Business Matters