"Nearly fifty Labour MPs have written to Chancellor Rachel Reeves calling for a forthcoming increase in business rates for music venues to be halted. The letter, which has been seen by the BBC, argues that a revaluation of business rates, effective from April, could increase music venues' bills by between 45% and 275%. Reeves has been warned that music venues in the UK are facing "an existential threat" from increased costs."
"Around 1,000 pubs had banned Labour politicians from their premises in protest at the prospect of increased costs both from the revaluation and the withdrawal of Covid-era support. In her November Budget, the chancellor scaled back business rate discounts that have been in force since the pandemic from 75% to 40% - and announced that there would be no discount at all from April."
Nearly fifty Labour MPs have urged Chancellor Rachel Reeves to halt an April revaluation of business rates for music venues that could raise bills by between 45% and 275% and threaten closures. MPs warn music venues in the UK face an existential threat from rising costs and are pressing for support that covers the wider hospitality sector including hotels, live music venues and recording studios. Reeves has been working on a pubs support package amid pressure from the hospitality industry and backbench MPs. Around 1,000 pubs banned Labour politicians in protest. Signatories request cancellation of the April increase until a less damaging valuation method is devised. The Treasury has been approached for comment.
Read at www.bbc.com
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