"There's a number of things happening with business rates. There's been a revaluation of the value of properties. This is the first one since the pandemic. So rateable values were going to go up. And there's a gradual withdrawal of some of the temporary support that went in during Covid. Now we've put in another £4.3 billion of additional support to phase that transition, but we do recognise that for some pubs there is still a big increase, and so we're working pretty intensely at the moment."
"Again, I want to make sure that we get this right. These changes are not due to come in for a few more months. So we're going to get this right. But I think most people would accept that now the pandemic is over, some of that temporary support does need to come away, but it's about the speed at which you do that."
Pubs will receive extra temporary support to help phase upcoming business rates increases following a revaluation of property values, the first since the pandemic. Rateable values are rising and some Covid-era relief is being gradually withdrawn. An additional £4.3 billion has been allocated to smooth the transition. Some pubs still face large increases and adjustments are underway. Implementation of the changes is delayed for a few months. The end of the pandemic underpins the decision to unwind some temporary measures, with attention focused on the appropriate pace of withdrawal.
Read at London Business News | Londonlovesbusiness.com
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