"Large retail businesses expressed relief at the fact the business rate changes were less onerous than expected. But hospitality firms have since argued they will take a big hit from the changes, forcing them to rein in investment and hiring. They say measures announced in the budget to protect businesses as Covid-era support comes to an end were insufficient to offset rises linked to the increase in rateable value of their properties."
"The independent brewers say that once the revaluations are taken into account and the transitional relief unwinds, pubs will typically pay 76% more in business rates by 2029 when large online tech firms would pay only 16% more. They wrote in their letter: The promises made seem to be at odds with the reality that community pubs now face. With pub closures at a new high and having lost more than 100 breweries in the past year, the hospitality sector is in a fragile state."
The Society of Independent Brewers and Associates, representing about 700 beer makers, urged the chancellor to reconsider business rate changes that threaten pubs. Many hospitality businesses face weak trade as consumers cut non-essential spending amid higher household bills, food price rises and tax increases. The budget introduces permanently lower tax rates for over 750,000 retail, hospitality and leisure properties funded by higher rates on large businesses, plus £3.2bn in transitional relief and expanded small business support. Brewers warn revaluations and unwinding relief will leave pubs paying far more by 2029, risking closures and reduced investment and hiring.
Read at www.theguardian.com
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