Chancellor Rachel Reeves expressed "particular concern" regarding the impact of business rates on pubs, signaling potential targeted relief for the sector amidst broader discussions about support for the hospitality industry. Reeves confirmed that an announcement detailing measures to mitigate the effect of impending rate increases on pubs would be forthcoming in the next few days.
Speaking on BBC Breakfast, Reeves indicated that pubs were the "biggest concern," citing the severe impact of the pandemic and the disproportionate increase in business rates they face. This statement suggests a possible divergence in support strategies, potentially leaving other hospitality businesses like cafes, small hotels, and independent restaurants with less direct assistance.
Businesses across the board have voiced apprehension about their capacity to manage higher rates as Covid-era relief measures conclude in April and sites undergo revaluation. The government previously established a £4.3 billion fund to aid businesses during the phasing out of the relief. Reeves affirmed that "there is additional support coming" specifically for pubs before the new rates take effect in April.
Reeves acknowledged the need to phase out temporary support measures implemented during the pandemic, stating, "I think most people would accept that now the pandemic is over, some of that temporary support does need to come away." However, she emphasized the importance of carefully considering the pace of this transition.
The existing £4.3 billion fund aims to provide a cushion for businesses as they adjust to the new rate environment. The specific details of the "additional support" for pubs, including the potential financial value and mechanisms for distribution, remain to be seen. The upcoming announcement is expected to clarify the scope and nature of this targeted assistance, and its potential impact on the pub sector's financial stability.
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