Chancellor Rachel Reeves indicated the government is considering extending business rates support to the broader hospitality sector, beyond the assistance already promised to pub owners. This comes as hospitality businesses face the expiration of Covid-era business rates relief in April, coinciding with significant increases in the rateable value of their premises.
Speaking at a press conference, Reeves stated she was "working with the hospitality sector," a shift from earlier hints that she was resisting calls for wider support. Treasury officials confirmed to the BBC that a package specifically targeting pubs would be announced "in the coming days," while also not ruling out additional relief for the wider sector.
The potential support arrives as the hospitality industry grapples with multiple challenges, including rising inflation and lingering effects from the COVID-19 pandemic. The end of the Covid-era business rates relief, coupled with increased rateable values, could place significant financial strain on businesses already struggling to recover. Opposition MPs and industry bodies have been advocating for any additional help to encompass all businesses within the sector, including hotels and restaurants.
Business rates are a property tax levied on commercial properties, and they represent a substantial cost for many hospitality businesses. The rateable value is an assessment of the property's open market rental value, and increases in this value directly translate to higher business rates bills.
The potential extension of support is welcomed by industry experts, who emphasize the vital role of the hospitality sector in the UK economy. The sector not only provides employment but also contributes significantly to tourism and local communities.
The Treasury is expected to announce further details of its support package in the coming days. The specifics of any additional relief for the wider hospitality sector remain unclear, but the Chancellor's comments suggest a willingness to consider broader support measures.
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