Britain’s Prime Minister Andy Burnham has announced a 20 percent cut in business rates for pubs, clubs and live music venues from April next year, as part of measures to lower operating costs, support the hospitality sector and boost economic confidence. The announcement is the third major economic measure introduced by the new administration since […]
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Britain’s Prime Minister Andy Burnham has announced a 20 percent cut in business rates for pubs, clubs and live music venues from April next year, as part of measures to lower operating costs, support the hospitality sector and boost economic confidence.
The announcement is the third major economic measure introduced by the new administration since taking office. Earlier measures include the removal of a tax on domestic electricity bills and a cap on bus fares.
Prime Minister Burnham said the government is committed to supporting businesses that play a vital role in local communities. He noted that the tax cut will save the average pub about £1,100 annually and benefit nearly 32,000 hospitality businesses across the country.
Finance Minister John Healey said the government is focused on reducing the cost of doing business and restoring confidence in the economy.
The government said the measure, expected to cost about £100 million each year, will be funded through a review of tax relief for businesses such as vape shops and stronger enforcement against businesses selling through online marketplaces.
Although the move has been welcomed by many operators, hospitality industry groups say it falls short of their demand for a 50 percent reduction in Value Added Tax for the sector.
The government says the latest measures are part of broader efforts to strengthen the economy, encourage investment and rebuild confidence among businesses.
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