250,000 leisure, retail, and hospitality businesses will benefit from plans announced by Shadow Chancellor to abolish business rates.
High streets and hospitality businesses have been hit by a near doubling of business rates as well as the national insurance hike and other costs under the Labour government.
To back this vital sector the plan announced would introduce a permanent 100 % business rate relief for retail, leisure, and hospitality. Prior to the election a 75% discount applied which the government then slashed to only 40% - meaning the average pub faces a bill of £9000 rather than £4500. The relief would be capped at businesses with a rateable value of below £110,000.
This change would be funded through the £47 billion of savings in spending announced by the Conservatives.
