Stuart

Rachel Reeves declared in the budget that the government is backing small retail and hospitality businesses. But the lower business rates level is more than wiped out by a huge increase in the assessed values of the properties, leaving owners facing “eye-watering” bill increases. @UKHofficial analysis found that by 2028/29, an average pub's business rates will have increased by 76% and an average hotel's by 115% - compared to 16% for a distribution warehouse like the ones the web giants use. Small pubs, restaurants, and hotels have a 5p lower rate than bigger businesses - but as noted by @libdemdaisy, ministers legislated for up to a 20p discount, that the chancellor chose not to use. Coupled with the elimination of the 40% business rates discount (that Reeves reduced from 70% at last year’s budget), it’s leaving businesses questioning if they’ll be able to survive from April. @PubsAdvisory data shows that the number of pubs in the UK has decreased by nearly 5% in three years, but the average assessed value of the properties has risen by an average of 36.82% per pub. @UKHofficial has found that over the next three years, the average pub will pay an extra £12,900 in business rates, even with the transitional arrangements, while an average hotel will see its bill soar by £205,200. Hospitality entrepreneur @Sacha_Lord said he had "never heard such fear" within his sector. He said the business rates reform announced in the budget was "nothing but a stealth tax" and will mean that early next year there will be "a raft of closures". Shadow business secretary @griffitha said the budget will will "hammer British pubs". Of the chancellor, he said: "She pretended in her budget speech to be supportive, whilst the true detail is that a combination of rate revaluations and scrapping reliefs will leave most pubs paying thousands of pounds more than they cannot afford." @libdemdaisy has written to the chancellor appealing for her to change course and throw hospitality a “lifeline”. Read here: news.sky.com/story/budget-20…