LONDON (Reuters) – Shops, cafes and pubs in England had a reprieve from a jump in business rates next year after British finance minister Rachel Reeves extended a relief scheme introduced during the COVID pandemic.
“I will today provide 40% relief on business rates for the retail, hospitality and leisure industry in 2025-26 up to a cap of 110,000 pounds per business,” Reeves said.
High street businesses have long complained that the rates system penalises them.
According to trade groups UKHospitality and the British Retail Consortium, high street businesses pay more than one third of the business rates collected every year, amounting to almost 9 billion pounds, far more than the sector’s 9% contribution to the overall economy.
The bosses of pubs groups Fuller’s, Greene King, JD Wetherspoon, Stonegate and Young’s and brands like Burger King, Caffe Nero and KFC were named as supporters of campaign to extend relief ahead of the budget.
(Reporting by Paul Sandle, writing by William James, editing by Michael Holden)