Matt Vickers MP led a successful campaign, backed by 39 other MPs, to have the Business Rates Relief extended.
Chancellor Jeremy Hunt announced in his Autumn Statement on Wednesday (November 22nd) that the Business Rates Relief, which cuts Business Rates for shops, restaurants, pubs, cinemas, music venues, hospitality and leisure businesses by 75%, would be extended for a further year, until March 2025.
Matt wrote to the chancellor, with signatures from 39 other MPs, ahead of the Autumn Statement to ask for the relief to be extended, citing its success in providing significant support to businesses since its implementation in November 2022.
The letter also highlighted the detrimental effects businesses in the retail, leisure and hospitality sectors, would face should the relief not be extended, including rising energy bills and wage costs.
The relief will save the average independent pub over £12,800 next year and was warmly welcomed by various trading bodies, associations and figures within the retail, leisure and hospitality industry.
Matt Vickers MP said:
It is fantastic to see the Government extending the 75% business rates discount for retail, hospitality and leisure businesses for another year.
This will save the average community pub over £12,800 next year.
I am glad to see the Government and the Chancellor acknowledging the role that pubs and high street shops play in our local communities and I would like to thank the other 39 MP's who joined me to publicly to support this important campaign.
Chancellor Jeremy Hunt MP said:
Following extensive discussions with the FSB and many colleagues in this House, I have also decided to extend the 75% business rates discount for retail, hospitality and leisure for another year.
This will save the average independent pub over £12,800 next year and, at a cost of £4.3 billion, is a large tax cut that recognises the role of pubs and high street shops in our communities.
I thank my hon. Friends the Members for Stockton South (Matt Vickers), for Barrow and Furness (Simon Fell) and for East Devon (Simon Jupp) for their tenacious campaigning on this issue.
Emma McClarkin OBE, British Beer & Pub Association CEO, said:
Thank you to Matt Vickers & all MPs who have signed the letter to support the extension of the vital business rate relief providing much-needed breathing room for pubs across the country. Ending that support would have had a devastating effect on our communities.
