Issue 152
Budget Does Not “Rebalance Catastrophic Impact of Inflation” www.CLHNews.co.uk
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The measures announced in Chancellor Jeremy Hunt’s spring budget yesterday (March 15) has been met with a mixed reaction from hospitality leaders.
lating costs hospitality and on-trade businesses are currently experiencing, particularly soaring energy costs and no mention of business rate reform.
Mr Hunt has announced that the duty of draught beer in UK pubs will be frozen in a move to help the struggling hospitality and on trade sector.
John Webber, Head of Business Rates at Colliers said: “The Government’s lack of comment on Business Rates in its Budget is desperately disappointing- with no reassurance that it has engaged with the industry -despite the fact the new 2023 Revaluation list becomes live in two weeks’ time.”
The new policy has been dubbed the “Brexit Pub Guarantee” and ensures “pubs will always pay less tax on a pint compared to supermarkets” as a Chancellor plans to “increase the generosity of draft relief”. The Treasury said: “The duty on average strength draught beer sold in pubs across the UK will be frozen. This will help the hospitality sector including pubs and restaurants.”
Colliers has long been campaigning for business rates reform on the grounds that the current system which provides £28 billion (net) for local authority funding is not fit for purpose, overall penalises the retail and hospitality sectors and deters businesses from expanding and investing.
However, there was no mention of any additional support to counter the esca-
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