The Chancellor’s announcement in the Budget that 90% of all pubs in England will receive a £1000 discount on business rates bills in 2017 has been praised by Polegate MP, Maria Caulfield.
As well as this, the Chancellor outlined a cut to business rates worth nearly £9bn, which would take out over 600,000 small businesses from paying business rates altogether. Those who still have to pay business rates have been assured that their bill will increase by no more than £50 a month, and the subsequent increase will be capped at either the transitional relief cap or £50 a month, whichever is higher.
A £300m fund has also been promised to target individual hard cases in local areas, so that they are not ignored in these changes.
This is a huge win for the pubs and small businesses in the Lewes constituency, as the Chancellor has deemed it necessary to place protective measures on pubs and small businesses so that they can flourish.
This will consequently stimulate business confidence; which will allow for greater investment, consumption and will lead to economic growth that will more proportionately influence rural areas.
Following the Budget announcement, Maria commented, “I am very pleased that the Chancellor has recognised the huge economic and cultural contributions that pubs and small businesses have on our communities.”
“These reductions in business rates are a signal that the Treasury has faith in small businesses and pubs; and therefore, they should take advantage of these reductions to increase their growth rates and outreach.”