The announcement today by Rishi Sunak to extend the business rates beyond March 2021 will bring positive news to the High Street as well as to the many businesses benefitting from the relief applied to hospitality, leisure and retail.
“We are pleased to see the Chancellor has provided some certainty for businesses in the retail, leisure and hospitality sectors, by extending the business rates holiday for another 3 months at 100% and an extended discount beyond that for a further 9 months. This extended period will provide businesses with the all-important time they need to recover from the impact of the pandemic and focus on re-opening, without the added pressure and cost burden of business rates. It was announced last week the Government has postponed the business rates review until Autumn and with an extraordinary high multiplier, combined with an unfair transitional relief scheme and historical rateable values, the extended holiday is a lifeline for many businesses in these sectors, particularly those on our struggling high streets.” Commented Rebecca Cook, Head of Business Rates Consultancy at Vickery Holman.
‘While the lockdown roadmap has brought a sense of optimism to many, there are many businesses that will continue to need financial help and funding as they recover from a year of restricted trading. It remains to be seen if our High Streets can recover, while hospitality and leisure will be maximising on the second half of the year to compensate for the severe impact on trading so far in 2021 and 2020.’ Added Robert Beale, Director at Vickery Holman.