Some early Christmas cheer for the UKs struggling High Streets announced in the Queen’s Speech. Smaller shops will benefit from the changes and reduction in business rates – which aims to help them compete with bigger retailers an online giants
The Government has confirmed in the Queens Speech that small businesses will see their business rates reduced next year with Pubs, cinemas and shops set to see business rates slashed.
The bill will aim to support Britain’s struggling High Streets with a series of new measures that aims to ease the burden on small businesses. Smaller shops will benefit from the changes – which aims to help them compete with bigger retailers an online giants. The 50% discount – announced as part of the Queens’ speech – is targeted at retailers. Meaning shops, restaurants, hairdressers, and pubs will all benefit.
The government claim that nine out of 10 independent firms will qualify for the relief, which is available to retailers with a rateable value below £51,000 – giving them a saving of up to £12,500 in total.
For the first time, independent cinemas and music venues will also qualify, in a bid to safeguard local entertainment.
A current £1,500 relief for local newspapers will also be extended by another year, to help keep 150 titles going.