One in four London pubs will miss out on business rates discount
One in four London pubs won’t see the benefits of an improved business rates discount unveiled in the Budget, new research showed on Thursday.
The government will up a planned £1,000 business rates discount for pubs with a rateable value below £100,000 in England to £5000 for one year from April.
However, owing to high property values in the capital, 937 out of London’s 3665 pubs have a rateable value above the threshold.
Alex Probyn at rates expert Altus Group, which compiled the research, said the changes “appear to overlook the plight of higher rateable value pubs”.
Pub owners largely welcomed other updates from the Chancellor, including scrapping a planned increase in duty on beer and spirits.
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Nick Mackenzie, the chief executive of Greene King, said: “The actions announced will enable pubs across the country to invest more, offer better prices and protect jobs.”
But Mackenzie added: “Given the ongoing pressures pub face, I hope the Government will continue supporting our industry in the future.”