Chancellor Rishi Sunak on Wednesday announced he will take the “exceptional step” of abolishing business rates for all British business in a bid to help the economy cope with the impact of coronavirus. Chancellor Sunak said the Government had also decided to extend the 100 percent retail discount dor small business as well to ensure they benefit from the measures announced. Speaking to fellow MPs in the House of Commons, Mr Sunak said: “Our manifesto promised that for shops, cinemas, restaurants, and music venues with a rateable value of less than £51,000 we would increase their business rates Retail Discount to 50 percent.
“Today I can go further, and take the exceptional step, for this coming year, of abolishing their business rates altogether.
“But there are tens of thousands of other businesses in the leisure and hospitality sectors, currently not covered by this policy.”
He continued: “Museums, art galleries, and theatres; Caravan parks and gyms; Small hotels and B&Bs; sports clubs, night clubs; clubhouses, guest houses. They would not benefit from today’s measure – but they could be some of the hardest-hit. So for this year I have decided to extend the 100% retail discount to them as well.”
The Chancellor added: “Those measures are on top of plans that I will set out later in this Budget, which provide an additional fiscal loosening of £18bn to support the economy this year.
“That means I am announcing today, in total, a £30bn fiscal stimulus to support British people, British jobs and British businesses through this moment.”
More to follow…