£1,000 business rates discount vowed for majority of pubs
Pubs are to be given a £1,000 discount on their business rates under a £435 million package of measures to help firms set to be the hardest hit by this year's revaluation, the Chancellor has announced.
Philip Hammond said 90% of pubs will see their business rate bills discounted by £1,000 this year, while local authorities will get a £300 million fund to help small firms facing the sharpest rises as part of a plan to make the revaluation in April more fair.
Faced with fury from small businesses and threatened revolt by Conservative MPs, Mr Hammond also said there is scope to reform the revaluation process to make it "smoother and more frequent".
Mr Hammond added no business losing small business rate relief will see their bill increase by more than £50 a month next year and it will also be capped in future years.
He said: "Taken together, this is a further £435 million cut in business rates targeted at those small businesses facing the biggest increases, protecting our pubs and giving local authorities the resource to respond flexibly to local circumstances."