Following the Chancellor’s budget last week, Pub owners are breathing a sigh of relief after claims to support British pubs. The budget lays out plans to increase business rates, but the Chancellor intends to lessen the impact of pubs.
The Spring Budget 2017 was laid out by Chancellor of the Exchequer Phillip Hammond. With the United Kingdom intending to leave the European Union, the Chancellor’s budget was important to understanding how Britain will be hoping to deal with the exit. The Chancellor’s budget is intended to provide Britain with the tools it needs for a brighter future. The budget included increased money for social care and new projects to support A&Es. However there will be an increase in National Insurance for the self-employed and an increase in business rates, with discretionary funds for the hardest hit businesses.
Bruce Fowler, who is a ratings expert at Burton Knowles has mentioned that landlords will be relieved with the news of the budget. Although the economy is relatively strong at the minute, many pubs around the UK are still struggling because of previous uncertainty. Many pubs have unfortunately had to close due to the economic environment of the recent past.
Burton Knowles a national property consultancy that has been established for over 150 years. The company has 13 offices around the UK including Gloucester, Worcester, Bristol, Plymouth, Cardiff, Guilford, London, and Manchester. The consultancy company offers a wide variety advice over many sectors including building consultancy, compulsory purchase and compensation, estate strategy, agency and development consultancy as well as professional skills such as valuation, and lease renewals. It is because of this diversity in expertise in property management that Bruce Fowler has released a response about the business rates for pubs. The Government has pledged in its budget to offer discounts up to £1,000 for pubs that are less than £100,000 rateable value. It is thought that nearly 90% of pubs in the UK will qualify for the discount. This is encouraging, as it means that the English village life, where the pub is a community hub should be supported.