Today, Chancellor Rishi Sunak announced his 2021 Autumn Budget. But what does it mean for Hospitality?
Largely, it’s good news. A 50% business rates discount for the retail, hospitality, and leisure sectors in England has been announced, up to a maximum of £110,000.
After the hardship that the industry has experienced over the last two years, this will be a welcome relief. The discount will apply to all areas of the industry including pubs, music venues, theatres and restaurants.
Liam Norval, CEO of Posh Cockney and Co-Owner of Temakinho UK commented:
“This is a very positive and much needed step for the industry. As a venue owner and someone that works with a number of venues around the UK I know this news will very welcomed.”
There is more good news when it comes to alcohol tax. The planned rise in the duty on spirits, wine, cider and beer has been cancelled, which will be welcome news to any one selling alcohol. There will also be a simplification of alcohol duties, dropping from 15 to 6.
Bubbly drinkers will be celebrating as all sparkling wines will now pay the same duty as still wines of the equivalent strength.
Whilst all of this will only go a small way to helping the Hospitality industry, it is a small step in the right direction