Inflation fell to 1.7% in September, down from 2.2% in August, as reported by the Office for National Statistics. This inflation rate is used to determine the annual increase in business rates in England, which could lead to an additional \u00a348 million burden for hospitality businesses, according to the trade body UKHospitality (UKH). <\/p>\n
This \u00a348 million increase will add to the \u00a3866 million that the sector may face if business rates relief is removed next year, bringing the total impact on the sector to \u00a3914 million in April, they report. UKH indicates that business rates currently constitute about 5% of turnover in the hospitality sector, and without intervention, this percentage could rise significantly, with larger establishments potentially incurring a \u00a333,500 increase in rates.<\/p>\n
UKH is calling on the Chancellor to take action to prevent what they label a ‘cliff edge scenario’ following the end of relief and to establish a lower, permanent, and universal multiplier for the hospitality sector. Kate Nicholls, UKH\u2019s chief executive, stated, \u201cThese inflation figures confirm that hospitality is set for an eye-watering \u00a3914 million tax bill in April, if the Chancellor doesn\u2019t act at the Budget. Business rates must be addressed, or venues at the heart of communities will see their rates bills quadruple and find themselves making terrible decisions about whether to shorten hours, close more days, lay off staff, or even shut down for good.\u201d<\/p>\n
Nicholls further emphasized that a reduced rate of business taxes for hospitality could avoid this dire outcome and help maintain hospitality\u2019s presence on high streets. She added that measures in the Budget could serve as an investment in local economies, fostering job creation and ensuring the longevity of cherished venues.<\/p>\n","protected":false},"excerpt":{"rendered":"
Inflation fell to 1.7% in September, down from 2.2% in August, as reported by the Office for National Statistics. This inflation rate is used to determine the annual increase in business rates in England, which could lead to an additional \u00a348 million burden for hospitality businesses, according to the trade body UKHospitality (UKH). This \u00a348 […]<\/p>\n","protected":false},"author":1,"featured_media":5512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-5511","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-restaurant-news-uk"},"_links":{"self":[{"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5511"}],"collection":[{"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5511"}],"version-history":[{"count":0,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5511\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=\/wp\/v2\/media\/5512"}],"wp:attachment":[{"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/restaurantnews.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}