In Response to The Budget
After an unprecedented time for the hospitality industry, it was encouraging to see that the sector received targeted support in The Chancellor’s Budget last week.
CIC works with customers across the full breadth of the hospitality sector. While we recognise that for some, there are still concerns that the measures may not go far enough to safeguard businesses in the future, there were many immediate positives.
As a key supplier to the industry, news of a new ‘business rates improvement relief’ was welcomed. This essentially means that, from 2023, businesses will be able to make property improvements, and, for 12 months, pay no extra business rates. For example, a hotel adding extra rooms or a restaurant creating additional dining space will not result in additional business rates for a year.
The introduction of changes to the outdated alcohol duty system is a fantastic result for the many wet-led community pubs we work with. Freezing beer duty alone will save £177m and secure 9,000 jobs across the UK. This will go a long way in helping these establishments create employment within their local community.
