Business rates cut for venues with rateable value of less than £51k

He estimated this would be a saving of up to £8,000 for 90% of hospitality businesses per year. The Chancellor also announced £675m of co-funding to create a Future High Streets Fund to support councils to draw up formal plans for the transformation of their high streets.

Hammond said: “I know that many small businesses are struggling to cope with the high fixed costs of business rates. Since 2016, we have introduced business rate relief measures worth £12bn and many of these reliefs will have benefited high street businesses but today I can go further.

“At the next revaluation in 2021, rateable values will adjust to reflect changes in rental values but I want to help retail businesses now, so for the next two years up to that revaluation, for all retailers in England with a rateable value of £51,000 or less, I will cut their business rates bill by one third."

Annual saving

He added: “That is an annual saving of up to £8,000 for up to 90% of all independent shops, pubs, restaurants and cafes.”

UKHospitality (UKH) said it was pleased to see the Government had been listening to campaigns for business rate cuts.

Chief executive Kate Nicholls said: "This was a positive Budget for hospitality, recognising and acknowledging our core campaigns. We estimate the measures announced in the Budget as a result of our campaigns are likely to save the trade £750m.

“Hospitality businesses have been devastated by spiralling business rates costs, so steps to address this are welcome. UKH has exhaustively campaigned for support for the sector on business rates, so it is positive to see the Government listening."

Positive steps

She added: “The Chancellor has taken some positive steps to reassure and support hospitality businesses during uncertain political and economic times. We are now calling on the Government to follow this positive Budget with continued support for businesses, as we close in on our withdrawal from the EU.”

The Society of Independent Brewers also hailed the news on business rates and chief executive Mike Benner said: “There is also good news in this Budget via the £1.5bn ‘high street rescue plan’, cutting business rates for most English pubs, craft beer bars and taprooms by a third.

“As the policy only applies in England; brewers, publicans and responsible drinkers in Wales, Scotland and Northern Ireland will want their devolved administrations to back this proposal, too.”