Here are brief outlines of what was announced and links to articles showing more details for each one.
Business rates
More than 750,000 retail, hospitality and leisure properties will be handed permanently lower tax rates as part of the long-awaited reform of business rates.
The move, Reeves promised, meant the lowest rates since 1991 for the majority of pubs and bars, that will be subsidised via higher rates on non-domestic properties worth more than £500,000 – including “warehouses used by online giants”.
There will be a £4.3bn support package to help any business facing a large increase in rates during the next three years.
To read more on this, click here.
Employment
Reeves announced apprenticeships will be “completely free” for people aged under 25.
She also confirmed previous reports that staff wages would rise in terms of the national living wage and the national minimum wage.
Meanwhile, national insurance contributions (NICs) – which were a huge wrench for businesses when they were hit a year ago in employer NICs – will remain unchanged for both employers and staff members.
To read more on this, click here.
Alcohol duty
Duty on alcohol is expected to rise in line with inflation after no mention was made of it in Reeves’ Budget.
The Office for Budget Responsibility (OBR) estimated alcohol duty receipts would increase by 3.4% each year starting from 2025-26 and would reach £14bn by 2030-31.
Many across the industry has previously called for support in the Budget, which included duty cuts.
To read more on this, click here.
VAT
Despite demands for a reduction in VAT for the hospitality industry, Reeves’ Budget gave no news meaning there will be no changes to the VAT rate, the VAT registration threshold or any sector specific support for pubs, bars or restaurants.
Many wanted a 5% VAT cut for hospitality but calls fell on deaf ears.
VAT is forecast to reach around £180bn in 2025 and 2026 and rise to more than £220bn by 2030 and 2031.
To read more on this, click here.
- If you want to see a minute-by-minute live blog on what was announced and when in the Autumn Budget, click here.
