As the UK hospitality sector braces for the termination of business rates relief on 31 March, a staggering financial burden looms. Without government intervention, hospitality venues across the nation face an impending £928 million hike in business rates come April. This could see individual venues grappling with fourfold increases in their operational costs – a dire prospect for an industry still recuperating from recent economic shocks.
Advocacy for Change
In response, UKHospitality, the industry’s leading trade body, has stepped up its call for the Chancellor to adopt a new, lower, permanent, and universal business rates multiplier in the upcoming Budget. This plea aims to cushion the sector against the harsh financial impacts forecasted with the relief’s expiration. The proposed multiplier adjustment is seen as a critical measure to level the playing field between physical establishments and online businesses, which currently enjoy significantly lower rates.
Capcon’s Involvement
At Capcon, we have taken proactive steps to support our industry by engaging directly with policymakers. We have articulated the concerns of the hospitality sector in a detailed letter to our local MP, advocating for thoughtful consideration and supportive action in the upcoming Government Budget. Our correspondence outlined the stark realities facing the industry and underscored the necessity of reforming the business rates system to foster a fairer economic environment for hospitality businesses.
This proposed reform is more than a financial imperative; it’s a lifeline for thousands of venues that enrich our communities and drive economic activity. Ensuring the sustainability and growth of this sector is crucial, not just for business owners but for the wider economy.
Call to Action
We urge every stakeholder within the hospitality industry to join us in this critical dialogue. By voicing our collective concerns, we can influence a more equitable policy framework that supports the hospitality sector’s long-term viability and prosperity. Engage with your representatives, share your stories, and help advocate for a resolution that prevents the looming financial crisis threatening our industry.
Together, we can work towards securing a stable and thriving future for hospitality in the UK. For more information on how you can contribute to this advocacy effort, visit the UKHospitality website and write to your local MP to express your support for the proposed changes.
Get involved: Use UKHospitality’s editable tool to write to your MP and make your voice heard
