U.K. government throws retail, hospitality sectors a lifeline

The United Kingdom’s retail and hospitality sectors have been thrown a lifeline by a commitment from the U.K. government to cut business rate taxes during the next five years.

New U.K. finance minister Jeremy Hunt has said that there will be as much as £14 billion (€16.6 billion) of business rate tax cuts, which will mean that nearly two-thirds of businesses will not pay any more in tax on their properties next year, when a scheduled revaluation scheduled. The move is expected to benefit many high street retailers and restaurants in the United Kingdom.

“Prices are rising around the world, made worse by Putin’s war in Ukraine, and shops and businesses are facing these costs head on,” said the UK government in a statement released on Nov. 17, about a general overhaul of the country’s tax and spending plans. “From 1 April 2023, many businesses will be facing new business rates bills too, following new valuations of their properties to reflect more recent ma