UK PM Burnham to cut business rates for pubs, clubs and music venues
Government Announces Major Business Rate Cuts for Hospitality Sector
Details of the Business Rate Reduction
July 23 (Reuters) - British Prime Minister Andy Burnham will lower business rates for pubs, clubs and live music venues by 20% from April, Downing Street said on Thursday.
Financial Impact on Venues
The cut will save the typical pub about 1,100 pounds ($1,472.35) next year, and will benefit nearly 32,000 venues, the government said.
Funding the Rate Cut
The cut will be funded in part by a review of relief for businesses such as vape shops that "do not make a positive contribution to local communities", the government said.
Additional Government Measures
Crackdown on Non-Compliant Online Businesses
Downing Street also said it will crack down on businesses that sell through online marketplaces but do not comply with tax obligations, and is exploring ways to make online marketplaces more responsible.
Broader Cost-of-Living Initiatives
The announcements come as the new prime minister sets out to ease a cost-of-living crisis through measures such as cutting taxes relating to utilities and capping the prices of bus tickets.
Exchange Rate Information
($1 = 0.7471 pounds)
Reporting Credits
(Reporting by Chandni Shah in Bengaluru; Editing by Muralikumar Anantharaman and Christopher Cushing)
