Inns and Outs
The Chancellor has set out a three point plan to relieve those affected by rates increases. Firstly 90% of pubs will receive a one off discount of £1,000 in 2017. Secondly, those businesses coming out of small business rates relief will benefit from a further transitional arrangement. Thirdly, a £300m fund is to be established to deliver discretionary relief to specific cases of hardship. For many this will not go far enough; however, a more radical overhaul of business rates was also hinted at. Before the next revaluation, this might involve making the process‘smoother and more frequent’. However, in the medium term, Hammond points to a fairer way to address, ‘That part [of the economy] that does not use bricks and mortar’.