Danni Hewson, financial analyst at AJ Bell, comments on the new £1.5 billion pot of Business rates relief announced by the Government today:
“For businesses like those in restaurant supply chains today’s announcement will bring a sigh of relief.
“Though the government has provided much needed help to the retail, leisure, and hospitality sectors throughout the pandemic there have been businesses left struggling. The announcement of an additional £1.5bn in rates relief is exactly the sort of measure many had expected to be announced on ‘Tax Day’ which instead proved to be something of a damp squib.
“There will, though, be frustration that it has taken the government so long to offer this assistance which comes at the 11th hour of a very long struggle and has led to thousands of appeals for discounted rates after the covid pandemic wrought a ‘material change of circumstance’ for so many.”