A group of thirty-seven Tory MPs have written to Chancellor Jeremy Hunt, urging him to extend the 75% business rate relief scheme for the hospitality and leisure sector. The scheme, which is worth up to £110,000, is set to expire in April.
Save Our Sups Campaign Calls for Continued Support
The MPs' intervention comes as HOAR's Save Our Sups campaign also demands continued support for the sector into next year, as well as the freezing of alcohol duties. Tory MP Matt Vickers highlighted the challenges faced by companies due to high energy costs and increasing wages, stating that the relief scheme has been a lifeline for many businesses.
Protecting Essential Businesses and Jobs
Vickers emphasized the importance of protecting businesses that are essential to local communities and provide a significant number of jobs. He urged the government to extend its support, stating that the expiry of the relief scheme would have a huge and irreversible impact.
Impact of Removing Rates Relief
A survey by UKHospitality revealed that if rates relief were removed, 66% of businesses would reduce investment, 61% would raise prices, and 41% would reduce opening hours. The sector is calling for continued support to avoid these negative consequences.
Freezing Alcohol Duty to Boost Sales
Wine and spirit businesses are also calling on the Chancellor to freeze alcohol duty in the Autumn Statement. Recent data shows a decline in sales, with a 20% drop in spirit sales and a double-digit drop in wine sales in the last 28 days. This decline follows a significant duty increase on August 1.
Miles Beale, Chief Executive of the Wine and Spirit Trade Association, argued that duty rises are counterproductive and lead to reduced sales, resulting in less revenue for the Exchequer. He highlighted the ongoing cost of living crisis faced by consumers, who cannot afford to stretch their budgets further.
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