Good news for the hospitality industry, as chancellor Jeremy Hunt in the Autumn Budget confirmed that business rates relief for hospitality will be extended for a further 12-months.

It represents a continuation of the 75% discount for hospitality which was broguht in amidst the pandemic in 2020. This allows businesses to claim relief up to £110,000, saving the average pub around £13,000 per year.  

This extension is despite warnings from the chancellor that it is "not possible to continue with temporary support measures forever". In announcing the extension, Hunt pointed to "the role of pubs and high street shops in our communities", recognising the positive impact that the hospitality trade has on attracting consumers to town centres and community hubs. 

The small business multiplier has also been frozen for a further year, however the standard business multiplier will increase by 6.4%.

Commenting on the statement, Tom Collins, Sales Director at Think Drinks: "This extension will no doubt help hospitality businesses up and down the country. We're delighted to see that the hospitality industry is being recognised as one of the pillars of the high street and we are sure bar owners and the like are pleased with the news". 

"Further, freezing the small business multiplier will be beneficial to those most in need and help them continue trading. We should be mindful however of the impact of the standard multiplier rising by 6.4%, as this will influence consumer prices and inflation."

There will also be a freeze on alcohol duty. Hunt told the House of Commons: "For many, going to the pub has become more expensive. I'm confirming our Brexit pubs guarantee, that the duty on a pint is always lower than in the shops, and I've decided to freeze all alcohol duty until August 1 next year."

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