BUDGET Breaking: Ian Mean analyses the budget for businesses

By Ian Mean Business West Gloucestershire director
Ian Mean GFirst LEP 2021

“The Chancellor pulled a rabbit out of his Budget hat for business with help on Business Rates for the hard hit retail and hospitality businesses.

‘We expected little from him on the much criticised Business Rates system, but Rishi Sunak had some welcome news for the High Street with a 50% reduction in rates over the next year up to £110,000.

“The Chancellor said that the total take from Business Rates–£25 billion-could not be replaced at the risk of lots of public services being hit but government was now working on a reform package for what business has always regarded as an iniquitous tax.

“There will now be a revaluation of  business premises every three years which will be very welcome by business who have complained that their properties have not been re-rated for many years.

“Business will also be pleased by the decision to cancel any rise in fuel duty.

“And for pubs so badly hit by the Covid pandemic, there was good news in the reduction of draft beer and cider duty.

“Business will also benefit by the increase in government support for Research and Development with the budget of Innovate UK being increased by 50% to £1billion and total investment increased to £20 billion .

“It gave the Chancellor the chance to claim that we were now well and truly becoming a Science and Technology Superpower.

“This was a better Budget than business expected with the welcome news for Business Rates reform at long last plus the  announcement of the year reduction for retail, leisure and hospitality.”