Mark Spencer, Member of Parliament for Sherwood praised the Budget announced by the Chancellor of the Exchequer as a 'Budget that supports Sherwood's Businesses".
In his Budget, Rishi Sunak, the Chancellor of the Exchequer, announced up to a 50% cut to business rates for retail, leisure and hospitality businesses lasting until March 2023.
The Chancellor's decision to cut business rates for leisure, hospitality and retail businesses will be welcomed up and down Sherwood.
Over the next year many local businesses will be looking to build back better and make the most of the business rate cut that the Chancellor has announced. This will mean more investment and local jobs here in Sherwood.
Pubs and restaurants have bore the brunt of the Coronavirus Regulations, and to give them this extra year of business relief will allow many of them to rebuild and invest- meaning that they will be serving happy customers across Sherwood for many years to come.
- Rt. Hon. Mark Spencer MP
Member of Parliament for Sherwood
Further measures announced by the Chancellor of the Exchequer include a more frequent business rate re-evaluation cycle, beginning in 2023.
Support for Pubs
I know that the survival of our locals is an issue close to many of my constituents hearts- including my own. This Budget sets out a series of measures that will help them to rebuild and invest in the years to come. The Government and the Chancellor understood the weight of the challenges facing the industry, and they have acted- decisively.
- Rt. Hon. Mark Spencer MP
Member of Parliament for Sherwood
The Chancellor used his Budget to unveil a series of measures that will benefit our local pubs. As part of his announcement the Chancellor of the Exchequer announced 'Draught Relief', which is a lower rate of alcohol duty on draught beers and ciders. This will particularly benefit 'wet-led' pubs where 75% of their trade is draught alcohol. Draught relief cuts the rate of tax by 5%, which is the biggest cut to cider duty since 1923, and the biggest cut to beer duty for 50 years.
Draught Relief will come into effect from February 2023.
Pubs constitute a much healthier and safer drinking environment than drinking at home- they are also the heart of many communities and therefore it is great to see the Government step in and ensure their survival.
Support for Breweries
Sherwood is the home of some of Nottinghamshire's finest breweries. The Chancellor sought to allow small producers to diversify their product range under 8.5% ABV with a Small Produers Relief, building on the success of Small Brewers Relief. This will offer lower rates for Small Producers of Fruit Ciders and other lower ABV drinks.