Retail and Hospitality Face £2.6 Billion Business Rates ‘Cliff Edge’ Ahead of Budget

Retail and hospitality businesses could face a £2.6 billion rise in business rates this April, tax analysts have warned. Eligible shops, pubs, and hotels can receive 75 percent off their business rates bills until March 31. Announced by the previous Conservative government last year, the business rates relief scheme was estimated to save businesses £2.4 billion in 2024–2025, with a cash cap limit of £110,000 per business. However, the public finances watchdog, the Office for Budget Responsibility, hasn’t included any future discounts into its fiscal forecasts. Firms in the industry could face a total bill of £2.66 billion in business rates, if the inflation rate comes in at 1.9 percent, as projected by economists....