After the Chancellor announced a 50% cut to Business Rates next year for 90% of retail, hospitality and leisure businesses, Theresa Villiers has welcomed the move as a boost for local high streets in Barnet.
Speaking after the Budget, the MP for Barnet said “I have been campaigning for many years in support of struggling high streets and town centres in my constituency. I have been keeping up the pressure on Government to reduce Business Rates. After achieving cuts in the past, I urged the Chancellor again this year to reduce the burden of Business Rates. I am really pleased he has listened on this crucial issue.”
“In addition to a 50% cut in Business Rates for almost all small hospitality and retail businesses, this tax has been frozen for other businesses. New allowances will also mean that businesses are not longer hit with higher tax bills if they invest in green improvements to their premises. Taken together, this package is the biggest cut in Business Rates for 30 years.”
“In a further boost for local high streets, the Budget will see duty reduced on draught beer, giving a helping hand to local pubs who have come under pressure from competition from supermarket alcohol sales. I know that freezing fuel duty for the twelfth year in a row will also be welcomed both by businesses and by families.”
The Budget will provide £150 billion for additional investment in public services and government departments. That includes more money for schools and an £820 million package to support families and early years services. The Budget statement confirmed that resource spending on the NHS and health services will increase from £133 billion a year, at the start of the Parliament, to over £177 billion at the end, an increase of over £44 billion.
The National Living Wage will rise by 6.6% to £9.50 and people receiving Universal Credit will be able to keep more of the money their benefits when they go back into work or increase their working hours.