I fully recognise the importance of the night-time economy and have been reassured that the Government continues to support this industry as well as the wider hospitality sector.
At Autumn Statement 2023, the Government announced a business rates support package worth £4.3 billion over five years to support small businesses and the high street. The small business multiplier will be frozen for a fourth consecutive year, and Retail, Hospitality and Leisure relief will be extended, ensuring the most vulnerable businesses continue to be supported. A third of properties in England have already been taken out of rates completely through Small Business Rates Relief.
The Government is also making full expensing permanent, representing the largest business tax cut in modern British history. This means the UK will have not just the lowest headline corporation tax rate in the G7 but also its most generous capital allowances.
These measures are in addition to the Energy Bill Relief Scheme, which provided £7.4 billion to businesses; the Energy Bills Discount Scheme, which provides a baseline discount on energy bills until the end of March 2024; the increased Employment Allowance of £5,000, which takes the smallest 40 per cent of businesses out of paying any National Insurance at all; and setting the Annual Investment Allowance at £1 million permanently.
I believe this is a comprehensive package of support which is helping protect businesses such as pubs, cafes, and nightclubs.