Published: 27 October 2021
Location: London, UK
*With some small print, a cap of £110k has been put in place.
Today. Wednesday 27th October, Chancellor of the Exchequer Rishi Sunak hands a lifeline to the UK retail, hospitality and leisure sectors with a twelve-month slash in business rates, cutting them by a massive 50%.
This significant business tax cut can be claimed by eligible businesses on their bills up to £110,000. This announcement, a tax cut worth nearly £1.7 billion, is the most significant single tax cut for almost 30 years!
Independent Leisure operators across London & the United Kingdom will benefit from the new rates system announced in October 2021’s budget.
Clarie White, Design + Marketing Director at Why Media, who specialises in the marketing of retail and leisure schemes comments, “This is fantastic news for many of my clients and even more so for the tenants within their schemes. Since the beginning of 2020, the retailers, restaurants, coffee shops, hotels, gyms and cinemas within my client portfolio have struggled considerably so the business rates cut has come as a very appreciated lifeline. This announcement, alongside the business rates improvement relief, which comes into force from 2023, will give my clients the opportunity to continue recovering from the aftermath of Covid-19 and look to a future of hopeful investment within their premises.”
The 50% business rates reduction is also accompanied by the relief of small business rates, which means that over 90% of all UK retail, hospitality and leisure businesses will now see a discount of 50%.
Claire White design + marketing director at Why Media has been working with the retail and leisure sector for 12 years.
Why Media has been providing bespoke design + marketing services to Shopping Centres, Retail Parks and Leisure Schemes across the UK since 2010, working with over 45 individual businesses within these sectors, including Cineworld, Nova Cinema, Pizza Express, Nando’s, Wagamama, Starbucks, Carluccio’s and fantastic independent establishments across Surrey, Kent, Essex, London and Cambridgeshire to name but a few.
The services provided to the retail, hospitality and leisure sectors include, but are not limited to, brand design and repositioning, website design + development, graphic design, video production, photography, social media management, online advertising, print marketing and SEO.
All design + marketing enquiries should be sent by email to firstname.lastname@example.org.
Why Media is a reputable design, marketing, digital communications and PR agency offering tailored solutions to companies on a global scale. We have extensive experience in delivering design and marketing services to a spectrum of companies including professional services, property companies, financial institutions and shopping centres.