23.11.2023: UK Music Interim Chief Executive Tom Kiehl has welcomed Chancellor Jeremy Hunt’s decision to extend the 75% business rate discount for another year.
The move was announced in the Chancellor’s Autumn Statement on Wednesday November 22 as part of a package of measures to boost businesses.
Mr Hunt said the scheme would be extended beyond April 2024 for another year for retail and hospitality firms and would save the average pub £12,800. He said the measure had already saved the average small business around £20,000.
Welcoming the move, Tom Kiehl said:
“UK Music is pleased the Government has maintained the 75% business rate discount for hospitality for another year.
“All music spaces, including studios and rehearsal spaces, should benefit from this to ensure creative industries are key sectors for growth.”
Cutting business rates to protect music spaces was one of the key asks of UK Music’s Manifesto for Music which was published earlier this year. You can read the full manifesto here.
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