Rural business specialists Malcolm Scott Consultants have welcomed continued business rates relief measures announced in the 2023 Autumn Statement by Chancellor Jeremy Hunt.
The measures will provide continued support to the retail sector, meaning that garden centres and farm shops will benefit from extended relief.
Highlights include a freeze on the small business rates multiplier for properties with a Rateable Value of under £51,000.
Chris Primett, of Malcolm Scott Consultants, said: “Rural businesses have battled one challenge after another for the past three years, with the pandemic being followed by hiked energy bills and then a cost of living crisis that immediately impacted their bottom line.
“With the economy remaining a serious concern, this year’s Autumn Statement was an important benchmark for rural retailers, and we are pleased to see that the government continues to put measures in place to support businesses. Rating experts at our sister company Harris Lamb are on top of this and offering vital support to all of the businesses we work with across the UK.”
Andrew Hulbert, Rating advisor for Harris Lamb said “While many businesses have begun to find themselves back on an even keel, the ongoing challenges faced by the retail industry cannot be denied.
“We are delighted that the government has extended the increased retail relief scheme for these businesses introduced last year, which saw the relief hiked from 50 per cent to 75 per cent for the 2023-24 period, up to £110,000 per business. This will now move forward on the same terms for 2024-25.”
Rural businesses wishing to discuss the measures and their impact can contact Chris at email@example.com.