New Rates Discount Will Breathe Life Back into the Heart of London

Commenting on today’s Budget, Anna Purchas, London Office Senior Partner & Regional Chair, said:

“With its abundance of world leading shops, museums, bars and restaurants, London is set to benefit significantly from today’s announcement that the retail, hospitality, and leisure sectors will enjoy a new 50 per cent business rates discount although some will have been hoping for more major reform. The pandemic brought these sectors to their knees, with many organisations sadly having been forced to close in the last year. The new rates discount will help to kickstart their recovery and breathe life back into London’s centre.

“Furthermore, the increase of the relief the city’s theatres, museums, orchestras and galleries can claim as they invest in new productions and exhibitions until the 31 March 2024, will encourage more visitors to the capital – and not just foreign tourists. Staycations have been a lifeline to the capital’s economy over the past year, and we want to ensure that British tourists keep coming back to help the recovery of the London businesses that entertain and serve us all so well.” 

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