Coronavirus and Government Announcements - An update for our many tenants, owners, landlords and potential buyers in the retail, leisure and hospitality sectors
19th March, 2020The Chancellor, Rishi Sunak, announced on Tuesday evening (March 17th) that all retail, hospitality and leisure sector firms will be exempt from paying business rates for 12 months in a bid to help ease the financial damage caused by the coronavirus outbreak.
In the budget the Chancellor had already announced that all hospitality and retail businesses with a rateable value of less than £51000 will be eligible for 100% rate discount for 12 months. This has now been extended to firms of any size as the government seeks to help protect high street and hospitality sector businesses and jobs.
Businesses in the retail, hospitality and leisure sectors operating from premises with a rateable value of between £15000 and £51000 will be able to access grants of £25000.
Grants to small businesses eligible for Small Business Rate Relief have increased from £3000 to £10000.
It was also confirmed that the government advice to avoid pubs, clubs and theatres etc.. is sufficient for businesses to claim on their insurance where they have appropriate business interruption cover for pandemics in place.
Just as this article goes on to our website on Thursday afternoon (March 19th) the government have also confirmed that interest rates have been cut from 0.25% to 0.1% - the lowest in the Bank of England’s 325 year history.
Mike Nightingale, partner at Miller Commercial, commented : ‘These measures, including today’s interest rate cut, will be very welcome news for our many owners and tenants who operate in the retail, leisure and hospitality sectors.
Lots of people in Cornwall and the South West are employed in the leisure and hospitality sectors so hopefully these moves will not only help protect businesses but those who work within them.
At Miller Commercial we remain fully operational, with most of our staff already set up to work from home, and are available to provide help and advice where we can. Please call us on 01872 247000 or email us via email@example.com ‘