Australia markets close in 4 hours 49 minutes
  • ALL ORDS

    7,535.10
    -8.50 (-0.11%)
     
  • ASX 200

    7,236.10
    -5.10 (-0.07%)
     
  • AUD/USD

    0.7009
    +0.0005 (+0.07%)
     
  • OIL

    67.77
    +1.51 (+2.28%)
     
  • GOLD

    1,785.00
    +1.10 (+0.06%)
     
  • BTC-AUD

    69,674.33
    -1,665.33 (-2.33%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • AUD/EUR

    0.6199
    +0.0012 (+0.20%)
     
  • AUD/NZD

    1.0378
    +0.0006 (+0.06%)
     
  • NZX 50

    12,610.86
    -65.64 (-0.52%)
     
  • NASDAQ

    15,712.04
    -278.76 (-1.74%)
     
  • FTSE

    7,122.32
    -6.89 (-0.10%)
     
  • Dow Jones

    34,580.08
    -59.72 (-0.17%)
     
  • DAX

    15,169.98
    -93.12 (-0.61%)
     
  • Hang Seng

    23,766.69
    -22.21 (-0.09%)
     
  • NIKKEI 225

    28,016.16
    -13.41 (-0.05%)
     

UK to slash business rates for hospitality and retail for one year

·1-min read

LONDON, Oct 27 (Reuters) - British finance minister Rishi Sunak said he would cut business rates for one year for the sectors hardest hit by the pandemic such as retail and hospitality, and tweak the system to incentivise green investments.

Business rates are charged on commercial premises such as shops, offices, pubs and warehouses, based on the value of the property. Business owners have complained for years that the system hands an unfair cost advantage to online retailers such as Amazon.

Sunak's Treasury department has been reviewing the business rate system, which was suspended during the pandemic for the worst-hit sectors, and he told parliament when presenting his budget that there would be a new 50% business rates discount for businesses such as pubs for one year.

Turning to measures aimed at incentivising green investments he added: "We're introducing a new investment relief to encourage businesses to adopt green technologies like solar panels." (Reporting by David Milliken and Kate Holton; Editing by Hugh Lawson)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting