Torbay’s MP, Kevin Foster, has welcomed the Chancellor’s announcement in today’s budget for a one year 50% business rates discount in the crucial hospitality sectors here in the bay. Any eligible Torbay businesses, such as pubs, gym’s, cinema’s, restaurants and hotels can claim a 50% discount off their bills, up to a maximum of £110,000 per business,
Overall, this will reduce the burden of business rates in England by £7 billion over the next five years, alongside a commitment to modernise the business rates system with more frequent revaluations every three years.
Commenting, Kevin said:
“With many high streets shops, café’s, restaurants etc across the bay still attempting to recover to pre-pandemic levels, today’s announcement will be very welcome, and I am sure the public will support cutting business rates to support their local retailers.
I have met and spoken to many local businesses here in the bay in recent months and a business rates reduction has come up time and time again, so today’s announcement is an example of how we have listened and responded to local businesses concerns.”
