With ministers claiming the measures could save the average pub around £1,100 annually, the announcement forms part of a wider package aimed at supporting local communities and reducing cost pressures on businesses.
In response to the announcement, Madeline Porter, Head of Marketing at Utility Bidder, said:
“Any measure that eases financial pressure on hospitality businesses will be welcomed by operators across the UK. Pubs, bars and live music venues continue to face a challenging trading environment, so a reduction in business rates is a positive step towards supporting some of the businesses that play an important role in local communities.
However, for many venue owners, a saving of around £1,100 a year is unlikely to offset the wider cost pressures they continue to face. Energy bills remain one of the most significant overheads for hospitality businesses.
While tax relief can provide short-term breathing space, businesses are increasingly looking for longer-term ways to control costs.
We’ve seen many hospitality businesses save substantially more through effective energy procurement and efficiency measures than through individual tax interventions alone. That’s why support for the sector should be viewed holistically, combining tax relief with measures that improve business confidence, reduce energy costs and encourage investment.
Today’s announcement is a welcome signal that the Government recognises the importance of hospitality to local economies. The next challenge will be ensuring businesses receive the wider support they need to remain profitable, invest in growth and continue serving their communities in the years ahead.”
At Utility Bidder, we help hospitality businesses take control of their energy costs by comparing suppliers, securing competitive contracts and identifying opportunities to improve efficiency.
To find out how your business could reduce its energy spend, speak to one of our energy experts today.
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