Business Rates: Retail, Hospitality and Leisure Debate
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Mike Wood
Main Page: Mike Wood (Conservative - Kingswinford and South Staffordshire)Department Debates - View all Mike Wood's debates with the HM Treasury
Business Rates: Retail, Hospitality and Leisure
Mike Wood Excerpts(1 day, 12 hours ago)
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Dan Tomlinson
I thank my hon. Friend for her question and for the engagement that she has carried out with businesses in her constituency, as a strong representative of the businesses and people of Tamworth. The Government set out some significant reforms in the Budget. We lowered the tax rate that is paid by businesses on our high streets by 5p compared with what it would otherwise have been. That means that the tax rate paid by businesses on our high street is a quarter lower than that paid by the very largest businesses, which can afford higher taxes. That is why we rebalanced the system, transferring £1 billion of extra tax revenue from the largest businesses to high street businesses in my hon. Friend’s constituency and across the country.
Mike Wood (Kingswinford and South Staffordshire) (Con)
The tables to which the Minister refers show that the median rateable value for pubs and wine bars is increasing by a third. He visited the Prince of Wales, a pub in his constituency, to help it reopen last spring. Its rateable value is going up from £49,200 to £62,500, which will push it into the higher band and higher bills. When we have the inevitable U-turn, will he ensure that it genuinely delivers lower business rates, and not just for the Prince of Wales in his constituency but for all hospitality venues across the country?