Retailers and other businesses in hospitality and leisure have been granted an extension to the business rates holiday to June.
The holiday was due to end this month but now the Chancellor, Rishi Sunak, has afforded these High Street businesses a further three months free of business rates.
Sunak’s confirmation of the extended exemption came during the Budget announcement, made today in the House of Commons.
From June onwards, retailers will enter a six-month period during which rates will sit at two-thirds of the usual amount, up to a maximum of £2 million for closed businesses.
The British Independent Retailers Association (Bira) had previously appealed to the Chancellor to make the extension of business rates relief a ‘top priority’ in his plan for economic recovery after the coronavirus crisis.