Budget reaction: ‘A positive outcome for retail and hospitality’ – the York BID

Andrew Lowson, executive director of the York BID (Business Improvement District) said there were a lot of positives in today’s Budget.

“In general, businesses will be pleased with the announcement.

“It looks like hospitality in particular has been thought about, with the support they are looking to put in place.

“It is a positive outcome particularly for businesses in the retail and hospitality sectors, of which we have so many in York city centre.”

The Chancellor announced the business rates holiday for the retail, hospitality and leisure sectors will continue until the end of June, and will be discounted by two thirds for the remaining nine months of the year.

Andrew thought many businesses would have liked that holiday to extend through the year. “When you speak to businesses, rent and rates are still the two big expenses they talk about.”

And the decision to increase the rate of corporation tax, paid on company profits, to 25% in April 2023 “shows when we will have to start paying all this back”.