Gov.uk have published the new budget report which was presented previously by the Chancellor. We have summarised top five points you should know about it.
1. Over £1.5 billion to support the high street Small retail businesses will see their business rates bills cut by a third for two years from April 2019, saving them £900 million. Local high streets will benefit from £675 million to improve transport links, re-develop empty shops as homes and offices and restore and re-use old and historic properties. Public lavatories will receive 100% business rates relief. This adds to previous reductions in business rates since Budget 2016 which will save firms over £12 billion over the next five years.
2. Further changes to the apprenticeship levy to support employers From April, large businesses will be able to invest up to 25% of their apprenticeship levy to support apprentices in their supply chain. Some employers will pay half of what they currently pay for apprenticeship training – from 10% to 5%. The government will pay the remaining 95%. We will announce further details on when this will be available in early 2019.
3. Duty on beer, cider and spirits remains frozen Duty on beer, cider and spirits remains frozen.
4. Increasing funding to help departments to prepare for Brexit to over £4 billion The government is providing £500 million of additional funding for departments to prepare for Brexit for 2019-20. This is on top of the £1.5 billion already announced for that year.
5. Fuel duty will remain frozen for a ninth year In 2019, fuel duty will remain frozen for the ninth year in a row, saving the average driver £1,000 since 2010.
For more inforamtion, contact Commercial Property Advisors.
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