Over a thousand Cotswold businesses in the retail, leisure and hospitality sectors will benefit from a total of over £7.6 million in relief on their Business Rates in the 2023/24 financial year.
Deputy Leader and Cabinet Member for Finance, Mike Evemy said, “It’s been a tough few years for business. The pressures of the pandemic have been closely followed by the cost of living crisis. The retail, leisure and hospitality sectors aren’t just affected by a direct increase in operating costs, due to rising utility bills and inflation, but also the impact of customers having less money in their pockets.
“The Business Rate relief scheme provides some assistance with the economic pressures they are facing. Our local pubs and high streets are essential in rural communities like ours and this relief will go some way toward helping them safeguard the services they deliver in towns and villages across the district.”
Business Rate relief, provided by the government and administered by Cotswold District Council, recognises ongoing difficulties businesses face as well as longer-term challenges that continue to face the retail, leisure and hospitality sectors.
Many high streets are still recovering from the impacts of the pandemic, whilst also going through a period of transition and evolving in response to changing consumer preferences, particularly the shift to online trading.
Eligible businesses will receive 75% business rate relief up to a maximum of £110,000 per business. The relief will be applied from 1 April 2023 and will be applied to businesses’ 2023/2024 liability. Eligible businesses will see the reduction included in their annual business rate demand notice.