The UK government has announced a 20% cut to business rates for struggling pubs, clubs, and live music venues, a move aimed at easing the cost of living crisis. The tax reduction was unveiled on Thursday by new Prime Minister Andy Burnham, who took office on Monday. This is the third major policy announcement from his administration in less than a week.
Earlier, Burnham announced a planned cap on most bus fares in England and the removal of value added tax on household electricity bills. The latest tax cut is expected to save thousands of businesses across the country. Business rates are a local tax paid by companies based on the value of their property.
The government hopes the measures will provide relief to small businesses and hospitality venues that have been struggling with rising costs. Critics, however, have described the cut as a "drop in the ocean" and say more support is needed.
Burnham became prime minister following a recent leadership change. His government has prioritized addressing the cost of living crisis as one of its key goals. Further details on the business rates cut are expected to be released in the coming weeks.