Music Venues: Business Rates
The question
To ask the Chancellor of the Exchequer, with reference to the Autumn Budget 2024, published on 30 October 2024, HC 295, what assessment she has made of the potential impact of changes to business rates relief on grassroots music venues.
Answered by James Murray
The Government is committed to supporting the creative industries, which play a key role in driving economic growth, contributing £124.6bn GVA in 2022 and supporting over 2 million jobs.
At the 2024 Autumn Budget, the Chancellor set out plans to transform the business rates system over the parliament, including an intention to introduce permanently lower tax rates for high-street Retail, Hospitality and Leisure properties – like grassroots music venues - from 2026-27. Permanently lower tax rates will provide certainty for RHL properties, ending the cliff-edge created by the temporary 1-year RHL relief that has been repeatedly rolled over since the pandemic.
In the interim period, for 25-26, the government has extended RHL relief at 40% and frozen the small business multiplier. This is a package worth over £1.6 billion in 2025-26, aimed at supporting the smallest properties.
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