Chancellor Rishi Sunak has taken steps in today’s budget to support small businesses, many of which face a turbulent 2020 as a result of the economic impact of the coronavirus.
The Chancellor has taken the ‘exceptional step’ of abolishing business rates for SMEs including shops, cinemas, restaurants, museums, art galleries, small hotels, theatres and music venues.
It is hoped the step will provide smaller businesses with much-needed help, protecting their futures and those of their employees.
The move has been warmly welcomed by the Federation of Small Businesses who described the announcement as ‘a positive measure for many small firms in the UK’.
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