Extend the business rates holiday for 2020/21 to all businesses, irrespective of sector

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The COVID-19 global pandemic has had a monumental impact on our everyday lives, public health, and global economic prospects. Notwithstanding the terrible loss of life, escalating threat to our health and frontline services, and social distancing measures already introduced, the outbreak has already had a dramatic impact on the UK economy with many businesses already witnessing a dramatic drop in commercial activity. With the threat of the Coronavirus not expected to dissipate any time soon, we are likely to experience a sustained economic downturn with many businesses potentially folding.

The Chancellor and UK government have already introduced an unprecedented raft of measures to support businesses and workers across the country. This includes offering a business rates holiday to all businesses in the retail, hospitality and leisure sectors. However, these are not the only businesses staring down the barrel of the crisis. A major financial burden on companies up and down the country is business rates. Extending the business rates holiday to all businesses for the coming year, irrespective of sector will alleviate one of the principal financial burdens on companies and may prevent many businesses, jobs and livelihoods being lost. Only by implementing this measure will the government fulfil its promise of doing ‘whatever it takes’ to help companies across the country - especially small and medium-sized enterprises.