As you may be aware, pubs are valued for business rates around the idea of a fair maintainable turnover. An approved guide on the valuation of public houses for business rates has been agreed between the Valuation Office Agency and all five bodies representing pubs, including the British Beer and Pub Association and the Association of Licensed Multiple Retailers. That formula has been agreed, and that is a welcome step that provides more certainty for pub operators over their business rates bill.

It is also worth noting that in the Budget 2016, the Government announced a £6.7 billion business rates reduction package to benefit all ratepayers.  Furthermore, the annual indexation of business rates from the retail prices index to the main measure of inflation, the consumer price index from April 2020.  That will represent a cut every year from 2020 - in 2020-21, that benefit will be worth £370 million, and it will grow significantly thereafter.

Finally, I recognise the valuable role that pubs play in our communities.  They remain at the heart of localities, providing a safe and enjoyable space for people to meet, and I therefore welcome the business rate relief of £1,000 for pubs with a rateable value of less than £100,000, as announced in the Spring Budget.  This will benefit 90% of pubs.