What does the Autumn Budget mean for the consumer market?

Rates reform and 3p cut on the cost of a pint of beer doesn’t go far enough for hospitality sector

Paul Newman, RSM UK’s head of leisure and hospitality, said; ‘Business rates relief will be welcome news to small independents but the £110,000 cap for multi-site operators is a drop in the ocean, particularly when the sector is facing a perfect storm of cost increases in wages, supply chain and energy bills. These price hikes translate to a 10% plus inflationary burden so the rates reform and 3p cut on the cost of a pint of beer simply does not go far enough to support the sector’s recovery post pandemic.’

Introducing long overdue business rates reform in 2023 is too long for retailers

Jacqui Baker, RSM’s head of retail, said; ‘Business rate reform will be welcome news to small independents, but the £110,000 cap for larger retailers is a drop in the ocean and doesn’t go far enough to support a post-Covid recovery. The Government looks to be trying to encourage retailers to invest by offering business rate improvement reliefs at a time when cash is low and the sector faces a barrage of challenges from wages increases, soaring energy prices and ongoing supply chain issues. Our recent research has shown that almost a quarter of retailers see business rates as the biggest barrier to growth so introducing a fairer business rates system is long overdue and waiting until 2023 to introduce more frequent revaluations is too long.’ 

UK-centric Budget doesn’t go far enough for travel sector

Ian Bell, RSM UK’s head of travel and tourism, said: ‘This UK-centric Budget will be good news for regional airports with the announcement of a lower rate of Air Passenger Duty for UK flights and the extension of the Airport and Ground Operation Support Scheme for a further six months. However, the Government needs to take a more global outlook and increase specific support to the wider travel sector. Stayactions are only part of the puzzle, and without international travel the sector, which has been hardest hit and seems to have been forgotten again, will struggle to recover post-pandemic.’