Hundreds of UK pubs, particularly in London, face huge increases to pub business rates which will come into force next April. This announcement comes following the government’s reevaluation.
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Bills will go up by 25.6% on average over the next five years, while central London will see price hikes of up to 40%. As if drinking out in London wasn’t expensive enough – we’re going to be looking at a tenner a pint.
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Mark Rigby, chief executive at CVS, said:
London pubs are set for a business rates shock from next April and I won’t be surprised if we see pints getting even more expensive.
On one hand, these increases are a sign that the capital’s pubs have been in rude health over the past seven years.
However, such a drastic rise in business rates could leave pub operators squeezed and — in severe cases — at greater risk of closure or redevelopment.
The worst-affected pubs will see six-figure increases in their next bill and there are some clear hotspots.
Popular pubs on the Thames riverbank will be hit hard, as will big chains in central locations and near major train stations.
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This is going to have a severe impact on British pubs around the country. If London prices really do end up with a 40% increase, I’m going to give up and become a strict at-home alcoholic. Much more thrifty.
Seems like boozing in general is going to get more expensive in the upcoming months. Thanks to Brexit, gin is getting pricier due to import costs. 2017 is looking pretty bleak right now.
