Newcatle City Centre: Business hopes for tomorrow's Budget.
Stephen Patterson, Chief Executive of Newcastle’s Business Improvement District Company, NE1 Ltd which represents the interests of 1,400 businesses in Newcastle City Centre, has outlined his expectations for tomorrow's budget.
He's told us what tax changes would help the Newcastle business community.
“Hospitality, retail and leisure businesses in Newcastle need to see an extension on the current business rate reduction of up to 75% that was announced in November’s mini-budget. Extra help is still needed for these venues which are the lifeblood of our city centres.
“In the same vein, we call on the Chancellor to reduce VAT for the hospitality industry and add our voice to the campaign led by UKHospitality to reduce VAT rates which are currently the highest in Europe.
“As Newcastle’s profile as a tourist destination increases internationally, it would also be great to see TAX-free shopping return to support the city’s retailers, especially with Euro 2028 just around the corner.
“With the election looming, and reports that the Chancellor will have less fiscal headroom than thought, I fear this budget will be focused on voter tax concessions, as opposed to concessions that will stimulate the economy and economic growth.”