Commenting on the news that beer duty would be cut, Simon Hall, Director and Head of Agency at leisure property specialists Fleurets comments:
"The third successive year of beer duty cut is welcome news for the pub industry. It will have a positive effect on the viability of many public houses presently operating at the margin. There is no doubt that it will help many to avoid closure and local communities paying the costs that invariably follow.
It will be welcomed by customers and appreciated by hard working licensees, as many owners and operators will pass the benefit onto their tenants or directly to their bar pricing.
The other positive elements about this years budget include an increase in the level of personal tax allowance and the abolition of National Insurance costs for employees under 21 years of age and apprentices. Companies should also benefit from a fall in the corporation tax rate.
The beer duty cut will act as a stimulus for economic activity and employment, especially for the younger age range. It has, however, stopped short of delivering the bold action plans it could have adopted. The long overdue overhaul of the inequitable Business Rates system has been mentioned but not dealt with, and the failure to cut VAT, as promoted by Jacques Borels' VAT Club, are missed opportunities to deliver genuine growth.