The retail, hospitality and leisure sector is vital to the economy and makes up 25% of businesses in Bankside. As part of a national lobbying campaign, we're calling on the government to #RaiseTheBar and increase the rateable value grant threshold from £51,000 to £150,000, to ensure much needed support gets to more businesses.
These are unprecedented times for our economy at a local, regional and national level. Industry leaders, political figures and Business Improvement Districts are calling on the Government to support businesses within the retail, hospitality and leisure sectors who have a rateable value of more than £51,000.
The retail, hospitality and leisure sector is vital to the UK economy and must be protected at all costs. The retail industry alone generated £394 billion worth of sales in 2019 with 306,655 units across the UK. In 2019, the UK leisure sector reached over £111 billion in sales. The UK hospitality employs over 3.2 million people, that is 11% of UK jobs, making it the third largest sector in the UK, accounting for £130 billion in revenue, 6% of all businesses and 5% GDP.
In London alone, there are 19,000 businesses with a rateable value of more than £51,000 and therefore with no access to the Retail, Hospitality and Leisure Grant. We believe strongly that the Retail, Hospitality and Leisure Grant provision and, in particular, the threshold of £51,000 to be far too low to provide adequate support to these businesses in their time of need. In raising the threshold to £150,000, over 13,000 in London will benefit.
To support the campaign individually whether you work in the sectors or not, you can visit raisethebarcampaign.co.uk and sign up to make a positive change, and sign the petition on Change.org. Make a difference to the retail, leisure and hospitality sectors - businesses we all love and need.
With thanks to our colleagues at Croydon BID who launched the #RaiseTheBar campaign.