Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the proposed higher multiplier for business rates on (a) The Underworld, (b) Soul Mama and (c) other grassroots music venues with a rateable value of over £500,000.

As set out at Autumn Budget 2024, the Government will introduce permanently lower tax rates for retail, hospitality, and leisure properties with rateable values (RVs) below £500,000, including grassroots music venues, from 2026-27. This permanent tax cut will ensure they benefit from much-needed certainty and support. The Government is sustainably funding this by introducing a higher multiplier on properties with RVs of £500,000 and above.

The final design, including the rates, for the new business rates multipliers will be announced at Budget 2025, so that the Government can factor the revaluation outcomes, as well as the broader economic and fiscal context into decision-making. When the new multipliers are set, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.