Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of increased business rates on grassroots music venues; and what steps they intend to take in response to the open letter sent to the Prime Minister by the Music Venue Trust on 10 December.

At the Budget, the Valuation Office Agency (VOA) announced updated property values from the 2026 revaluation. Music venues are valued in the same way as any other class of non-domestic property, through applying the statutory and common law principles that apply across non-domestic rating.

Some properties, including in the retail, hospitality and leisure sectors, have seen their rateable values increased. This is in part because the last revaluation updated rateable values to align with market values at 1 April 2021 – during the COVID pandemic. This meant rateable values were lower due to the atypical economic situation the pandemic created. This latest revaluation reflects a post Covid world, which has led to significant increases in rateable values for some properties.

To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.