Struggling pubs and live music venues in MK will save an average of £1,100 a year with the Prime Minister’s new business rates cut, city MPs have estimated.

This works out at just over £21 a week – a sum that many publicans have described as “too little, too late”.

Nevertheless, the saving has been welcomed by the three Labour MPs in Milton Keynes, who say it will protect jobs and “vital” community assets.

The 20% business rates cut is part of a series of measures to support the backbone of local high streets, including through reviewing reliefs provided to anti-social businesses, such as vape shops.

Some publicans say the £21 a week saving is not enough

placeholder image — Some publicans say the £21 a week saving is not enough

Prime Minister Andy Boreham has also vowed to cut costs for working people and communities, including electricity bill VAT relief and £2 bus fare cap, to build an economy that works for every postcode.

MK’s MPs Callum Anderson, Emily Darlington and Chris Curtis said: “For too long, the pubs, social clubs, and live music venues that form the backbone of local high streets have been replaced by boarded up windows and for sale signs.

“Nationally, new business rate cuts will benefit nearly 32,000 pubs, clubs and live music venues, saving the typical pub an estimated £1,100 in the next financial year, providing much-needed certainty for businesses looking to invest, grow and create jobs.

“These changes will be fully funded, including through reviewing reliefs for businesses that do not make a positive contribution to local communities, such as vape shops.

“The Government will also crack down on businesses that sell through online marketplaces but do not comply with their tax obligations, putting them at an unfair advantage over businesses that play by the rules.”

The Government is consulting on measures to make online marketplaces more responsible for preventing non-compliant sellers from avoiding their tax obligations and further detail will be set out in due course. Revenue raised from these reforms will be reinvested in improvements to the business rates system.

Emily Darlington, MP for Milton Keynes Central, said: "I'm thrilled to see this commitment from our Labour Government to supporting our hospitality and nightlife industry! Milton Keynes has incredible grassroots venues and local pubs which form an integral part of our city's culture – from the Stables to The Station Tavern.

“Our music venues and pubs are the glue that sticks communities together, a place to spend time with loved ones and meet new people. I'm looking forward to seeing local businesses across MK benefit from this cut to business rates."

Chris Curtis, MP for Milton Keynes North, said:

“I have always championed our local high streets and am delighted to see these measures from the Labour Government. Milton Keynes is home to fantastic pubs and live music venues that bring people together and play a vital role in our communities.

Callum Anderson, MP for Buckingham and Bletchley, said:

"I welcome this support for the hospitality sector. I have heard loud and clear from local businesses that they need more help, and I know that local pubs like The Turing Key, The Three Trees and The Prince George – and many others - are at the heart of our community.