Drinkers in London and other areas have been warned they could face huge increases in the cost of their pint early next year, according to Evening Standard data.
The reason? Some rather big and unpleasant rises in business rates for pubs and bars coming down the pipe in 2017.
Pubs in London and other areas could see rates increased by a quarter starting in April when the Government imposes its re-evaluation.
There’s even worse news as some pubs in the capital could see the amount they pay in rates go up by 40 per cent over the next five years.
Sorry Nige…
That can only spell increases in the cost of already-sky-high beer prices for drinkers who probably already pay up to £5 for a pint at their local watering hole.
Some pubs in boroughs like Westminster will see an average rise of 43.2 per cent closely followed by Camden with 39.8 per cent and Southwark at 36.4 per cent.
It could be better news if you sip your ale in Barking and Dagenham which is set for a 4.4 per cent cut in rates.
Mark Rigby, chief executive at CVS, said: “London pubs are set for a business rates shock from next April and I won’t be surprised if we see pints getting even more expensive.
“On one hand, these increases are a sign that the capital’s pubs have been in rude health over the past seven years. However, such a drastic rise in business rates could leave pub operators squeezed and — in severe cases — at greater risk of closure or redevelopment.
“The worst-affected pubs will see six-figure increases in their next bill and there are some clear hotspots. Popular pubs on the Thames riverbank will be hit hard, as will big chains in central locations and near major train stations.”
London might be the worst-affected area, but it’s certainly not the only place, with a national average increase of around 10 per cent.
Not great news unless you don’t mind sitting at home in front of the telly every weekend with a crate of cheap lager.
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