The Chancellor of the Exchequer, Rachel Reeves today presented the Autumn Budget Statement to Parliament, a mixed bag for King’s Road businesses. Relief for retail, hospitality and leisure operators is a welcome step, particularly for independents and mid-sized businesses. However, the introduction of banded multipliers from 2026 will raise costs for anchor tenants and supermarkets. The potential for a tourist tax adds further uncertainty, while rising wages and operating costs, in the context of other looming costs, continue to tighten margins. 

“This Budget offers some relief for King’s Road retailers and hospitality businesses, but the introduction of banded multipliers and the looming threat of a tourist levy pile uncertainty onto already rising costs. These measures risk weakening an industry that is central to the UK’s economy, jobs, and community life. Government must stop loading new burdens onto high streets and instead work with us to deliver a fairer system that protects independent businesses, sustains growth, and ensures King’s Road remains a vibrant destination.” – Steven Medway, CEO King’s Road Partnership.

Here’s your summary of the most important issues facing businesses on the King’s Road: 

Business Rates Reform

• From April 2026 the government will introduce a new banded multiplier system.
• Properties with a rateable value (RV) under £500,000 in the retail, hospitality and leisure sectors will benefit from permanently lower multipliers, set 5p below the national standard multiplier. This replaces the temporary 40% relief (capped at £110,000 per business) that runs until 2025–26.
• RHL roperties under £500,000 and above will face a new high‑value multiplier, set 8p above the national standard multiplier.
• On the King’s Road, virtually every commercial property sits above this threshold, meaning our flagship retailers and premium hospitality venues will be hit hardest. The government knows this, yet has chosen to design a system that punishes the very businesses that contribute most to the UK’s economy, jobs, and international reputation.

Retail, Hospitality & Leisure Relief 

• The 40% discount on business rates for retail, hospitality and leisure is be in place until 2025–26, capped at £110,000 per business.
• From 2026–27, this temporary relief will be replaced by the new permanent lower multiplier for properties under £500,000 RV.
• Smaller boutiques and independent restaurants gain certainty, but flagship King’s Road businesses remain exposed.

Tourist Tax Proposal 

• Consultation runs until February 2026; mayors will then have powers to introduce an overnight stay levy. 

• Boutique hotels and short-stay accommodations could face new charges which may deter international visitors, alongside the lack of VAT-Free shopping. 
• To share your feedback on the consultation, visit the Government website here.

Operating Costs 

• From April 2026, the National Living Wage rises to £12.71/hr. 

• Payroll costs will rise, adding pressure to already tight margins for independents and hospitality operators. 

Our Commitment: 

We stand firmly in our commitment to press the Government to recognise the unique pressures facing flagship destinations like the King’s Road and acknowledge the contribution that it makes to the UK economy. Relief measures alone are not enough when paired with rising rates, capped support, and potential levies. Our advocacy priorities are clear: 

• Freeze on multiplier increases until 2027/28; giving businesses breathing space to adapt and invest, rather than being hit with sudden, steep rises. 

• Exemptions for retail, hospitality and leisure businesses from punitive rate hikes, regardless of business size, recognising that these sectors are the backbone of the King’s Road appeal and should not be penalised for their success. 

• Transparent consultation on tourist levies; ensuring that any overnight stay tax is shaped with direct input from the businesses it affects, protecting London’s competitiveness against rival global cities. 

Our commitment is to fight for a fairer system that protects competitiveness, sustains investment, and ensures the King’s Road’s remains a vibrant destination for residents and visitors alike.