Pub chain shares rise on reports of government U-turn over business rates – as it happened

People drinking in The Counting House pub, London. Photograph: UCG/Universal Images Group/Getty Images

3.26pm GMT

Closing post

Time to wrap up, on an afternoon when expectations of a business rates U-turn have pushed up pub share prices, and left the rest of the hospitality industry hoping for the same.

As I type, Mitchells & Butlers are now up 3.5%, with JD Wetherspoons up 2.5% and Marston’s gaining 4.4%

Here’s why:

And in other news:

3.21pm GMT

Kate Nicholls, chair of UKHospitality, says:

“The entire hospitality sector is affected by these business rates hikes - from pubs and hotels to restaurants and cafes.

“We need a hospitality-wide solution, which is why the Government should implement the maximum possible 20p discount to the multiplier for all hospitality properties.”