(Bloomberg) -- Shares of Britain’s pub operators rallied as Chancellor of the Exchequer Rishi Sunak announced lower taxes on beer in his autumn budget. 

J D Wetherspoon Plc rose as much as 6.4%, the most in more than seven months, while peers Mitchells & Butlers Plc and Marston’s Plc added 5% and 7.1%, respectively. 

Sunak said alcohol would now be taxed according to strength, with the main duty rate cut too. That will mean a lower rate of duty on draft beer and cider, he said.

The budget brought a double boost for the pub trade, with Sunak also announcing a 50% business rates discount for the hospitality and leisure, and retail sectors. 

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