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Business: Urban Areas

Question for Treasury

UIN 38442, tabled on 22 July 2021

To ask the Chancellor of the Exchequer, what fiscal steps he is taking to support high street businesses to recover from the covid-19 outbreak.

Answered on

9 September 2021

To support high street businesses in response to the pandemic, the Government provided an unprecedented business rates holiday for eligible retail, hospitality and leisure properties in England. This meant eligible properties paid no business rates for 15 months from 1 April 2020 and, thanks to the new 66% capped relief which took effect on 1 July 2021, over 90% of eligible businesses are estimated to see a 75% reduction in their business rates bill across this entire financial year to next April.

The Prime Minister also launched a strategy for the high street in July to transform town centres into vibrant places to live, work and visit. Derelict buildings will be transformed, streets will be cleaned up, and communities across the UK will be given the chance to own their local pubs, theatres, sports grounds and corner shops. 15 Town Deals worth £335 million to revitalise towns across England were also confirmed.

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