To ask Her Majesty's Government what plans they have to reduce business rates for UK manufacturers over the next 12 months.
Answered on
4 July 2022
The Government has frozen the business rates multiplier for 2022-23, which will support all ratepayers and is a tax cut worth £4.6 billion to businesses over the next 5 years.
At Autumn Budget 2021, new business rates support for green technology was announced, worth around £170 million over the next five years. In addition, the Government is bringing forward the implementation of these measures by one year, starting from 1 April 2022. This will enable businesses to invest in energy efficiency and clean heat, and support the security of energy supply. Overall, this will save businesses an extra £35 million in 2022-23.