To ask the Chancellor of the Exchequer, whether he has had recent discussions with relevant stakeholders on reducing the headline rate of business rates.
14 September 2022
The most recent review of business rates concluded at Autumn Budget 2021. The review reaffirmed the importance of business rates for raising revenue for essential local services and announced a £7 billion package of measures to support business over the next 5 years.
This includes a freeze to the business rates multiplier in 2022-23, which will support all ratepayers, large and small, meaning bills are 3 per cent lower than without the freeze. The Government has also introduced a new temporary relief for retail, hospitality, and leisure in 2022-23, worth almost £1.7 billion to the sector. These measures will support the businesses that make our high streets and town centres successful.
As with all taxes, HM Treasury keeps business rates under review.