Rishi Sunak has announced huge business rates discount to help support the economy.
Delivering his Autumn Budget, the chancellor said there will be a new one year 50% business rates discount for retail, hospitality, and leisure sectors.
Mr Sunak said this is a tax cut worth almost £1.7bn - and added that, with Small Business Rates Relief, more than 90% of all these businesses will see a discount of at least 50%.
He confirmed business rates would be retained and reformed, telling MPs: “We on this side of the House are clear that reckless, unfunded promises to abolish a tax which raises £25 billion every year are completely irresponsible.”
The Chancellor added: “First, we will make the business rates system fairer and timelier with more frequent revaluations every three years. The new revaluation cycle will be delivered from 2023.”
He went on: “We’re introducing a new investment relief to encourage businesses to adopt green technologies like solar panels. And I’m announcing today that we’ll accept the CBI and the British Retail Consortium’s recommendation to introduce a new ‘business rates improvement relief’.
“From 2023, every single business will be able to make property improvements – and, for 12 months, pay no extra business rates.”
Mr Sunak said his third step would be to cancel next year’s planned increase in the multiplier, adding: “I’m announcing today, for one year, a new 50% business rates discount for businesses in the retail, hospitality, and leisure sectors.”
Mr Sunak said the Budget “cuts business rates by £7 billion”.
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