Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure the business rates system supports the regeneration of high streets.

The Government has already started the work of reforming our business rates system by introducing new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These new multipliers will benefit over 750,000 properties.

The Government is paying for this through higher rates on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high value multiplier is 33% more than the multiplier for small RHL properties.

The new RHL multipliers replace the temporary RHL relief that has been winding down since the pandemic. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.