Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of (a) business rates and (b) other property-based business taxation on town centres and high streets.

The Government is creating a fairer business rates system that protects the high street. That is why, from April, the Government will introduce new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These new multipliers are worth nearly £1 billion per year and will benefit over 750,000 properties, including those in town centres and on the high street.

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

In addition, at the Budget, the Government announced a support package worth £4.3 billion to help protect ratepayers seeing large bills increases as a result of the 2026 revaluation.

On top of this, pubs and live music venues will benefit from 15% off their new business rates bills from April, ahead of their bills being frozen for two years in real terms.