Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the business rates revaluation increased business rates for shops that had a rateable value of (a) above and (b) below £51,000.

The 2023 business rates revaluation will update ratable values to ensure bills more closely reflect the commercial property market and means the burden of rates is fairly redistributed across all non-domestic properties. Total business rates paid by the retail sector is estimated to fall by 20 per cent as a result of the revaluation.

At Autumn Statement 2022, the Government announced a package of changes and tax cuts worth £13.6 billion to ratepayers over the next five years. The package contains new measures to reduce the burden of business rates, including a freeze in the multiplier, extended relief for high street businesses, an exchequer funded transitional relief scheme, and targeted support for small businesses.