Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to reform business rates at the Spring Budget.

At Autumn Statement 2022, the Government announced a package of changes and tax cuts worth £13.6 billion 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, and targeted support for small businesses.

As part of the 2020 Business Rates Review, the Government committed to more frequent revaluations from 2023, which represents significant reform of the system and will ensure that liabilities are more responsive to changing market conditions. The Government is also permanently scrapping downwards caps from Transitional Relief, so that businesses will see the full benefit of falling bills immediately, meeting a key business ask. Alongside the Government’s commitment to more frequent revaluations this represents significant reform and will make the system fairer and more responsive for all ratepayers.