Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of providing further business rate reliefs to support (a) small businesses, (b) other businesses, (c) high streets and town centres and (d) local authorities.

At Autumn Statement 2022, the Government announced a package of changes and tax cuts worth £13.6 billion over the next five years, including:

• a freeze to the business rates multiplier for 2023-24, a tax cut worth £9.3 billion over the next 5 years, meaning all bills are 6% lower than without the freeze;
• an increased 75% relief for Retail, Hospitality and Leisure (RHL) properties, up to a cash cap of £110,000 per business for 2023-24. This is a tax cut worth over £2 billion for around 230,000 RHL businesses, to support the high street and protect small shops.

• an Exchequer funded Transitional Relief scheme worth £1.6 billion to protect an estimated 700,000 ratepayers facing bill increases due to increases in rateable value. The Government has announced that it will permanently scrap ‘downwards caps’ which had restricted falling bills in previous schemes. This will benefit around 300,000 ratepayers who will see their full bill decrease from April 2023.
• providing over £500 million of support over the next three years with a new Supporting Small Business scheme. This will cap bill increases to £50 per month (£600 per year) for businesses losing some or all of their Small Business or Rural Rate Relief due to the revaluation.

Decisions on future business rates support will be made in due course.