Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with the Secretary of State for Business, Energy and Industrial Strategy about the operation of the business rates system; and if he will make an assessment of the potential benefits for businesses of a reform of the business rates system.

The Final Report of the Business Rates Review was published at Autumn Budget 2021. The report reaffirms the importance of business rates for raising revenue for essential local services and announces a package of changes worth £7 billion over the next 5 years.

The review has implemented significant new measures to reduce the burden of business rates on firms, including a freeze in the multiplier, new support for improvements and green technology, and further relief for high street businesses. The Government is committing to more frequent revaluations, which represents significant reform of the system and will ensure that liabilities are more responsive to changing market conditions. This addresses a key ask of stakeholders for more frequent revaluations, and to reduce the burden of business rates to make the system fairer.

As with all elements of tax policy, the Government keeps this under review.