Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will ensure that the proposed higher business rates multiplier for properties with a rateable value of £500,000 or more is index-linked.

The Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure properties, with rateable values below £500,000, from 2026-27.

This tax cut must be sustainably funded, and so the Government intends to apply a higher rate from 2026-27 on the most valuable properties - those with a rateable value (RV) of £500,000 and above. These represent less than one per cent of all properties, but cover the majority of large distribution warehouses, including those used by online giants.

The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.