Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate she has made of the number of retail businesses that will be affected by the (a) business rates reduction for Retail, Hospitality and Leisure properties and (b) higher business rates multiplier in Leigh and Atherton constituency.

The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.

As set out at Autumn Budget 2024, the Government will introduce permanently lower tax rates for retail, hospitality, and leisure properties with rateable values (RVs) below £500,000 from 2026/27. This permanent tax cut will ensure they benefit from much-needed certainty and support. The Government is sustainably funding this by introducing a higher tax rate on properties with RVs of £500,000 and above.

The final design, including the rates, for the new business rates multipliers will be announced at Budget 2025, so that the Government can factor the revaluation outcomes and broader economic and fiscal context into decision-making. When the new multipliers are set, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.