Business Rates: Reform

Treasury written question – answered on 7 June 2022.

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Photo of Steve McCabe Steve McCabe Labour, Birmingham, Selly Oak

To ask the Chancellor of the Exchequer, what discussions he has had with Cabinet colleagues on progress made on reforms to the business rates system.

Photo of Lucy Frazer Lucy Frazer The Financial Secretary to the Treasury

With the conclusion of the business rates review, the Government has delivered meaningful reform and cuts worth £7 billion to business over the next five years.

The review has implemented significant new measures to reduce the burden of business rates on firms, including a freeze in the multiplier and further relief for high street businesses during 2022-23, new support for green technology from 2022, and improvement relief from 2023. 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, reducing the burden of business rates to make the system fairer.

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