Treasury written question – answered at on 13 November 2025.
Rebecca Smith
Opposition Assistant Whip (Commons)
To ask the Chancellor of the exchequer, what assessment her Department has made of the potential impact of its plans for business rates reform on the (a) wholesale sector and (b) (i) number of jobs and (ii) levels of costs in the wholesale sector.
Dan Tomlinson
The Exchequer Secretary
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As announced at Autumn Budget 2024, the Government will introduce permanently lower businessrates multipliers for retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000 from 2026/27.
To fund these lower RHL multipliers sustainably, from 2026/27, the Government is also introducing a higher multiplier 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.
The Government has considered the impact of these policies on a range of sectors as part of the policy development process.
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
