Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the rise in Japanese bond yields on UK markets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Market prices are determined by a wide range of global and domestic factors. The government does not comment on movements in financial markets.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of rateable value increases and changes to business rates relief on a) vacancy rates on local high streets, b) jobs, c) businesses closures and d) price levels.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest. The Valuation Office Agency has published statistics on changes in the rateable value of properties in the 2026 revaluation.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.
The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID. The 40% RHL relief was forecast to cost £1.7 billion in 2025/26, less than the £2.1 billion we are spending on Transitional Relief and Supporting Small Business relief in 2026/27. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
The new RHL tax rates will be 5p below the national tax rates.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral contribution by the Chief Secretary to the Treasury of 3 December 2025, Official Report, column 991, what she held discussions with the Independent Advisor on Ministerial Standards before announcing the investigation.
Answered by James Murray - Chief Secretary to the Treasury
A leak inquiry is now under way and the government does not comment on the details of leak inquiries.
The Independent Adviser for Ministerial Standards has written to the leader of Reform UK and does not intend to investigate this matter.
The Chief Executive Officer of the FCA has written to the Chair of the Treasury Select Committee and the FCA have not launched an enforcement investigation.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral contribution by the Chief Secretary to the Treasury of 3 December 2025, Official Report, column 991, whether the Financial Conduct Authority be involved in the investigation.
Answered by James Murray - Chief Secretary to the Treasury
A leak inquiry is now under way and the government does not comment on the details of leak inquiries.
The Independent Adviser for Ministerial Standards has written to the leader of Reform UK and does not intend to investigate this matter.
The Chief Executive Officer of the FCA has written to the Chair of the Treasury Select Committee and the FCA have not launched an enforcement investigation.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral contribution by the Chief Secretary to the Treasury of 3 December 2025, Official Report, column 991, what the terms of reference are for the investigation.
Answered by James Murray - Chief Secretary to the Treasury
A leak inquiry is now under way and the government does not comment on the details of leak inquiries.
The Independent Adviser for Ministerial Standards has written to the leader of Reform UK and does not intend to investigate this matter.
The Chief Executive Officer of the FCA has written to the Chair of the Treasury Select Committee and the FCA have not launched an enforcement investigation.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral contribution by the Chief Secretary to the Treasury of 3 December 2025, Official Report, column 991, what the planned timetable is for the inquiry.
Answered by James Murray - Chief Secretary to the Treasury
A leak inquiry is now under way and the government does not comment on the details of leak inquiries.
The Independent Adviser for Ministerial Standards has written to the leader of Reform UK and does not intend to investigate this matter.
The Chief Executive Officer of the FCA has written to the Chair of the Treasury Select Committee and the FCA have not launched an enforcement investigation.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral contribution by the Chief Secretary to the Treasury of 3 December 2025, Official Report, column 991, how much funding her Department plans to provide for the leak inquiry.
Answered by James Murray - Chief Secretary to the Treasury
A leak inquiry is now under way and the government does not comment on the details of leak inquiries.
The Independent Adviser for Ministerial Standards has written to the leader of Reform UK and does not intend to investigate this matter.
The Chief Executive Officer of the FCA has written to the Chair of the Treasury Select Committee and the FCA have not launched an enforcement investigation.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of higher rateable values and reduced business rates relief on the number of hospitality closures and empty units on high streets over the next three years.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
The Call for Evidence published at Budget seeks further evidence on the role business rates and reliefs play in investment, including Empty Property Relief.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the removal of business rates relief and business rates revaluation on high street businesses.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many a) pubs, b) hotels, c) restaurants, d) indoor leisure and e) night clubs will have i) increased, ii) decreased and iii) the same business rates from April 2026.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties, including those in the hospitality and leisure sectors as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
For the pubs sector, the increase in rateable values will be 30%, which combined with the loss of the temporary RHL relief would lead to an increase in total bills paid by the sector of 45%. However, due to government intervention, the sector’s total bill will only increase by 4% next year.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.