Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will increase the speed at which reforms are conducted to the business rates system.

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

The Non-Domestic Ratings Bill is currently passing through the House of Lords. The Bill will give Government the power to introduce permanently lower tax rates for high street retail, hospitality, and leisure properties, with rateable values below £500,000, from 2026-27. This permanent tax cut will ensure that they benefit from much-needed certainty and support. The rates for these new multipliers will be set at Budget 2025 in light of the outcomes of the revaluation.

At the Autumn Budget, we also published a Discussion Paper setting out priority areas for business rates reform and inviting stakeholders to co-design a fairer business rates system. Engagements are ongoing, and any further reforms will be phased over the course of the Parliament to minimise disruption for businesses.