Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of applying a 10p increase in the business rate multiplier for all hereditaments in Greater London with a rateable value of £500,000 or more on business rate income in (a) the City of London and (b) each of the London boroughs in the (i) 2023-24, (ii) 2024-25 and (iii) 2025-26 financial year.

The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.

Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions.  Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.