Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make it his to continue business rates relief beyond the 2022-2023 financial year.

The Government has announced a package of support worth £13.6 billion for businesses over the next five years. Together with the revaluation, this package ensures bills will more accurately reflect current market values whilst protecting businesses from large bill increases.

Businesses in the retail, hospitality and leisure sector will receive a tax cut worth over £2 billion in 2023-24. Eligible properties will receive 75% off their business rates bill, up to a cap of £110,000 per business, an increase from the 50% relief last year.

The Government has also committed to freezing the multiplier for a further year, which is a tax cut worth £9.3 billion to businesses over the next 5 years and means all bills are 6% lower, before any reliefs or supplements, than without the freeze.

To protect businesses from large bill increases on 1 April 2023, the Government announced a 3 year Exchequer funded Transitional Relief (TR) scheme worth £1.6 billion. This will support around 700,000 ratepayers in England, as they transition to their new bills. The reformed TR scheme will also allow ratepayers whose rateable values have fallen to benefit from the full reduction in their business rates bills on 1 April by abolishing downwards caps, delivering a key stakeholder ask.

An extended Supporting Small Business (SSB) scheme will provide over £500 million of support over the next three years to businesses losing all or some of their Small Business or Rural Rate Relief, due to the 2023 revaluation, at £50 per month. This is worth five times more than the previous scheme, and will support five times as many properties.