Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an estimate of the potential impact of the changes to business rates announced in the Autumn Statement 2022 on Sheffield City Council revenues.

At Autumn Statement 2022, the Government announced a package of business rates support worth £13.6 billion over the next five years. This includes a freeze to the multiplier for 2023-24 and a Government funded Transitional Relief scheme to support businesses with increasing bills at the revaluation. The Government also announced further relief for the retail, hospitality and leisure sectors and targeted support for small businesses.

All English Local Authorities will be fully compensated for the loss of income as a result of these business rates measures and will receive new burdens funding for administrative and IT costs.