Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the proposed higher business rates multiplier for properties above £500,000 on cultural venues.

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 cultural venues with rateable values below £500,000. These new tax rates are worth nearly £900 million per year and will benefit over 750,000 properties.

These new tax rates must be sustainably funded and so the Government is also introducing a higher rate on properties with rateable values of £500,000 and above. This represents around only 1 per cent of properties.