Jeremy Hunt has been urged to freeze business rates again, amid warnings that a multi-billion hike in bills could dent investment and leave many small firms “on the brink”.
Last autumn the chancellor announced a major support package worth £13.6 billion to help businesses still recovering from the pandemic. It included freezing business rates, which usually increase annually, as well as increasing the discount for retail hospitality and leisure businesses from 50 per cent to 75 per cent for 12 months, capped at £110,000 per firm.
However, business rates are now set to increase again next April under the government’s “multiplier”, which is pegged to inflation in September, as measured by the consumer price index.
While inflation fell in July from 7.9 per cent to
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