| There has certainly been a good deal of improvement. I was pleased to see that, at the Autumn Budget, the Government announced new permanently lower multipliers for eligible RHL properties, helping to rebalance the business rates system. This reduction includes gyms and leisure businesses open to the public, with rateable values below £500,000. As a result, over half of ratepayers will see no bill increases and 23% will see their bills go down from April 2026. This also means most small businesses seeing increases will see them capped at 15%, while businesses paying business rates for the first time will see increases capped at £800.
The Chancellor also announced a permanent 5p cut in the business rates multiplier for over 750,000 RHL properties, funded by a higher tax rate for the most expensive 1% of properties. This is a permanent tax cut worth around £900 million per year, meaning smaller high street businesses will face significantly lower tax rates than those with the largest properties. In addition, more RHL properties will benefit from the wider business rate support package, which is worth £4.3 billion over the next three years.
However, I know that this isn't a silver bullet for our local small businesses, and I understand that many still face intense pressures financially. I continue to use my regular conversations with local business to push for yet further action and I encourage any small business with specific concerns to get in touch.
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