Budget 25: Chancellor makes series of business rate changes

The report said alterations included changes to the multipliers which are used to uprate business rates each year, which will reduce rates for retail, hospitality and leisure properties, and increase rates for high-value properties. The report added that a transitional relief package "will also cap increases following revaluations due in 2026". It added: "There are also extensions to measures which allow certain local authorities to retain a higher proportion of business rates revenue locally." The measures, it said, together reduce receipts by £1.2bn on average between 2026/27 and...