Experts at Colliers have ‘applauded’ Chancellor Jeremy Hunt’s move to reform the way business rates are charged.

Hunt froze the business rates ‘multipliers’ at 49.9p (small business) and 51.2p (standard size business).

He introduced a relief scheme to ensure no small business faces a bill increase greater than £50 per month for 2023-24 after losing eligibility for rate relief.

A transitional relief scheme to limit bill increases caused by changes in rateable values was also announced as part of the Autumn Statement.

John Webber, head of business rates at Colliers, says: “The Government seems finally to have listened to our concerns, and at last provided a major shot in the arm for the high street.

“The removal of the downward phasing of rates bills in particular will mean they will more accurately reflect the values of these properties.”

The Government says the changes to business rates costs are worth £13.6 billion over the next five years.

‘Finally listened’

A revaluation of business rates has also been carried out and estate agents with high street offices can now find how much they will pay.

There will be no ‘downward transition’ for those businesses whose rateable value have decreased following the revaluation. Instead, ratepayers will see reductions to their rate bills immediately.

“I take my hat off to the Government. This is a major boost to the high street”

Webber says: “It is with massive relief that the government has finally listened to us and other industry bodies about out-of-control business rates rises following the next revaluation.

“I take my hat off to the Government. This is a major boost to the high street and to businesses in general and a fair appreciation of the economic situation.”