Chancellor Jeremy Hunt has announced a business rates support package in today’s Autumn Statement.

Aimed at smaller businesses and the retail, hospitality and leisure sectors, the government is launching a business rates support package worth £4.3 billion over the next five years. The package includes freezing the small business multiplier for the fourth consecutive year and extending relief to Retail, Hospitality and Leisure businesses.

The standard rate multiplier is being uprated in line with inflation and will increase by the CPI level from September 2023, resulting in a 6.7% increase in bills for some retailers.

The announcement does little to assist larger occupiers or those retail, leisure and hospitality organisations with multiple sites. If you need advice on your business rates please get in touch.