Rishi Sunak announced huge discounts on business tariffs to help the economy.
When presenting his autumn budget, the Chancellor said there will be a new 50% annual discount on business rates for the retail, hospitality and leisure sectors.
Mr Sunak said this was a nearly $ 1.7 billion tax cut.
He confirmed that business rates would be maintained and reformed, and told MPs, “We on this side of the House understand that ruthless, unfunded promises to abolish a tax that brings in £ 25 billion a year are completely irresponsible. “
The Chancellor added: “Firstly, we will make the tariff system for companies with more frequent revaluations every three years fairer and more timely. The new revaluation cycle will be delivered from 2023. “
He continued, “We are introducing a new investment facility to encourage companies to adopt green technologies like solar panels. And I announce today that we accept the recommendation from the CBI and the British Retail Consortium to introduce a new “Discharge to Improve Business Rates”.
“From 2023 every single company can improve its property – and does not pay any additional business tariffs for 12 months.”
Mr. Sunak said his third step would be to cancel the planned multiplier increase for next year, adding, “I’m giving a new 50% discount today for retail, hospitality and leisure businesses for one year at. ”
Mr Sunak said the budget “cuts business rates by £ 7 billion”.
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