Business Rates: Wholesale Trade
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of its plans for business rates reform on the (a) wholesale sector and (b) (i) number of jobs and (ii) levels of costs in the wholesale sector.
Answered by Dan Tomlinson
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As announced at Autumn Budget 2024, the Government will introduce permanently lower businessrates multipliers for retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000 from 2026/27.
To fund these lower RHL multipliers sustainably, from 2026/27, the Government is also introducing a higher multiplier on properties with RVs of £500,000 and above. The final design, including the rates, for the new business rates multipliers will be announced at Budget 2025, so that the Government can factor the revaluation outcomes and broader economic and fiscal context into decision-making.
The Government has considered the impact of these policies on a range of sectors as part of the policy development process.
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