Business Rates: North East Hampshire
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the new business rates multiplier system on High Street businesses in North East Hampshire.
Answered by Dan Tomlinson
The Government has already started the work of reforming our business rates system by introducing new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties.
The Government is paying for this through a high-value multiplier on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high-value multiplier is 33 per cent more than the multiplier for small RHL properties.
The new RHL multipliers replace the temporary RHL relief that had been winding down since the pandemic. Unlike RHL relief, the new multipliers are permanent, giving businesses certainty and stability, and there is no cap, meaning all qualifying properties on high streets across England benefit.
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