Business rates regime discarded in overhaul

Chancellor George Osborne has announced a major transformation by scrapping uniform business rates.

Plans announced during the Autumn Statement today will see the unpopular regime abolished in favour of letting councils decide whether to cut rates.

This will ultimately leave more power in the hands of councils providing competition and supporting local business community.

Ian Cass, managing director of The Forum of Private Business, said: “Small business rate relief for a further year is also welcome although giving 100 per cent of business rates raised locally may starve the rest of English Authorities of resources as London has 30 percent of the country’s rateable land.”