Chancellor George Osborne will aim to boost the high street and firms by capping increases in business rates, it has been reported.
Due to be announced in tomorrow’s Autumn Statement, the BBC has said Osborne will announce that rate rises will be limited to 2% in England and Wales next year.
A scheme offering rate relief to small businesses is also reported for the Statement.
Published in The Telegraph, it is thought that one in seven business premises in England has been served with a summons by local councils over unpaid business rates last year.
According to the BBC, business rates were due to rise by 3.2% next year, based on the September retail prices index measure of inflation.
In October, UK inflation fell to 2.2% from 2.7%.
The Autumn Statement provides an update on the government’s plans for the economy. These are based on the most recent forecasts from the Office for Budget Responsibility.
The forecasts will be published alongside the Chancellor’s statement tomorrow at 11.15am.