Experts warn that the reduction of business rates discount for retail, hospitality and leisure firms from 75% to 40% will lead to an average 140% increase in rates for over 250,000 premises in England next April.
The average shop's business rates will jump from £3,589 to £8,613, while pubs will see an increase from £3,938 to £9,451, and restaurants from £5,051 to £12,122.
The Chancellor plans to provide a fairer business rates system but will not implement lower multipliers until the 2026/27 financial year, with a temporary discount of 40% for 2025/26.
Alex Probyn of Altus Group stated that the Budget increases the business rates burden on high streets by £688 million next year despite Labour's acknowledgment of the issue.
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