Hammond ‘to ease’ business rates rise

PHILIP Hammond is exploring ways to ease the pain of a business rate revaluation that critics fear could force thousands to the wall, it emerged yesterday.

Sources said he would not bow to demands to scrap the reform, but was looking to see if it could be made any fairer.

The proposed change, coming into effect on April 1, has been attacked by several high-profile critics, including senior Conservative MPs.

Fairer

The first revaluation in rates for seven years, based on rental values of commercial properties, will see shops, surgeries, pubs, hospitals and schools paying up to 42 per cent more this year and up to 400 per cent more over five years.

The Government has insisted only a quarter of organisations in England will see a rise, with others due a cut or no change.

A government source said: “The Chancellor will be looking at ways of ensuring that things can be done a little fairer.”

Critics claim that while many small and high street shops face huge rates hikes, online retail giants will pay much less on their huge premises.

Mr Hammond delivers his Budget on March 8.

The Treasury declined to comment last night.