...But bosses hail £13bn rates relief

BOSSES welcomed a £13.6bn business rates support package, saying it will save firms from collapse and help shoppers.

Jeremy Hunt axed a planned increase in the tax, which would have cost companies an additional £3.2bn from April.

The Chancellor also answered calls to extend a relief scheme for smaller retail, hospitality and leisure firms, saving companies £5.4bn next year and £13.6bn over five years.

M&S boss Stuart Machin said: ‘It’s right that the Chancellor addressed the untenable rise in business rates which would have had a chilling impact.’

Currys boss Alex Baldock said: ‘We are happy the Treasury listened to our concerns.’

But Iceland boss Richard Walker said the intervention must be a ‘stepping stone’ towards business rates reform. He said: ‘What we really need is a systemic reform to encompass an online sales tax.’

British Beer and Pub Association boss Emma McClarkin added: ‘Urgent root and branch reform is still needed make business rates fit for the 21st century. It seems the Government doesn’t recognise the completely archaic nature of the current system.’