Chancellor’s £1.5bn Budget bail-out for high street

A £1.5 BILLION package to support struggling high street businesses will be set out in the Budget.

Chancellor Philip Hammond is expected to use Monday’s statement to announce £900 million in business rates relief for almost 500,000 small retailers.

A £650m fund will help transform high streets, improving transport access and turning empty shops into homes and offices.

But Mr Hammond was warned the measures do not go far enough, with calls for fundamental reform to business rates rather than “tinkering”.

The rates revaluation in Scotland in April 2017 left millions of firms facing tax hikes as their properties were revalued for the first time in seven years.

Many retailers and pubs reported that they were being forced out of business.

In August, it emerged more than 4,000 businesses across Scotland have had around £32m knocked off their tax bill following the rates shake-up.

Uk-wide, high streets have taken a battering in recent months, with major retailers struggling as shoppers shift online and firms railing against rising business rates.

The business rates relief being offered by Mr Hammond is aimed at around 496,000 small retailers and will knock a third off their bills.

A pub in Sheffield with a rateable value of £37,750 based on its estimated rental cost will save £6,178 on business rates next year, according to officials.

While the rates relief is aimed at offering short-term help, the plan to revive town centres is aimed at having a long-term impact.

In an apparent acknowledgement that some shops will no longer be viable, there may also be changes to planning rules to allow them to be converted for other purposes into homes or offices.

The £650 million fund will also be used to improve infrastructure, restore properties and put historic buildings back into use.

On Thursday, Debenhams became the latest big-name high street retailer to announce store closures.

The stores chain unveiled plans to axe up to 50 shops, putting around 4,000 jobs at risk, after posting a near £500m loss.

Picture: Robert Perry „ Marian Kenny had told how mesh implants were ruining her life.

„ Chancellor Philip Hammond will deliver the Budget on Monday.