Business rates temporarily abolished for small businesses

Business rates for small businesses will be abolished, the Chancellor has announced in the Commons today while delivering the budget.

Coming in the face of significant concern about the economic knock on effects the Covid-19 Coronavirus will have on spending, Chancellor Rishi Sunak made the business rates announcement, adding that it will apply to retail shops and venues with a rateable value under £51,000. The news will be welcome news for retailers that might otherwise have expected a rise in rates.

Sunak announced a £30 billion fiscal stimulus that is designed to to off set at least some of the economic shock likely to follow in the coming weeks. The aim is to prevent job losses, bankruptcies and repossessions.

Small businesses are also set to benefit from help on sick pay.

Sunak has alluded in the announcement that growth is expected to be low, perhaps below 2%, for the next five years.

More to follow as we have it…