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Written question asked by Dan Jarvis (Labour) on Wednesday, 19 January 2022, in the House of Commons. It was due for an answer on Monday, 24 January 2022 (named day). It was answered by Lucy Frazer (Conservative) on Monday, 24 January 2022 on behalf of the Treasury.

Business Rates: Barnsley Central

Question

To ask the Chancellor of the Exchequer, what recent assessment he has made of the impact of business rates on small and medium businesses in Barnsley Central constituency.

Answer

The review of the business rates system concluded at Autumn Budget 2021 with the publication of the Final Report.

The Final Report reaffirmed the importance of business rates for raising revenue for essential local services, introduced substantive interventions to the business rates system, and announced a package of measures worth £7 billion over the next 5 years.

The review set out new measures to reduce the burden of business rates on firms, including further relief for high street businesses, including extending Transitional Relief for an additional year, restricting bill increases to 15 per cent for small properties (up to £20,000 Rateable Value), and 25 per cent for medium properties (up to £100,000 Rateable Value), subject to subsidy control limits.

Local authorities have discretion to determine how much funding they provide to businesses and have the flexibility to target local businesses that are important to their local economies.

Secondary information

Type
Written question
Reference
107581
Session
2021-22
Subjects
Business rates Small businesses Barnsley Central
Link
View this Written question on www.parliament.uk