The Chancellor's announcements regarding business rates were underwhelming; lacking significant reform and instead offering inadequate relief measures that jeopardize the retail, hospitality, and leisure sectors.
By replacing the current 75% discount to business rates with a mere 40%, eligible businesses face a staggering increase in their bills by 140% next year.
Despite promises of reform, the Chancellor's measures seem to penalize the retail and hospitality sectors in the long term, ultimately failing to support the high street.
The plan is expected to fund discounts for smaller businesses by imposing higher rates on larger businesses, including those that strive to create jobs.
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