The Treasury today announced in its Comprehensive Spending Review that the business rates multiplier for England will be frozen for 2021/22. This will cost the Exchequer £575m, which means a saving to retail of around £145m on what would have been paid if business rates were to be levied at 100%.
In addition, the Government announced £22m for the Valuation Office Agency to improve their IT systems and £31m to fund the 2021 revaluation.
Whilst welcome, this is a small step compared to the much bigger issue of whether there will be any business rates relief for retail next year.
The Government said that they would not be making any announcement on this before the new year. The BRC will continue to press the case for an early indication on next year's liability as retailers are making decisions now on store closures and job losses on the prudent basis of full rates liability.
Delay costs jobs.