Budget set to grant temporary business rates relief for high street

Chancellor Rishi Sunak is expected to announce temporary relief from business rates for high-street shops at his first Budget today.

This afternoon’s Budget is expected to be dominated by measures to alleviate the impact of the coronavirus. As part of that, stores will be given rates relief matching that granted to the hospitality industry, the Guardian reported.

Sunak had also been expected to announce a fresh review of the business rates regime, as promised by the Conservatives last year.

Corporation tax is also set to be slashed from 19% to 17%, it has been reported.

The Booksellers Association has been calling for an overhaul of business rates, which has outgrown inflation and become a huge financial burden for small stores.

Its head of policy and public affairs Laura McCormick has demanded immediate action, saying the current system is no longer fit for purpose.