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George Osborne will announce that rate rises will be limited to 2 per cent in England and Wales next year

Chancellor to cap business rate increases in Autumn Statement

The chancellor will attempt to help firms and High Streets by capping increases in business rates in Thursday’s Autumn Statement, reports the BBC.

George Osborne will announce that rate rises will be limited to 2 per cent in England and Wales next year.

He will also extend a scheme that offers rate relief to small businesses, but he won’t embark on a full review of a system widely seen as outdated, claims BBC correspondent Hugh Pym.

Business rates looked set rise by 3.2 per cent next year, but there has been increased lobbying for the chancellor to reconsider by business organisations.

The cap will mean more than £300m of revenue is lost next year.

During Thursday’s Autumn Statement, he will also announce the extension for another year of a scheme set to give smaller companies relief from rates liability.

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