Darling cuts business rate rise
Joined: 27 Sep 2008
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Topic: Darling cuts business rate rise
Posted: 31 Mar 2009 at 16:46
Chancellor Alastair Darling has gone back on plans to increase business rates by 5% from 1 April.
Mr Darling said the rise was linked to the Retail Prices Index last year, but RPI inflation had now fallen to zero.
He said businesses would face only a 2% rise this year and the remaining 3% would be smoothed out over the following two years.
"I believe this will provide real and genuine help for businesses in this country," said Mr Darling.
He estimated that one-and-a-half million properties would gain from the change and £600m would be deferred.
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