Overview

• Chancellor Rachel Reeves has scheduled a £1.7bn business rates overhaul for the autumn budget that will raise charges on large high street stores.
• Stores valued above the £500,000 rateable threshold will face higher levies to redistribute relief toward smaller retail outlets.
• Marks & Spencer warned that the surcharge could lead to additional store closures and exacerbate vacancies after its recent restructuring.
• Helen Dickinson of the British Retail Consortium said higher rates on major shops may force retailers to freeze investment plans and risk local job losses.
• A Treasury spokesman confirmed that from next year retail, hospitality and leisure properties will benefit from permanently lower tax rates with no cash cap on relief.