A Labour government would freeze and then abolish business rates, the party’s annual conference will be told later today.
Rachel Reeves, shadow chancellor will say an as yet undefined system will be introduced, with more frequent revaluations and faster changes when property values alter.
Companies would be incentivised to occupy empty properties.
High street businesses have faced ‘huge adversity in the past year… They are struggling right now, with a cliff edge in rates relief coming up in March,’ Reeves will say.
‘The next Labour government will scrap business rates. We will carry out the biggest overhaul of business taxation in a generation, so our businesses can lead the pack, not watch opportunities go elsewhere.’
