Business rates review hailed

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The Chancellor listened to business.

That’s the verdict of the Federation of Small Businesses on the Chancellor’s Autumn Statement.

Gordon Millward, FSB Regional Chairman said: “The FSB is delighted to see the doubling of small business rate relief remain for another year and a full review of the outdated business rates system, something we’ve long argued for.

“This urgent review of the business rate system is critical to supporting small businesses. The current system is out of date and needs to be put out to grass.

“It’s complicated, opaque, regressive and unresponsive to changes in economic conditions. Many of our members tell us paying business rates is their third biggest cost after rent and wages, yet the tax is poorly targeted and not based on ability to pay.”

“All businesses will be grateful for this review, but let’s be absolutely clear on what businesses want - fundamental reform.”

He added: “The focus must also be on reducing the deficit not just for this Government but whoever holds the keys to Number 11 .”