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Business rate system to have major overhaul

George Osborne has announced a huge overhaul for the UK’s business rate system which should aid retailers and small business owners.

It was announced that £26 billion which is raised in business rates each year will be diverted from central government to local government. According to the BBC, chancellor George Osborne called it the “biggest transfer of power to local government” in recent history.

Currently, shops, offices, factories and other small to medium businesses currently pay a uniform business rate set by central government. However, councils will now be able to set their own level of rates

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This change will give local authorities freedom to compete with one another to attract business and in turn councils will be given greater freedom to manage their own revenue.

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