Rate cut brings cheer to high street

The government laid out its legislative plans for the year ahead in the pre-Christmas Queen’s Speech. It’s no surprise that Brexit will dominate. Of the more than 30 bills announced in the Queen’s Speech, seven were on the UK’s departure from the EU.

However, there was some cheer for small businesses. In a bid to boost the ailing high street, half a million independent shops, restaurants, pubs and cinemas will benefit from a cut in business rates from April. Standard retailer discounts will rise from 33 per cent to 50 per cent, it was announced.

The government has also confirmed its commitment to a review of business rates.