Truss in talks to further cut business rates amid rising costs
Reports said the threshold for relief could be extended to businesses with a rateable value from £15,000 to £25,000
Liz Truss has reportedly entered discussions with industry lobbyists over plans to further cut business rates.
According to The Telegraph, the frontrunner in the Tory leadership campaign could extend business rates relief to more premises in order to protect them from the rising energy costs they face.
Reports said the threshold for relief could be extended to businesses with a rateable value from £15,000 to £25,000, equating to “thousands” more businesses that would be exempt from tax.
The Telegraph said her team has reportedly been discussing the proposals with industry lobbyists ahead of the leadership results next week.
It added that chancellor Nadhim Zahawi has also met with representatives from industry groups this month.
A source told the paper that Truss’ team was “receptive” to the idea of expanding business rates relief and had been consulting business groups.
Craig Beaumont, of the Federation of Small Businesses (FSB), also told the paper: “We are increasingly confident that business rates are on Liz Truss’ radar.
“We like that she’s talked about small businesses and self-employed individuals, and the decisions on National Insurance Contributions.”
