Chancellor George Osborne has announced a full review of business rates in today’s Autumn Statement.

In addition to a review of how business rates are calculated, Osborne announced a 2% cap on inflation-linked rises and the doubling of rate relief for a further year. Rate relief for high street shops will increase by 50% to £1,500.

Welcoming the package of measures on business rates, Association of Convenience Stores chief executive James Lowman said: “We are delighted that the Chancellor has listened to our concerns on business rates by committing to a full review.

“Local shops will welcome the 2% cap on rates increases and the extension of the higher threshold for small business rate relief, alongside the increased £1,500 rates discount for shops on the high street. We are committed to rates reform that works for local shops and will play a full part in the review in the coming months.” 

Osborne also announced plans to expand the British Business Bank and extend the funding for lending scheme for another year.