Osborne caps business rates on top of £1,000 discount

George Osborne has extended rate relief for another year and will relax the rules that discourage businesses from expanding.

All businesses with a rateable value of up to £50,000 will receive a £1,000 discount. Business rates will also be capped at two per cent from next April and businesses will be able to pay in twelve monthly instalments.

The chancellor believes the measures will boost Britain's high streets and encourage new business creation.

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