§ The business rates poundage increase next year, based on the 1.8 per cent. September retail prices index, will be the lowest since introduction of the uniform business rate. For properties in England and Wales still protected by transitional relief, I propose to cut the maximum real increase in rate bills next year by a half, to 10 per cent. for larger properties and 7½ per cent. for smaller properties. Small properties that are used for both domestic and business purposes — the shop where the owner lives at the back — will face no real increase at all. Separate arrangements will be made in Scotland and Northern Ireland.
§ This will bring significant relief next year to over 600,000 business properties throughout the United Kingdom. It will cost a little over £100 million next year.