Labour vows to revalue business rates EVERY year in bid to help struggling firms

Labour would help struggling small firms by revaluing their business rates once a year, the party has announced.

Revaluations are currently only every five years – leading to sudden hikes in bills.

The most recent earlier this year prompted such an outcry the Chancellor, Philip Hammond, was forced to set up a £300million relief fund.

Labour vowed to make revaluations more regular in the wake of the scandal.

Now Shadow Business Minister Bill Esterson has said the party would make them annual – and bind the commitment into law.

He announced the move at the Association of Convenience Stores Annual Conference this week, saying the Tories had “failed small businesses in regard to business rates.”

The move was announced by shadow minister Bill Esterson

Mr Esterson told the Mirror: “Revaluations are supposed to happen every five years and are subject to long delays as we saw with the last revaluation.

“This means smaller firms up and down the country face sharp and unmanageable increases that force many to go under.

“Labour’s offer for smaller businesses is based on fairness, which is why we will introduce statutory annual revaluations so business rates reflect the current market and so there are no sudden shock increases.

“Business rates are a fixed cost of business and need a complete overhaul as they punish hard working business owners.”

Reports suggest just £30m of the £300m business rates relief fund has been spent seven months after it was announced.

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