Business Rate Revaluation

"The fantasy figures given to MPs about business rates increases by the previous Business Secretary show just how dismissive this Government is of the burdens on small businesses."

"The Government need to commit to transitional relief to businesses facing astronomical increases in their rates now – otherwise our high streets will be decimated. It’s time for the Chancellor to stop listening and start acting."

Downing Street has insisted Theresa May has full confidence in Communities Secretary Sajid Javid, as a swathe of Tory MPs waded into a row over business rates. Mr Javid and Treasury Chief Secretary David Gauke have been accused of misleading party colleagues over the impact of a business rate revaluation which will leave more than a quarter of companies facing higher bills.

Even former business minister Anna Soubry called for a fundamental rethink of the entire system, in which taxes are based on the rental value of a commercial property, tweeting business rates are unfair and should either be radically reformed or scrapped.

Mr Hammond stressed that the revaluation, which was set in motion under David Cameron administration, was the subject of a consultation exercise in which business organisations were involved.