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Chancellor spells out National Insurance reform and freezes business rates

Business
Gary Noakes
23 November 2023

Chancellor Jeremy Hunt has outlined reforms to National Insurance and business investment in his autumn statement, but there was also good news for those with retail premises.

A general election

The group said it will work with the government and policymakers to transform the UK travel industry (Credit: iStock)

On business rates, Hunt said he would freeze the small business multiplier for another year and extend the 75% business rates discount for retail, hospitality and leisure for another 12 months. “I recognise the role of pubs and high street shops in our communities,” Hunt said.

Abta chief executive Mark Tanzer said: “The extension of business rates support will benefit many travel agents and it’s encouraging that the government has listened to our calls in that area.

“While travel has seen a good recovery since the pandemic, many businesses still see the impact of Covid on their balance sheet as they face large debt repayments.