In the last few minutes, Alastair Darling has announced that the proposed 5 per cent hike in business rates is to be staggered over the next two years.
Firms will see a 2 per cent rise in their rates from next month, with the remaining 3 per cent being made up over the following two years.
The increase was planned because business rates are linked to RPI, but lag behind it. The adjustment would have been in relation to last September"s 5 per cent RPI figures. It is now at 0 per cent.
The government says this deferral will save British businesses a total of £600 million this year.
More soon.
