The chancellor prioritised delivering permanently lower business rates from 2026/27  in the Budget by lowering multipliers for retail, hospitality and leisure (RHL) properties.

More immediately, Rachel Reeves said the Government would provide £1.9bn of support to small businesses and the high street in 2025-26 by freezing the small business multiplier and providing 40% relief on bills for RHL properties, up to a £110,000 cash cap.