Government Delays Business Rates Revaluation to Aid Recovery

  • Business rates revaluation postponed until 2022
  • Government’s efforts to reduce uncertainty for pandemic-affected businesses
  • Revaluation legislation introduced to bring it forward by one year from 2022 to 2021
  • Almost £10bn in business rates relief provided
  • Fundamental review of business rates ongoing with key aims: reducing burden, improving system, and considering long-term changes
  • Call for evidence to be published soon
  • UK banks received 100,000 applications on first day of ‘bounce back’ loan scheme launch

The UK government has postponed the revaluation of business rates until 2022, aiming to provide more certainty for firms impacted by the pandemic. This move follows concerns that a pre-Covid revaluation would have been detrimental to businesses already facing hardship. The government is also offering £10bn in relief and conducting a fundamental review of the business rates system.

Factuality Level: 10
Factuality Justification: The article provides accurate information about the government’s decision to postpone the business rates revaluation and includes quotes from relevant sources. It also mentions the reasons behind the decision and the benefits of the new bounce back loan scheme.
Noise Level: 3
Noise Justification: The article provides relevant information about the postponement of business rates revaluation and the introduction of a new loan scheme to support businesses affected by the pandemic. It also includes quotes from relevant sources. However, it lacks in-depth analysis or exploration of long-term trends or possibilities.
Financial Relevance: Yes
Financial Markets Impacted: UK banks
Financial Rating Justification: The article discusses the government’s decision to postpone a business rates revaluation and the launch of a new loan scheme, both of which impact financial markets and companies in the UK.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk