Rain Newton-Smith, CBI Chief Economist, said:
“It’s no secret that the UK’s high streets are under pressure, with boarded up shops all too frequent a sight in many parts of the country.
“This is down to a number of factors, but one of the main culprits is a clunky Business Rate system and so this relief for small enterprises will be welcomed by many.
“The roots of the problem go far deeper though, with Business Rates giving larger retailers serious headaches, alongside manufacturers and logistics firms.
“There must be a wholescale review next year to deliver a system that encourages greater investment in digital, new technologies and energy efficiency.”