The Chancellor will raise the threshold at which thousands of small business such as pubs and hairdressers will have to pay tax, it has been reported.
Andy Burnham had promised to raise the threshold at which business pay tax from £12,000 to £18,000 over the summer.
According to The Times, John Healey will honour that promise which will affect an estimated 75,000 properties including 39,000 shops, 2,600 pubs, 2,500 restaurants, 2,000 hairdressers and beauty salons, and 1,600 cafes according to an analysis by the tax firm Ryan.
Ryan has estimated the move will cost the Treasury £460m a year but will be funded by raising taxes on online retail giants.
It is also understood that Healey will announce a delay to the 6p fuel duty rise which was expected to come in at the turn of the year.
Follow The i Paper’s live blog for the latest updates.
Healey to ‘slash business rates for cafes, pubs and salons’ at the Budget
Good morning and welcome to our coverage.
The Chancellor will raise the threshold at which thousands of small business such as pubs and hairdressers will have to pay tax, it has been reported.
Andy Burnham had promised to raise the threshold at which business pay tax from £12,000 to £18,000 over the summer.
According to The Times, John Healey will honour that promise which will affect an estimated 75,000 properties including 39,000 shops, 2,600 pubs, 2,500 restaurants, 2,000 hairdressers and beauty salons, and 1,600 cafes according to an analysis by the tax firm Ryan.
Ryan has estimated the move will cost the Treasury £460m a year but will be funded by raising taxes on online retail giants.
It is also understood that Healey will announce a delay to the 6p fuel duty rise which was expected to come at the turn of the year.