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Retailers still face £151m rates rise even if Osborne caps increase

20poundnotesRetailers in England and Wales will still have to find another £151m in business rates next year, even if the Chancellor limits the increase in this morning's Autumn Statement.

George Osborne has been widely reported as planning to cap the increase on 2014 business rates to 2%. The increase was to have been set by September's RPI of 3.2%.

However, even if the increase is restricted, retailers will see their bills rise by £151m, rather than the £242m increase anticipated.

Retailers already pay more than £3.40 in business rates for every £1 they pay in corporation tax.

In Scotland, local councils will be able to adjust business rates relief packages under a plan announced by the Scottish government earlier this year.