When talking about the public finances the numbers sound big. And rest assured, that really is a very big number.

The government announced its aims were to tackle economic inactivity, and expand opportunities for small and medium sized businesses.  That there will be increased funding for science, and investment in carbon capture and storage.

In terms of Business Rates, there were some important details released.

The introduction of new Business Rates Multipliers for Retail, Leisure and Hospitality effective from 1^st April 2026.  Additionally, a new multiplier for ‘the most valuable types of property’ will be introduced.  From 2025 (as now) the most relief available in each billing year is £110,000 per business.

• Retail, Hospitality and Leisure will continue to receive relief, which from 1^st April 2025 will be set at 40% as opposed to the current 75%.
• The Chancellor announced that the OBR say CPI inflation will average 2.5% this year, 2.6% in 2025, then 2.3% in 2026, 2.1% in 2027, 2.1% in 2028 and 2.0% in 2029.

This indicates what the target Business Rates Multipliers are likely to be in the future, as follows.

Motorists and businesses can breathe easy, as it was decided not to reverse the existing 5p per litre cut and let petrol and diesel duty rise in line with inflation.  This is good news for the haulage and logistics sector, as well as for retail operations offering delivery services.

Duty on draft alcohol is announced to be cut – “Which means a penny off the pints at the pubs,” the Chancellor said.   Alcohol duty rates on non-draught products will increase in line with RPI from February next year.